The voucher system of control: Multiple Choice Establishes procedures for receiving checks for the sale of verified, approved, and recorded activities. Establishes procedures for verifying, approving, and recording liabilities for cash payment. Applies only when multiple purchases are made from the same supplier. Is a set of procedures and approvals designed to control cash receipts and the acceptance of liabilities. Is required in large companies but not beneficial for small to mid-sized companies.

The voucher system of control: Multiple Choice Establishes procedures for receiving checks for the sale of verified, approved, and recorded activities. Establishes procedures for verifying, approving, and recording liabilities for cash payment. Applies only when multiple purchases are made from the same supplier. Is a set of procedures and approvals designed to control cash receipts and the acceptance of liabilities. Is required in large companies but not beneficial for small to mid-sized companies.

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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An accounting manager, who has full access to a Company’s accounting system also has access to the bank account and is able to send cash payments without supervision. What is an internal control that should be implemented to reduce the risk of theft or fraud in this company?
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