1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
MatroZZZ [7]
3 years ago
7

All of the following statements regarding a voucher system are incorrect except _____.

Business
1 answer:
kobusy [5.1K]3 years ago
6 0

Answer:

b) an invoice approval initiates the recording of a purchase

Explanation:

A voucher system is used for the authorization of cash payments. Under such a system, a voucher is prepared stating what item is to be purchased, the account which would be charged and the amount of purchases.

Internal controls refer to the system of prevention and detection of frauds and misstatements by the management of an entity to ensure integrity of financial records and transactions.

A voucher system is one of the means of implementing internal controls whereby every purchase can only be processed by sanction of an authority who is authorized to pass the purchase. The voucher issuer and authorizing authority are of course different to ensure independence.

You might be interested in
Global aspirants are:
MissTica

Answer:

c. companies that have already developed products for their domestic middle markets and are now seeking to parlay their existing capabilities to serve the external global middle class.

Explanation:

  • The global aspirant companies are those that strive for a globally competitive market with the product that is already developed in the market and use for the domestic middle-income countries. That target the global middle classes and serves to the external global environment of the company and is the key to business products in the society.
5 0
3 years ago
Hadley Corporation, which has only one product, has provided the following data concerning its most recent month of operations:
ELEN [110]

Answer:

the total period cost for the month under variable costing is $52,610

Explanation:

Under Variable Costing Period Cost consist of, All Non-Manufacturing Costs and Fixed Manufacturing overheads.Fixed Manufacturing overheads are included in product costs only in full costing.

<u>Calculation of Total Period Costs :</u>

Variable selling and administrative expense ($ 14×1,010)  $14,140

Fixed selling and administrative expense                         $22,220

Fixed manufacturing overhead                                           $16,250

Total                                                                                      $52,610

3 0
3 years ago
Lenox China Co. would like to get its annual Christmas ornament series into Macy's department stores. Macy's has a buying office
dezoksy [38]

Answer: Option (B)

Explanation:

Here, in this particular case we can state that Lenox would use <em>personal selling </em>as the promotional element in order to reach their Macy's buyer. Personal selling is referred to as use of individuals by businesses in order to sell their commodity after meeting their respective clients face-to-face. The sellers mostly tend to advance the commodity through their belief, conviction appearance and the knowledge regarding the commodity.

5 0
3 years ago
Lee, Inc. acquired 30% of Polk Corp.'s voting stock on January 1, Year 1 for $100,000. During Year 1, Polk earned $40,000 and pa
KiRa [710]

Answer:

$7,500

Explanation:

Lee, Inc. acquired 30% of Polk Corp.'s voting stock on January 1, Year 1 for $100,000.

During Year 1, Polk earned $40,000 and paid dividends of $25,000.

Therefore Lee's dividend income = 0.3 x 25,000 = $7,500

Before income taxes, the amount that Lee should include in its Year 1 Income Statement as a result of the investment will be the dividend earned in year 1 which is $7,500

5 0
3 years ago
Given a fixed level of sales and a constant profit margin, an increase in the accounts payable period can result from: an increa
blondinia [14]

an increase in the ending accounts payable balance.

The amount that flows to the accounts payable balance on the business's current period balance sheet is represented by the ending balance in the accounts payable (A/P) roll-forward schedule.

How is the balance of accounts payable determined?

On a company's balance sheet, accounts payable are listed. Given that it is money owing to creditors and appears on the balance sheet under current liabilities, accounts payable is a liability. Current liabilities are a company's short-term debts, usually lasting less than three months.

What Does an Accounts Payable Expense Example Look Like?

  • Logistics and transport.
  • Rough Materials
  • Fuel, power, and energy.
  • Products and apparatus.
  • Leasing.
  • Licensing.
  • Assembly and subcontracting services

learn more about ending accounts payable balance here <u>brainly.com/question/20713676</u>

#SPJ4

3 0
2 years ago
Other questions:
  • We want to send all of our high-value customers a special VIP gift. We are defining high-value customers as those who have made
    7·1 answer
  • Once the organization structure is in place, a supervisor must identify the tasks to be done, combine them into jobs, and then f
    6·1 answer
  • Wilvade Inc. has modified the work timings for its employees. The employees of the company believe that the new timings are inco
    8·1 answer
  • Convention hotels provide meeting rooms and banquet hotels to convention participants. Sometimes a specific convention may invol
    11·1 answer
  • When a customer pays far enough in advance to require the seller to record interest expense and accrued interest payable based o
    11·1 answer
  • Use the drop-down menu to complete each statement. The property in a mixed market economy likely is . Most of the property in co
    5·2 answers
  • Seth invested $20,000 in Series EE savings bonds on April 1. By December 31, the published redemption value of the bonds had inc
    13·1 answer
  • _____ is a form of financial exchange that involves the use of checks.
    12·2 answers
  • Normally dividend or /and capital gain is reason of investment. Why do you think stockholders of a firm that is performing very
    6·1 answer
  • 19. Which part of the lease gives the landlord the right to remove the tenants
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!