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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

What is a voucher system?

To determine

Define voucher system.

Explanation

Voucher system: A voucher is a pre-numbered document which indicates the authorized approval of payment for a particular acquisition. A voucher system is a method or procedure designed to authorize and approve that cash disbursements are correct and proper, being backed by approved vouchers.

Voucher system establishes internal control procedures for the following processes:

  1. 1. Cash disbursements: A voucher represents that the invoice is checked and proper, and hence, the obligation to record the transaction and disburse cash arises...

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