To Provide Assurance That Each Voucher Is Submitted and Paid

question 45

Multiple Choice

To provide assurance that each voucher is submitted and paid only once, an auditor most likely would examine a sample of paid vouchers and determine whether each voucher is

• A) Supported by a vendor's invoice.
• B) Stamped "paid" by the check signer.
• C) Prenumbered and accounted for.
• D) Approved for authorized purchases.

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Definitions:

Money

A medium of exchange that enables the transfer of goods and services among parties.

Forward Rate

The interest rate agreed today for a loan to be made in the future.

Arbitrage Opportunities

Situations in which it is possible to simultaneously buy and sell assets in different markets or in different forms to benefit from price differences without risk.

Nominal Risk-free Rate

The interest rate on a risk-free security that does not account for inflation.