Question: What is meant by a voucher? Explain how its use can improve an organizations internal controls.

What is meant by a voucher? Explain how its use can improve an organization’s internal controls.

Step by Step Solution

★★★★★

3.23 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

A voucher is a document used by an organization to establish a formal means of reco... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

185-B-A-A-A (155).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Q:

Explain briefly what is meant by a distributed data processing system.

Q:

What is meant by a spot transaction and the spot rate? A forward transaction and the forward rate? What is meant by a forward discount? Forward premium? What is a currency swap? What is a foreign...

Q:

What is meant by a homestead, or family, allowance?

Q:

Explain how its use can improve an organization's internal controls. A . The use of a voucher system improves internal control over the recording of purchases by providing detailed information of...

Q:

The systems flowchart presented in Figure 11-12 and the following description summarize ConSport Corporations cash disbursements system: a. The accounts payable department approves all invoices for...

Q:

You are the auditors, and are to produce a report for your client that adds value to their daily operations. The point of this assignment is to choose a process to document, consider the controls in...

Q:

I need help.. I'm doing the project on WorldCom. I'm not sure where to start? ACC 646 Final Project Guidelines and Rubric Overview The final project for this course is the creation of a case study...

Q:

pervious tutor only submitted to me two units when I had stated I needed all parts done. I now need parts three through 5 done and they never responded back to me when I tried asking them about it...

Q:

pervious tutor only submitted to me two units when I had stated I needed all parts done. I now need parts three through 5 done and they never responded back to me when I tried asking them about it...

Q:

pervious tutor only submitted to me two units when I had stated I needed all parts done. I now need parts three through 5 done and they never responded back to me when I tried asking them about it...

Q:

You work at a distribution center. A distribution center houses product for retail or direct-to- customer. The warehouse uses a picking system to collect orders. The picking system is manual and uses...

Q:

Early diagnosis and proper monitoring and treatments can help children with Hyper IgM avoid some life threatening infections. However, without a successful bone marrow transplant the life expectancy...

Q:

Is it possible for a 3 0 year bond to have less interest rate risk than a 2 8 year bond? Provide an example to show . Type answer directly here.

Q:

Overall Equipment Effectiveness LO 123 Jefferson Companys demand for its only product exceeds its manufacturing capacity. The company provided the following information for the machine whose limited...

Q:

The following are audit procedures from different transaction cycles: 1. Examine duplicate copy of shipping documents for evidence that quantities were verified before shipment. 2. Select a sample of...

Q:

The following are audit procedures from different transaction cycles: 1. Use audit software to foot and cross-foot the cash disbursements journal and trace the balance to the general ledger. 2....

Q:

The following are independent internal controls commonly found in the acquisition and payment cycle. Each control is to be considered independently. 1. At the end of each month, an accounting clerk...

Q:

Ted McKay has just bought the common stock of Cullumber Corp. Management of Cullumber expects the company expects to grow at the following rates for the next three years: 35 percent, 30 percent, and...

Q:

Finding a present value is the reverse of finding a future value. Which of the following is true about finding the present value of cash flows? O Finding the present value of cash flows tells you how...

Q:

In this assignment, you will use this information to create an income statement and then analyze it for profitability. Selected accounts for Jackson, Inc. are listed below along with their balances...