Question 1

When there is a return after the original voucher has been prepared,the first step is to create a new voucher for the amount owed.

Accepted Answer

A) True 
 B)False

Question 2

A(n)________ is used for every cash payment made.

Accepted Answer

A) invoice 
B) voucher 
C) purchase order 
D) purchase requisition 
A) invoice 
B) voucher 
C) purchase order 
D) purchase requisition

Question 3

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

Accepted Answer

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. 
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.

Question 4

The separation of duties among the employees of the accounting department is an example of a(n):

Accepted Answer

A) internal control system. 
B) document system. 
C) voucher system. 
D) check paying system. 
A) internal control system. 
B) document system. 
C) voucher system. 
D) check paying system.

Question 5

A voucher system is designed to control a company's:

Accepted Answer

A) cash receipts. 
B) cash payments. 
C) stock sales. 
D) internal finances. 
A) cash receipts. 
B) cash payments. 
C) stock sales. 
D) internal finances.

Question 6

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
-$$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } & \text { Column 4 } \
\hline \text { Purchases } & & & & \
\hline
\end{array}$$

Accepted Answer

The answer of For each of the following, identify in...

Question 7

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
-$$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Column 1 } & \text { Column 2 } & \text { Column } 3 & \text { Column } 4 \
\hline \text { Delivery expense } & & & & \
\hline
\end{array}$$

Accepted Answer

The answer of For each of the following, identify in...

Question 8

The Discount Lost account is used when the net method is used for recording invoices.

Accepted Answer

A) True 
 B)False

Question 9

If Vouchers Payable has been credited,it is most likely that:

Accepted Answer

A) the business took out a loan. 
B) the business made a payment to a vendor. 
C) a purchase was made on account. 
D) None of the above has occurred. 
A) the business took out a loan. 
B) the business made a payment to a vendor. 
C) a purchase was made on account. 
D) None of the above has occurred.

Question 10

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
-$$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \
\hline \text { FICA payable } & & & & \
\hline
\end{array}$$

Accepted Answer

The answer of For each of the following, identify in...

Question 11

Connect Company bought $6,000 of merchandise from Woods Corporation,terms 2/10,n/30.Connect Company uses the voucher system and the periodic inventory method.The journal entry to record the payment under the gross method after the discount period would be to:

Accepted Answer

A) debit Vouchers Payable $6,000;credit Cash $6,000. 
B) debit Vouchers Payable $6,000;credit Purchases Discount $120;credit Cash $5,880. 
C) debit Vouchers Payable $5,880;credit Cash $5,880. 
D) debit Vouchers Payable $5,880;debit Purchases Discount $120;credit Cash $6,000. 
A) debit Vouchers Payable $6,000;credit Cash $6,000. 
B) debit Vouchers Payable $6,000;credit Purchases Discount $120;credit Cash $5,880. 
C) debit Vouchers Payable $5,880;credit Cash $5,880. 
D) debit Vouchers Payable $5,880;debit Purchases Discount $120;credit Cash $6,000.

Question 12

Crane Printing purchased $7,000 of supplies from Paper Wholesale,terms 2/10,n/30 on July 25,and prepared voucher #611.Crane paid the voucher on July 31.
Required: Prepare journal entries to record the above transactions assuming Crane uses the net method and the periodic inventory system for recording purchases.

Accepted Answer

The answer of Crane Printing purchased $7,000 of supplies from...

Question 13

Emerald Corporation uses a voucher system and completed the following transactions:
   
Required: Prepare general journal entries to record the above transactions.Omit explanations.

Accepted Answer

The answer of Emerald Corporation uses a voucher system and...

Question 14

Clip Company bought $7,500 of merchandise from Tarpon Corporation,terms 1/10,n/45.Clip Company uses the voucher system and the periodic inventory method.The journal entry to record the payment under the gross method after the discount period would be to:

Accepted Answer

A) debit Vouchers Payable $7,500;credit Cash $7,500. 
B) debit Vouchers Payable $7,500;credit Purchases Discount $75;credit Cash $7,425. 
C) debit Vouchers Payable $7,425;credit Cash $7,425. 
D) debit Vouchers Payable $7,425;debit Purchases Discount $75;credit Cash $7,500. 
A) debit Vouchers Payable $7,500;credit Cash $7,500. 
B) debit Vouchers Payable $7,500;credit Purchases Discount $75;credit Cash $7,425. 
C) debit Vouchers Payable $7,425;credit Cash $7,425. 
D) debit Vouchers Payable $7,425;debit Purchases Discount $75;credit Cash $7,500.

Question 15

In the voucher register "miscellaneous accounts" are classified as ________ accounts.

Accepted Answer

The answer of In the voucher register "miscellaneous accounts" are...

Question 16

In a voucher system,Vouchers Payable is the controlling account for the subsidiary ledger Unpaid Vouchers.

Accepted Answer

A) True 
 B)False

Question 17

Which situation would NOT result in a separation of duties?

Accepted Answer

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. 
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.

Question 18

The check register would contain a column for all except:

Accepted Answer

A) a credit to Vouchers Payable. 
B) a debit to Vouchers Payable. 
C) a debit to Cash. 
D) a debit to Purchases Discount. 
A) a credit to Vouchers Payable. 
B) a debit to Vouchers Payable. 
C) a debit to Cash. 
D) a debit to Purchases Discount.

Question 19

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
-$$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } & \text { Column 4 } \
\hline \text { Supplies } & & & & \
\hline
\end{array}$$

Accepted Answer

The answer of For each of the following, identify in...

Question 20

Which of the following statements is false as it pertains to a voucher system?

Accepted Answer

A) The purchase order must be completed and approved before the goods are purchased. 
B) A receiving report is completed when goods are received and is checked against the purchase order. 
C) Someone in the receiving department checks the purchase order and sales invoice for accuracy. 
D) After all the steps are complete,payment is issued in the form of a check. 
A) The purchase order must be completed and approved before the goods are purchased. 
B) A receiving report is completed when goods are received and is checked against the purchase order. 
C) Someone in the receiving department checks the purchase order and sales invoice for accuracy. 
D) After all the steps are complete,payment is issued in the form of a check.

When there is a return after the original voucher has been prepared,the first step is to create a new voucher for the amount owed.

A(n)________ is used for every cash payment made.

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

The separation of duties among the employees of the accounting department is an example of a(n):

A voucher system is designed to control a company's:

The Discount Lost account is used when the net method is used for recording invoices.

If Vouchers Payable has been credited,it is most likely that:

Connect Company bought $6,000 of merchandise from Woods Corporation,terms 2/10,n/30.Connect Company uses the voucher system and the periodic inventory method.The journal entry to record the payment under the gross method after the discount period would be to:

Emerald Corporation uses a voucher system and completed the following transactions: Required: Prepare general journal entries to record the above transactions.Omit explanations.

Clip Company bought $7,500 of merchandise from Tarpon Corporation,terms 1/10,n/45.Clip Company uses the voucher system and the periodic inventory method.The journal entry to record the payment under the gross method after the discount period would be to:

In the voucher register "miscellaneous accounts" are classified as ________ accounts.

In a voucher system,Vouchers Payable is the controlling account for the subsidiary ledger Unpaid Vouchers.

Which situation would NOT result in a separation of duties?

The check register would contain a column for all except:

Which of the following statements is false as it pertains to a voucher system?

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

Departmental Accounting

Manufacturing Accounting

Filters

Exam 23: The Voucher System

When there is a return after the original voucher has been prepared,the first step is to create a new voucher for the amount owed.

A(n)________ is used for every cash payment made.

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

The separation of duties among the employees of the accounting department is an example of a(n):

A voucher system is designed to control a company's:

The Discount Lost account is used when the net method is used for recording invoices.

If Vouchers Payable has been credited,it is most likely that:

Connect Company bought $6,000 of merchandise from Woods Corporation,terms 2/10,n/30.Connect Company uses the voucher system and the periodic inventory method.The journal entry to record the payment under the gross method after the discount period would be to:

Emerald Corporation uses a voucher system and completed the following transactions: Required: Prepare general journal entries to record the above transactions.Omit explanations.

Clip Company bought $7,500 of merchandise from Tarpon Corporation,terms 1/10,n/45.Clip Company uses the voucher system and the periodic inventory method.The journal entry to record the payment under the gross method after the discount period would be to:

In the voucher register "miscellaneous accounts" are classified as ________ accounts.

In a voucher system,Vouchers Payable is the controlling account for the subsidiary ledger Unpaid Vouchers.

Which situation would NOT result in a separation of duties?

The check register would contain a column for all except:

Which of the following statements is false as it pertains to a voucher system?

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

Departmental Accounting

Manufacturing Accounting

Filters