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Questions and Answers
What is the purpose of the voucher register in a firm?
What is the purpose of the voucher register in a firm?
- To file checks received for payment
- To reflect the firm's total AP balance (correct)
- To track cash disbursement vouchers
- To prepare journal vouchers
Where does the AP clerk file the cash disbursement vouchers along with supporting documents?
Where does the AP clerk file the cash disbursement vouchers along with supporting documents?
- In the general ledger
- In the open AP file
- In the vouchers payable file (correct)
- In the cash receipts register
What function receives a journal voucher from the AP department and an account summary from inventory control?
What function receives a journal voucher from the AP department and an account summary from inventory control?
- Accounts receivable department
- General ledger function (correct)
- Inventory management
- Cash disbursement clerk
What is equivalent to the open AP file mentioned in the text?
What is equivalent to the open AP file mentioned in the text?
Which document reflects the firm's total AP balance?
Which document reflects the firm's total AP balance?
Where does the general ledger function receive a journal voucher and an account summary from?
Where does the general ledger function receive a journal voucher and an account summary from?
What document is used to approve payment after the AP clerk performs a three-way match?
What document is used to approve payment after the AP clerk performs a three-way match?
In the context provided, what purpose do vouchers serve in cash disbursements?
In the context provided, what purpose do vouchers serve in cash disbursements?
What is the primary function of a voucher register?
What is the primary function of a voucher register?
In the AP context described, what is the purpose of consolidating several payments to the same supplier on a single voucher?
In the AP context described, what is the purpose of consolidating several payments to the same supplier on a single voucher?
Which accounting record plays a critical role in tracking inventory costs and levels?
Which accounting record plays a critical role in tracking inventory costs and levels?
What is the purpose of a journal voucher in the accounting process?
What is the purpose of a journal voucher in the accounting process?
What is the main purpose of the general ledger function?
What is the main purpose of the general ledger function?
Which account reconciliation is performed by the general ledger function?
Which account reconciliation is performed by the general ledger function?
Where is the journal voucher filed after being processed by the general ledger function?
Where is the journal voucher filed after being processed by the general ledger function?
What signifies the completion of the purchases phase of the expenditure cycle?
What signifies the completion of the purchases phase of the expenditure cycle?
Which system processes the payment of obligations created in the purchases system?
Which system processes the payment of obligations created in the purchases system?
What is the principal objective of the cash disbursements system?
What is the principal objective of the cash disbursements system?
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