Question 1

The entry to record payment of a voucher,for an invoice after the discount period,under the net method and the periodic inventory system will include:

Accepted Answer

A)  a debit to Purchase Discounts.
B)  a credit to Purchase Discounts.
C)  a credit to Discounts Lost.
D)  None of these is correct.

Question 2

Important control features provided by a voucher system:

Accepted Answer

A)  assure only approved 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)  All of these answers are correct.

Question 3

Important principles of internal control include:

Accepted Answer

A)  that payment can be made without an approved voucher.
B)  that all transactions are backed with documentation.
C)  no separation of duties.
D)  All of these answers are correct.

Question 4

Vouchers Payable replaces Accounts Payable in the general ledger.

Accepted Answer

A) True 
 B)False

Question 5

After Crowe purchased $4,000 of merchandise from Hanks,Crowe discovered $200 of defective merchandise.Record the entry for the return (assume the gross method) .The company uses the periodic method and the voucher system.

Accepted Answer

A)    Vouchers Payable 4,000 Vouchers Payable  Purchases Returns & Allow. 3,800\begin{array} { | c | r | } \hline 	ext { Vouchers Payable } & 4,000 \\hline 	ext { Vouchers Payable } & \\hline 	ext { Purchases Returns \& Allow. } & 3,800 \\hline\end{array} Vouchers Payable  Vouchers Payable  Purchases Returns & Allow. ​4,0003,800​​ 
B)    Vouchers Payable 200 Vouchers Payable 200\begin{array}{l}\begin{array} { | l | l | } \hline 	ext { Vouchers Payable }& 200 \\hline 	ext { Vouchers Payable } & 200 \\hline\end{array}\end{array} Vouchers Payable  Vouchers Payable ​200200​​​ 
C)    Vouchers Payable 3,800 Purchases Returns & Allow. 200 Vouchers Payable 4,000\begin{array} { | l | r | } \hline 	ext { Vouchers Payable } & 3,800 \\hline 	ext { Purchases Returns \& Allow. } & 200 \\hline 	ext { Vouchers Payable } & 4,000\\hline\end{array} Vouchers Payable  Purchases Returns & Allow.  Vouchers Payable ​3,8002004,000​​ 
D)  None of these answers is correct.

Question 6

The company uses the periodic inventory system and the voucher system.If the net method is applied,the purchase of $7,000 of merchandise with terms 4/15,n/60 is recorded by:

Accepted Answer

A)  debit Cash $7,000;credit Accounts Payable $7,000.
B)  debit Accounts Payable $7,000;credit Purchases $7,000.
C)  debit Purchases $6,720;credit Accounts Payable $6,720.
D)  debit Purchases $6,720;credit Vouchers Payable $6,720.

Question 7

Separation of duties in a voucher system leads to a more effective ________ for the management of cash payments.

Accepted Answer

The answer of Separation of duties in a voucher system...

Question 8

The voucher register would contain a column for:

Accepted Answer

A)  Date of Payment.
B)  Vouchers Payable credit.
C)  Voucher Number.
D)  Purchases credit.

Question 9

After Sally purchased $5,000 of merchandise from Bob,Sally discovered $500 of defective merchandise.Record the entry for the return.The company uses the gross method,the periodic method and the voucher system.

Accepted Answer

A)    Vouchers Payable 500 Vouchers Payable 500\begin{array}{l}\begin{array} { | l | l | } \hline 	ext { Vouchers Payable }& 500 \\hline 	ext { Vouchers Payable } & 500 \\hline\end{array}\end{array} Vouchers Payable  Vouchers Payable ​500500​​​ 
B)    Vouchers Payable 5,000 Vouchers Payable 4,500 Purchases Returns & Allow. 500\begin{array} { | c | r | } \hline 	ext { Vouchers Payable } & 5,000 \\hline 	ext { Vouchers Payable } & 4,500 \\hline 	ext { Purchases Returns \& Allow. } & 500 \\hline\end{array} Vouchers Payable  Vouchers Payable  Purchases Returns & Allow. ​5,0004,500500​​ 
C)    Vouchers Payable 4,500 Purchases Returns & Allow. 500 Vouchers Payable 5,000\begin{array} { | l | r | } \hline 	ext { Vouchers Payable } & 4,500 \\hline 	ext { Purchases Returns \& Allow. } & 500 \\hline 	ext { Vouchers Payable } &5,000 \\hline\end{array} Vouchers Payable  Purchases Returns & Allow.  Vouchers Payable ​4,5005005,000​​ 
D)  None of these answers is correct.

Question 10

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

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).
-$$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } & \text { Column 4 } \
\hline \text { Cash in bank } & & & & \
\hline
\end{array}$$

Accepted Answer

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

Question 12

The information contained on a voucher includes: invoice number and date;purchase order number;the amount to be paid,who is being paid;voucher number;and the verification steps.

Accepted Answer

A) True 
 B)False

Question 13

On October 1,Oak Company purchased $10,000 of merchandise from City Seed Company,terms 2/10,n/30,and prepared voucher #222.Oak paid the invoice on October 15.
Required: Prepare journal entries to record the above transactions.Assume Oak uses the net method and the periodic inventory system for recording purchases.

Accepted Answer

The answer of On October 1,Oak Company purchased $10,000 of...

Exam 23: The Voucher System

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

Correct Answer
verified

Vouchers Payable replaces Accounts Payable in the general ledger.

Correct Answer
verified

The company uses the periodic inventory system and the voucher system.If the net method is applied,the purchase of $7,000 of merchandise with terms 4/15,n/60 is recorded by:

Correct Answer
verified

Important principles of internal control include:

Correct Answer
verified

Correct Answer
verified

Separation of duties in a voucher system leads to a more effective ________ for the management of cash payments.

Correct Answer
verified

The voucher register would contain a column for:

Correct Answer
verified

After Crowe purchased $4,000 of merchandise from Hanks,Crowe discovered $200 of defective merchandise.Record the entry for the return (assume the gross method) .The company uses the periodic method and the voucher system.

Correct Answer
verified

After Sally purchased $5,000 of merchandise from Bob,Sally discovered $500 of defective merchandise.Record the entry for the return.The company uses the gross method,the periodic method and the voucher system.

Correct Answer
verified

Correct Answer
verified

The entry to record payment of a voucher,for an invoice after the discount period,under the net method and the periodic inventory system will include:

Correct Answer
verified

Important control features provided by a voucher system:

Correct Answer
verified

The information contained on a voucher includes: invoice number and date;purchase order number;the amount to be paid,who is being paid;voucher number;and the verification steps.

Correct Answer
verified

Exam 23: The Voucher System

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

Correct AnswerverifiedShow Answer

Vouchers Payable replaces Accounts Payable in the general ledger.

Correct AnswerverifiedShow Answer

The company uses the periodic inventory system and the voucher system.If the net method is applied,the purchase of $7,000 of merchandise with terms 4/15,n/60 is recorded by:

Correct AnswerverifiedShow Answer

Important principles of internal control include:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Separation of duties in a voucher system leads to a more effective ________ for the management of cash payments.

Correct AnswerverifiedShow Answer

The voucher register would contain a column for:

Correct AnswerverifiedShow Answer

After Crowe purchased $4,000 of merchandise from Hanks,Crowe discovered $200 of defective merchandise.Record the entry for the return (assume the gross method) .The company uses the periodic method and the voucher system.

Correct AnswerverifiedShow Answer

After Sally purchased $5,000 of merchandise from Bob,Sally discovered $500 of defective merchandise.Record the entry for the return.The company uses the gross method,the periodic method and the voucher system.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The entry to record payment of a voucher,for an invoice after the discount period,under the net method and the periodic inventory system will include:

Correct AnswerverifiedShow Answer

Important control features provided by a voucher system:

Correct AnswerverifiedShow Answer

The information contained on a voucher includes: invoice number and date;purchase order number;the amount to be paid,who is being paid;voucher number;and the verification steps.

Correct AnswerverifiedShow Answer

Correct Answer
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