Voucher Register and Accounts Payable (AP) Liability

Play an AI-generated podcast conversation about this lesson

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?

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?

Accounts receivable department

General ledger function (correct)

Inventory management

Cash disbursement clerk

What is equivalent to the open AP file mentioned in the text?

Vouchers payable file Signup and view all the answers

Which document reflects the firm's total AP balance?

Voucher register Signup and view all the answers

Where does the general ledger function receive a journal voucher and an account summary from?

Inventory control Signup and view all the answers

What document is used to approve payment after the AP clerk performs a three-way match?

Disbursement voucher Signup and view all the answers

In the context provided, what purpose do vouchers serve in cash disbursements?

Providing improved control Signup and view all the answers

What is the primary function of a voucher register?

Recording each voucher Signup and view all the answers

In the AP context described, what is the purpose of consolidating several payments to the same supplier on a single voucher?

Reducing check writing Signup and view all the answers

Which accounting record plays a critical role in tracking inventory costs and levels?

Inventory Control account Signup and view all the answers

What is the purpose of a journal voucher in the accounting process?

Recording transactions in the general ledger Signup and view all the answers

What is the main purpose of the general ledger function?

Posting data to inventory and AP control accounts Signup and view all the answers

Which account reconciliation is performed by the general ledger function?

Inventory control account with inventory subsidiary summary Signup and view all the answers

Where is the journal voucher filed after being processed by the general ledger function?

Approved journal voucher file Signup and view all the answers

What signifies the completion of the purchases phase of the expenditure cycle?

Filing the journal voucher Signup and view all the answers

Which system processes the payment of obligations created in the purchases system?

Cash disbursements system Signup and view all the answers

What is the principal objective of the cash disbursements system?

Guarantee timely and accurate payments to valid creditors Signup and view all the answers