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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

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

PURCHASING PROCESS USING A VOUCHER SYSTEM In the following flowchart, identify the documents, records, and procedures that illustrate the purchasing process in a voucher system.

images

To determine

Identify the documents, records and procedures that illustrate the purchasing process in a voucher system.

Explanation

Voucher system:

A voucher system is a control method which necessitates every acquisition and subsequent payment to be supported by an “approved voucher”. A voucher is a document which demonstrates that an acquisition is proper and that payment is authorized.

Voucher system of purchasing process is prepared as follows:

Figure (1)

  • Purchase requisition is prepared by an authorized department or person to show the need for goods...

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