College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
What is a voucher system?
Explain the meaning of voucher system.
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. Two examples of voucher system are given as follows:
Voucher system of purchasing process:
- Purchase requisition is prepared by an authorized department or person to show the need for goods.
- Purchase order is prepared by purchasing department and it evaluates and approves the purchase requisition for sending it to the supplier.
- Receiving report is prepared when the goods are received.
- A copy of each of these documents is sent to the accounting department (vouchers payable section)...
Chapter 7A Solutions
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