The Voucher System of Control

question 169

Multiple Choice

The voucher system of control:

• A) Is a set of procedures and approvals designed to control cash receipts and the acceptance of obligations.
• B) Establishes procedures for verifying, approving, and recording obligations for eventual cash disbursement.
• C) Establishes procedures for receiving checks for the sale of verified, approved, and recorded activities.
• D) Applies only when multiple purchases are made from the same supplier.
• E) All of these.

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Definitions:

Family Relationships

Connections and interactions between members of a family, including emotional bonds and support systems.

Accumulated Depreciation

The total depreciation of an asset over its useful life, subtracted from its original cost to calculate its net book value.

Disposal

The action of getting rid of an asset through sale, trade, abandonment, or another method.

Asset

A resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit.