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67. Which of the following is true about a voucher system? * 1. All major expenditures, including cash transactions for payment of rent and utilities expense, would first be credited to vouchers payable before payment is made II. The check register replaces the cash receipts journal II. The voucher register contains a debit column for voucher payable IV. Transactions are first entered in the check register, and later, when payment is made, in the voucher register. O A. I only O B. I and II O C. I, Il and II

67. Which of the following is true about a voucher system? * 1. All major expenditures, including cash transactions for payment of rent and utilities expense, would first be credited to vouchers payable before payment is made II. The check register replaces the cash receipts journal II. The voucher register contains a debit column for voucher payable IV. Transactions are first entered in the check register, and later, when payment is made, in the voucher register. O A. I only O B. I and II O C. I, Il and II

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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67. Which of the following is true about a voucher system? * 1. All major expenditures, including cash transactions for payment of rent and utilities expense, would first be credited to vouchers payable before payment is made II. The check register replaces the cash receipts journal II. The voucher register contains a debit column for voucher payable IV. Transactions are first entered in the check register, and later, when payment is made, in the voucher register. O A. I only O B. I and II O C. I, Il and III O D. I, II, Il and IV
Transcribed Image Text:67. Which of the following is true about a voucher system? * 1. All major expenditures, including cash transactions for payment of rent and utilities expense, would first be credited to vouchers payable before payment is made II. The check register replaces the cash receipts journal II. The voucher register contains a debit column for voucher payable IV. Transactions are first entered in the check register, and later, when payment is made, in the voucher register. O A. I only O B. I and II O C. I, Il and III O D. I, II, Il and IV
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