23.1 Learning Objective 23-1
1) A voucher system is designed to control a company’s:
A) cash receipts.
B) cash payments.
C) stock sales.
D) internal finances.
2) A voucher is made for every:
A) cash receipt.
B) cash payment.
C) accounts payable transaction.
D) accounts receivable transaction.
3) A voucher register is:
A) a replacement for the purchases journal.
B) a special journal which records prenumbered vouchers.
C) both A and B.
D) neither A nor B.
4) A(n) ________ is used for every cash payment made.
C) purchase order
D) purchase requisition
5) The separation of duties among the employees of the accounting department is an example of a(n):
A) internal control system.
B) document system.
C) voucher system.
D) check paying system.
6) Which of the following is not a part of internal control?
A) Separation of duties
B) No purchases are made without approval.
C) A voucher system is used.
D) None of these answers are correct.
7) Which situation would not result in a separation of duties?
A) The person who approves purchases does not make the payments.
B) The person who makes journal entries is the same as the person who signs and mails checks.
C) The person who makes purchases is different from the one who approves the purchase.
D) The person who distributes paychecks does not make journal entries.
8) Important principles of internal control include:
A) that no payment can be made without an approved voucher.
B) that all transactions are backed with documentation.
C) separation of duties.
D) All of these answers are correct.
9) In the voucher system, the purchases journal is replaced by the:
A) check register.
B) sales register.
C) invoice register.
D) voucher register.
10) The check register is:
A) a special journal.
B) used when paying out of petty cash.
C) used to record customer receipts.
D) used to house unpaid vouchers.