A Postaudit Should Be Performed at the End of a Capital

question 149

True/False

A postaudit should be performed at the end of a capital investment project to determine whether the expected results were actually achieved.

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Definitions:

Purchases Journal

A record of all purchases of goods and services on credit, aimed at simplifying the accounting process.

Voucher Register

A record of vouchers that have been prepared, detailing amounts to be paid, accounts affected, and supporting documentation.

Voucher System

A control mechanism in accounting wherein vouchers are prepared as evidence of authorization before transactions are recorded.

Purchase Order

A form used in business to place an order for the buying of goods from a seller.