51) Vouchers are recorded in the voucher register as they are paid.

 

52) A schedule of vouchers payable can be prepared from the tickler file at the end of the month.

 

53) In a voucher system, the source documents include the invoice, receiving report, purchase order, and purchase requisition.

 

54) To maintain good internal control procedures, the person filing a purchase requisition should never approve the payment.

 

55) The information contained on a voucher includes: invoice number and date; purchase order number; the amount to be paid, who is being paid; voucher number; and the verification steps.

 

56) When a voucher is prepared, the invoice needs only to be compared to the purchase requisition and purchase order.

57) Vouchers Payable is a liability account on the balance sheet.

 

58) Vouchers Payable replaces Accounts Payable in the general ledger.

 

59) In a voucher system, a schedule of vouchers payable is essentially the same as a schedule of accounts payable.

 

60) In a voucher system, Accounts Payable is the controlling account for the subsidiary ledger Unpaid Vouchers.

 

 

 



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