41) A voucher register could contain which of the following columns?

A) Debit to Vouchers Payable

B) Credit to Purchases

C) Debit or credit to sundry accounts

D) A credit to an expense account

 

42) Martin Corporation used the gross method of recording purchases. A purchase of $5,600, 3/10, n30 would be recorded as:

A) debit Purchases $5,600; credit Accounts Payable $5,600.

B) debit Purchases $5,600; credit Vouchers Payable $5,600.

C) debit Purchases $5,432; credit Accounts Payable $5,432.

D) debit Purchases $5,432; credit Vouchers Payable $5,432.

 

43) If Vouchers Payable has been debited, it is most likely that:

A) the business took out a loan.

B) the business made a payment to a vendor.

C) a service was provided on account.

D) None of the above has occurred.

 

44) The entry to record payment of a voucher for an invoice within the discount period under the gross method will include:

A) a debit to Purchase Discounts.

B) a credit to Purchase Discounts.

C) a credit to Cash.

D) Both B and C would be in the entry.

45) The entry to record payment of a voucher for an invoice after the discount period under the gross method will include:

A) a debit to Vouchers Payable.

B) a credit to Purchase Discounts.

C) a debit to Discounts Lost.

D) None of these are correct.

 

46) The entry to record the incurrence of an expense will include:

A) a debit to Capital and a credit to Cash.

B) a debit to the expense and a credit to Vouchers Payable.

C) a debit to the expense and a credit to Accounts Payable.

D) a debit to Vouchers Payable and a credit to the expense.

 

47) The entry to record the approval of a withdrawal by the owner will include:

A) a debit to Wages Expense and a credit to Vouchers Payable.

B) a debit to Vouchers Payable and a credit to Wages Expense.

C) a debit to Withdrawals and a credit to Vouchers Payable.

D) a debit to Vouchers Payable and a credit to Withdrawals.

 

48) A company uses the gross method of recording purchases. An invoice was paid after the discount date. The full amount of the invoice would be recorded in the:

A) check register.

B) voucher register.

C) general journal.

D) None of these answers is correct.

 

49) The voucher system is a form of internal control.

50) Written authorizations for cash payments are called vouchers.

 

 

 



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