Carlos Purchased an Apartment Building on November 16, 2017, for $3,000,000

question 68

Multiple Choice

Carlos purchased an apartment building on November 16, 2017, for $3,000,000. Determine the cost recovery for 2017.

• A)$9,630
• B)$11,910
• C)$13,950
• D)$22,740
• E)None of the above

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Definitions:

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.

Receiving Report

A document prepared by the receiving department to evidence the receipt of material or supplies that had been ordered.

Voucher

A document that authorizes a payment and records details about the transaction but does not represent cash itself.