Which of the Following Is Not an Advantage of a Voucher

question 72

Multiple Choice

Which of the following is not an advantage of a voucher system?

• A)Several invoices may be included on one voucher,reducing the number of checks.
• B)Disbursement vouchers may be pre-numbered and tracked through the system.
• C)The time of voucher approval and payment can be kept separate.
• D)It is a less expensive and easier system to administer than other systems.

Explain the interrelationship among the income statement, statement of owner's equity, balance sheet, and statement of cash flows.

Calculate and interpret financial ratios to assess liquidity, solvency, and profitability.

Identify errors in financial statements and make appropriate adjustments.

Understand the distinction and application between job order cost and process cost accounting systems.

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Definitions:

Mistake of Fact

A misunderstanding or incorrect belief regarding a fact that is material to a contract at the time of its formation, potentially rendering the contract voidable.

Non Est Factum

A legal defense in contract law where a person asserts they were mistaken about the fundamental nature of a contract they signed, rendering it void.

Guarantee Indebtedness

An obligation or commitment by one party to assume responsibility for the debt of another if they default.

Statute of Frauds

A legal principle requiring certain types of contracts to be written and signed to be enforceable.