Examlex
What,if anything,is wrong in this control chart? Explain briefly.
Voucher System
A control mechanism in accounting where vouchers are created for all transactions that involve the payment of cash or transfer of funds.
Cash Payments
Transactions involving the transfer of cash from one party to another, often related to expenses or purchases.
Voucher System
An accounting system used to control and monitor disbursements by ensuring that all cash disbursements are properly authorized and documented.
Liabilities
Obligations that a company owes to others, including loans, accounts payable, mortgages, and other debts.
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