BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

Solutions

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

Explain the meaning of 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. 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)...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

How can swaps be used to reduce the risks associated with debt contracts?

Fundamentals of Financial Management (MindTap Course List)

What are noncontrolling interests?

Intermediate Accounting: Reporting And Analysis

What is computer ethics?

Accounting Information Systems

P/E AND STOCK PRICE Fontaine Inc. recently reported net income of 2 million. It has 500,000 shares of common st...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)