Question 1

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.

Question 2

On the balance sheet, Vouchers Payable would be:

Accepted Answer

A)  a special liability account. 
B)  an asset account. 
C)  renamed as Accounts Payable. 
D)  shown as long-term liabilities. 
A)  a special liability account. 
B)  an asset account. 
C)  renamed as Accounts Payable. 
D)  shown as long-term liabilities.

Question 3

Important control features provided by a voucher system do NOT include:

Accepted Answer

A)  assure all invoices are paid. 
B)  centralize the recording of all expenditures in one place-the voucher register. 
C)  include using the check register along with the voucher register. 
D)  assure only approved invoices are paid. 
A)  assure all invoices are paid. 
B)  centralize the recording of all expenditures in one place-the voucher register. 
C)  include using the check register along with the voucher register. 
D)  assure only approved invoices are paid.

Question 4

After Sam purchased $11,000 of merchandise from Gary, Sam discovered $1,200 of defective merchandise. Record the entry for the return. The company uses the gross method, the periodic method and the voucher system.  
D) None of these answers is correct.

Accepted Answer

The answer of After Sam purchased $11,000 of merchandise from...

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Given the following accounts:
-Paid voucher #425.
Debit ________ Credit ________

Accepted Answer

A) Cash in bank 
B) Petty cash 
C) Supplies 
D) Equipment 
E) Notes payable
F)Vouchers payable
G)FICA payable
H)Wages payable
I)Purchases
J)Purchase discounts
K)Discounts lost
L)Repairs expense
M)Interest expense
N)Delivery expense
Indicate the account(s) to be debited and credited to record the following transactions.
The company uses the periodic inventory method. 
A) Cash in bank 
B) Petty cash 
C) Supplies 
D) Equipment 
E) Notes payable
F)Vouchers payable
G)FICA payable
H)Wages payable
I)Purchases
J)Purchase discounts
K)Discounts lost
L)Repairs expense
M)Interest expense
N)Delivery expense
Indicate the account(s) to be debited and credited to record the following transactions.
The company uses the periodic inventory method.

Question 7

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 8

Name and discuss the two most important internal control principles embedded in the voucher system.

Accepted Answer

The most important principle is the sepa

Question 9

Another name for the unpaid voucher file is the:

Accepted Answer

A)  accounts receivable file. 
B)  accounts payable file. 
C)  tickler file. 
D)  paid vouchers file. 
A)  accounts receivable file. 
B)  accounts payable file. 
C)  tickler file. 
D)  paid vouchers file.

Question 10

Vouchers should be filed in the tickler file ________ rather than alphabetically.

Accepted Answer

chronologi

Question 11

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).
-

Accepted Answer

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

Question 12

Given the following accounts:
-Paid voucher #419 which was issued to reimburse petty cash for the purchase of supplies, $35, and delivery expense of $50.
Debit ________ Credit ________

Accepted Answer

A) Cash in bank 
B) Petty cash 
C) Supplies 
D) Equipment 
E) Notes payable
F)Vouchers payable
G)FICA payable
H)Wages payable
I)Purchases
J)Purchase discounts
K)Discounts lost
L)Repairs expense
M)Interest expense
N)Delivery expense
Indicate the account(s) to be debited and credited to record the following transactions.
The company uses the periodic inventory method. 
A) Cash in bank 
B) Petty cash 
C) Supplies 
D) Equipment 
E) Notes payable
F)Vouchers payable
G)FICA payable
H)Wages payable
I)Purchases
J)Purchase discounts
K)Discounts lost
L)Repairs expense
M)Interest expense
N)Delivery expense
Indicate the account(s) to be debited and credited to record the following transactions.
The company uses the periodic inventory method.

Question 13

When a voucher transaction does not fit in the special columns of the voucher register, it will be recorded in the:

Accepted Answer

A)  general journal. 
B)  sundry column. 
C)  purchases debit column. 
D)  Both B and C 
A)  general journal. 
B)  sundry column. 
C)  purchases debit column. 
D)  Both B and C

Question 14

Connect Company bought $13,000 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 $13,000; credit Cash $13,000. 
B)  debit Vouchers Payable $13,000; credit Purchases Discount $260; credit Cash $12,740. 
C)  debit Vouchers Payable $12,740; credit Cash $12,740. 
D)  debit Vouchers Payable $12,740; debit Purchases Discount $260; credit Cash $13,000. 
A)  debit Vouchers Payable $13,000; credit Cash $13,000. 
B)  debit Vouchers Payable $13,000; credit Purchases Discount $260; credit Cash $12,740. 
C)  debit Vouchers Payable $12,740; credit Cash $12,740. 
D)  debit Vouchers Payable $12,740; debit Purchases Discount $260; credit Cash $13,000.

Question 15

Unpaid vouchers are arranged by the voucher number in a tickler file.

Accepted Answer

A) True 
 B)False

Question 16

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).
-

Accepted Answer

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

Question 17

The primary difference between the gross method and the net method of recording invoices is:

Accepted Answer

A)  when the invoice is paid. 
B)  when the discount is recognized. 
C)  the gross method is only used when there are no discounts available. 
D)  the net method does not use a voucher system. 
A)  when the invoice is paid. 
B)  when the discount is recognized. 
C)  the gross method is only used when there are no discounts available. 
D)  the net method does not use a voucher system.

Question 18

Describe how the transactions listed would be handled applying the gross method and the net method. For example: A $750 invoice with 3/10 net 30 terms.

Accepted Answer

The answer of Describe how the transactions listed would be...

Question 19

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)  pay grade system. 
A)  internal control system. 
B)  document system. 
C)  voucher system. 
D)  pay grade system.

Question 20

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).
-

Accepted Answer

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

Exam 23: The Voucher System

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

On the balance sheet, Vouchers Payable would be:

Important control features provided by a voucher system do NOT include:

After Sam purchased $11,000 of merchandise from Gary, Sam discovered $1,200 of defective merchandise. Record the entry for the return. The company uses the gross method, the periodic method and the voucher system. D) None of these answers is correct.

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

Given the following accounts: -Paid voucher #425. Debit ________ Credit ________

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.

Name and discuss the two most important internal control principles embedded in the voucher system.

Another name for the unpaid voucher file is the:

Vouchers should be filed in the tickler file ________ rather than alphabetically.

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). -

Given the following accounts: -Paid voucher #419 which was issued to reimburse petty cash for the purchase of supplies, $35, and delivery expense of $50. Debit ________ Credit ________

When a voucher transaction does not fit in the special columns of the voucher register, it will be recorded in the:

Connect Company bought $13,000 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:

Unpaid vouchers are arranged by the voucher number in a tickler file.

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). -

The primary difference between the gross method and the net method of recording invoices is:

Describe how the transactions listed would be handled applying the gross method and the net method. For example: A $750 invoice with 3/10 net 30 terms.

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

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). -

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

Given the following accounts: -Paid voucher #425. Debit Credit

Given the following accounts: -Paid voucher #419 which was issued to reimburse petty cash for the purchase of supplies, $35, and delivery expense of $50. Debit Credit