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Which of the following is false pertaining to the voucher system? Multiple Choice Purchasing, receiving and paying for merchandise are divided among several departments (or individuals). Only authorized departments and individuals are allowed to incur liabilities. It is applied to all payments (except those using petty cash). It is a set of procedures and approvals designed to control cash payments and the acceptance of liabilities.

Which of the following is false pertaining to the voucher system? Multiple Choice Purchasing, receiving and paying for merchandise are divided among several departments (or individuals). Only authorized departments and individuals are allowed to incur liabilities. It is applied to all payments (except those using petty cash). It is a set of procedures and approvals designed to control cash payments and the acceptance of liabilities.

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 25RQSC
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Which of the following is false pertaining to the voucher system? Multiple Choice Purchasing, receiving and paying for merchandise are divided among several departments (or individuals). Only authorized departments and individuals are allowed to incur liabilities. It is applied to all payments (except those using petty cash). It is a set of procedures and approvals designed to control cash payments and the acceptance of liabilities. It is not necessary if the supplier provides both receiving report and invoice with the merchandise shipped.
Transcribed Image Text:Which of the following is false pertaining to the voucher system? Multiple Choice Purchasing, receiving and paying for merchandise are divided among several departments (or individuals). Only authorized departments and individuals are allowed to incur liabilities. It is applied to all payments (except those using petty cash). It is a set of procedures and approvals designed to control cash payments and the acceptance of liabilities. It is not necessary if the supplier provides both receiving report and invoice with the merchandise shipped.
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