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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 the purpose of canceling the voucher and supporting documents when a payment is made?

To determine

State the purpose of canceling the voucher and supporting documents when a payment is made.

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...

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