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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.

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A business office is one which is established by the individuals or governments for the production and distribution of goods and services with a view of earning money by satisfying the consumers.

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In determining the fair value of an asset or liability, would the fair value of the asset or the fair value of the liability be
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In determining the fair value of the asset or liability the exit price should be used. A fair price means the price that the asset or liability would get when sold in the market. So, the pair price will be determined by calculating the market price of such goods or liabilities or at what rate these goods or liabilities will be sold in the market.

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1. Learn more about fair value here:

brainly.com/question/14294197

2. Learn more about market price here:

brainly.com/question/15866211

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According to the textbook, the only way to know if your product or service is what people want is by ________. talking to them l
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