Question

QUESTION 12 A voucher is usually supported by a. a supplier's invoice b. a purchase order c. a receiving report d. all of theseQUESTION 13 The bank reconciliation a. is part of the internal control system b.is for information purposes only c. is sent to the bank for verification d. should be prepared by an employee who records cash transactions

Answer 1

Q12. A voucher is usually supported by a purchase order or receiving report or supplier's invoice. Hence, option d) all of these is correct.

A Purchase Order (PO) is a document created by the buyer that authorizes a purchase transaction. When accepted by the seller, it becomes a legally binding contract between both parties.

A purchase order specifies the descriptions, quantities, prices, discounts, payment terms, date of performance or shipment, and other terms and conditions, as well as identifying a specific seller.

A purchase order goes through an approval process to ensure that it corresponds to what has been billed (purchase order Invoice) and received (optional Receiver). This process yields a purchase order Voucher, which validates and connects the purchase order PO, purchase order PO Invoice, and optional Receiver. The vendor can be paid once the Purchase Order (PO) Voucher has been approved.

Q13. The bank reconciliation is part of the internal control system. This statement shows the difference between cash balance in company books and bank statements which is used to confirm that the company records the true presentation of cash transactions. Hence, option a) is correct.

More it is not only for information purposes and it is not sent to the bank for any verification, but it is also purely for internal management purposes.

A bank reconciliation is a process of matching the balances in a cash account in an entity's accounting records to the corresponding information on a bank statement.

The purpose of this process is to identify the differences between the two and make the necessary changes to the accounting records. The information on the bank statement is a record of all transactions affecting the entity's bank account over the previous month kept by the bank.

To learn more about purchase order and bank reconciliation, please refer:

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