A Set of Procedures and Approvals for Verifying,approving and Recording

question 110

Multiple Choice

A set of procedures and approvals for verifying,approving and recording liabilities for eventual cash payment,and for issuing checks for payment only of verified,approved,and recorded liabilities is referred to as a(n) :

• A)Internal cash system.
• B)Petty cash system.
• C)Cash disbursement system.
• D)Voucher system.
• E)Cash control system.

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Definitions:

Criminal Law

The body of law that relates to crime, prescribing conduct perceived as threatening, harmful, or otherwise endangering to people’s property, health, safety, and moral welfare.

Sued

The action of bringing a lawsuit against an individual or entity, claiming harm or wrongdoing that demands legal remedy.

Rescission

The rescinding or cancellation of a contract or transaction. In general, its effect is to restore the parties to their original precontractual position.

Precontractual Position

Refers to the legal and factual circumstances surrounding the parties involved before entering into a contract, influencing their obligations and expectations.