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During the year, a not-for-profit art gallery acquired a number of pieces for its collection. Which of the following choices for reporting the acquisitions is not in accordance with the CICA Handbook?
Voucher System
An accounting system that involves preparing and using vouchers—documents that authorize and detail the payment of a liability to a supplier.
Cash Receipts
The total amount of cash and cash equivalents received by a company during a given period, including sales, refunds, and other cash inflows.
Liabilities
Financial obligations or debts that a company owes to others, which are expected to be settled through the transfer of assets, provision of services, or other economic benefits.
Income Statement Account
A financial account that shows the company's revenues, expenses, and net income over a specific period.
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