Question 1

Given the following accounts:
  Indicate the account(s)to be debited and credited to record the following transactions.
-Paid voucher #425.
Debit ________ & ________ & ________ Credit ________ & ________ & ________

Accepted Answer

The answer of Given the following accounts:
  Indicate the...

Question 2

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 3

A tickler file is the same as the:

Accepted Answer

A)  accounts receivable file.
B)  accounts payable file.
C)  paid vouchers file.
D)  unpaid vouchers file.E) All of the above
F) B) and D)

Question 4

When a voucher is prepared, the invoice needs only to be compared to the purchase requisition and purchase order.

Accepted Answer

A) True 
 B)False  False

Question 5

Spice Company completed the following transactions:
  Required: Prepare journal entries to record the above transactions. Assume Spice uses the gross approach method for recording purchases. Omit explanations.

Accepted Answer

The answer of Spice Company completed the following transactions:
 ...

Question 6

Vouchers are recorded in the voucher register as they are paid.

Accepted Answer

A) True 
 B)False

Question 7

In a voucher system, the controlling account in the general ledger is:

Accepted Answer

A)  Cash.
B)  Accounts Payable.
C)  Accounts Receivable.
D)  Vouchers Payable.E) B) and D)
F) None of the above

Question 8

Brooke's Company purchased $1,500 of merchandise with terms of 2/10, n/30 and paid the invoice within the discount period. If Brooke's uses the net method of recording merchandise purchases, the $30 purchases discount is recorded in:

Accepted Answer

A)  the voucher register.
B)  the check register.
C)  the general journal.
D)  None of these answers are correct.E) All of the above
F) A) and D)

Question 9

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.E) A) and B)
F) All of the above

Question 10

A voucher register could contain which of the following columns?

Accepted Answer

A)  Debit to Vouchers Payable
B)  Credit to Purchases
C)  Debit or credit to sundry accounts
D)  A credit to an expense accountE) A) and C)
F) C) and D)

Question 11

A company uses the gross method of recording purchases. An invoice was paid after the discount date. The full amount of the invoice would be recorded in the:

Accepted Answer

A)  check register.
B)  voucher register.
C)  general journal.
D)  None of these answers is correct.E) B) and D)
F) B) and C)

Question 12

If the net approach method is applied, the purchase of $2,000 of merchandise with terms 2/10, n/30 is recorded by:

Accepted Answer

A)  debit Cash $2,000; credit Accounts Payable $2,000.
B)  debit Accounts Payable $2,000; credit Purchases $2,000.
C)  debit Purchases $2,000; credit Accounts Payable $2,000.
D)  debit Purchases $1,960; credit Vouchers Payable $1,960.E) None of the above
F) B) and D) D

Question 13

Given the following accounts:
  Indicate the account(s)to be debited and credited to record the following transactions.
-Prepared voucher #424 in the amount of $6,240 in reply to the payroll department's request for payment of last week's wages.
Debit ________ & ________ & ________ Credit ________ & ________ & ________

Accepted Answer

The answer of Given the following accounts:
  Indicate the...

Question 14

When a purchase is made, the business will:

Accepted Answer

A)  credit Vouchers Payable.
B)  enter a voucher in the voucher register.
C)  debit Purchases.
D)  All of the above.E) C) and D)
F) A) and D)

Question 15

A voucher is made for every:

Accepted Answer

A)  cash receipt.
B)  cash payment.
C)  accounts payable transaction.
D)  accounts receivable transaction.E) All of the above
F) A) and B) B

Question 16

After Crowe purchased $5,000 of merchandise from Hanks, Crowe discovered $400 of defective merchandise. Record the entry for the return (assume the gross method) .

Accepted Answer

A)   
B)   
C)   
D)  None of these answers are correct.E) A) and B)
F) All of the above

Question 17

Given the following accounts:
  Indicate the account(s)to be debited and credited to record the following transactions.
-Paid voucher #425, payment was after the discount period.
Debit ________ & ________ & ________ Credit ________ & ________ & ________

Accepted Answer

Debit 6 & ...

Question 18

Using the voucher system when paying an invoice within the discount period, assuming the gross method, the entry would be to debit Vouchers Payable, credit Purchases Discount, and credit Cash.

Accepted Answer

A) True 
 B)False

Question 19

Given the following accounts:
  Indicate the account(s)to be debited and credited to record the following transactions.
-Paid voucher #422, payment was within the discount period.
Debit ________ & ________ & ________ Credit ________ & ________ & ________

Accepted Answer

Debit 6, C...

Question 20

Which of the following is not true of a voucher system?

Accepted Answer

A)  All expenditures such as rent and interest would first be credited to Vouchers Payable before payment is made.
B)  Transactions are first entered in the voucher register, then payment is made in the voucher register.
C)  The check register replaces the cash receipts journal.
D)  Either A or B would be correct.E) All of the above
F) B) and C)

Exam 23: The Voucher System

Given the following accounts: Indicate the account(s)to be debited and credited to record the following transactions. -Paid voucher #425. Debit ________ & ________ & ________ Credit ________ & ________ & ________

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedThe most important principle is the sepa...View AnswerShow Answer

A tickler file is the same as the:

Correct AnswerverifiedShow Answer

When a voucher is prepared, the invoice needs only to be compared to the purchase requisition and purchase order.

Correct AnswerverifiedFalse

Spice Company completed the following transactions: Required: Prepare journal entries to record the above transactions. Assume Spice uses the gross approach method for recording purchases. Omit explanations.

Correct AnswerverifiedShow Answer

Vouchers are recorded in the voucher register as they are paid.

Correct AnswerverifiedShow Answer

In a voucher system, the controlling account in the general ledger is:

Correct AnswerverifiedShow Answer

Brooke's Company purchased $1,500 of merchandise with terms of 2/10, n/30 and paid the invoice within the discount period. If Brooke's uses the net method of recording merchandise purchases, the $30 purchases discount is recorded in:

Correct AnswerverifiedShow Answer

Which situation would not result in a separation of duties?

Correct AnswerverifiedShow Answer

A voucher register could contain which of the following columns?

Correct AnswerverifiedShow Answer

A company uses the gross method of recording purchases. An invoice was paid after the discount date. The full amount of the invoice would be recorded in the:

Correct AnswerverifiedShow Answer

If the net approach method is applied, the purchase of $2,000 of merchandise with terms 2/10, n/30 is recorded by:

Correct AnswerverifiedD

Correct AnswerverifiedShow Answer

When a purchase is made, the business will:

Correct AnswerverifiedShow Answer

A voucher is made for every:

Correct AnswerverifiedB

After Crowe purchased $5,000 of merchandise from Hanks, Crowe discovered $400 of defective merchandise. Record the entry for the return (assume the gross method) .

Correct AnswerverifiedShow Answer

Given the following accounts: Indicate the account(s)to be debited and credited to record the following transactions. -Paid voucher #425, payment was after the discount period. Debit ________ & ________ & ________ Credit ________ & ________ & ________

Correct AnswerverifiedDebit 6 & ...View AnswerShow Answer

Using the voucher system when paying an invoice within the discount period, assuming the gross method, the entry would be to debit Vouchers Payable, credit Purchases Discount, and credit Cash.

Correct AnswerverifiedShow Answer

Given the following accounts: Indicate the account(s)to be debited and credited to record the following transactions. -Paid voucher #422, payment was within the discount period. Debit ________ & ________ & ________ Credit ________ & ________ & ________

Correct AnswerverifiedDebit 6, C...View AnswerShow Answer

Which of the following is not true of a voucher system?

Correct AnswerverifiedShow Answer

Given the following accounts: Indicate the account(s)to be debited and credited to record the following transactions. -Paid voucher #425. Debit & & Credit & &

Correct Answer
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The most important principle is the sepa...
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False

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D

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B

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Given the following accounts: Indicate the account(s)to be debited and credited to record the following transactions. -Paid voucher #425, payment was after the discount period. Debit & & Credit & &

Correct Answer
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Debit 6 & ...
View Answer

Correct Answer
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Given the following accounts: Indicate the account(s)to be debited and credited to record the following transactions. -Paid voucher #422, payment was within the discount period. Debit & & Credit & &

Correct Answer
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Debit 6, C...
View Answer

Correct Answer
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