Which of the Following Statements Is Correct Regarding a Voucher

question 63

Multiple Choice

Which of the following statements is correct regarding a voucher system?

• A)The journal entry to record the asset purchased and liability owed should be recorded when the bill for goods or services is received.
• B)A voucher system is most commonly used in very small companies to make up for the lack of other internal controls.
• C)A well-designed voucher system will allow employees requiring office supplies to place orders directly with suppliers for control purposes.
• D)A well-designed voucher system will eliminate fraud and errors.

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Definitions:

Explicit Knowledge

Knowledge that is well documented, easily articulated, and shared, including facts, procedures, and information that can be easily communicated to others.

Experiential Intelligence

The ability to apply past experiences and knowledge to solve new and novel problems.

Contextual Intelligence

The ability to understand the limits of our knowledge and adapt that knowledge to an unfamiliar context.

Componential Intelligence

An aspect of intelligence theory that emphasizes analytical skills, including problem-solving, logical reasoning, and the ability to manipulate abstract ideas.