Answer the following statements true (T) or false (F)
1. A voucher system's control over cash disbursements begins when a company incurs an obligation that will result in eventual payment of cash.
2. A voucher system establishes procedures for verifying, approving, and recording obligations for eventual cash disbursement.
3. Assigning purchasing, receiving, and paying for merchandise to one department or individual is a way to streamline a voucher system.
4. A voucher is an external document used to accumulate information to control cash
disbursements and to ensure that a transaction is properly recorded.
5. Vouchers should be used for purchases of inventory and all other expenditures made within a company.
1. TRUE
2. TRUE
3. FALSE
4. FALSE
5. TRUE
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Roman Industries' plant operates five days per week with a daily payroll of $6,000 . Employees are paid every Saturday for the workweek just completed (Monday through Friday). The last day of the month is Wednesday, March 31 . What is the amount of Wages Expense recorded on the next payday, Saturday, April 3?
a. $ -0- b. $ 30,000 c. $ 12,000 d. $ 18,000
The elapsed time between an order's receipt, delivery, and payment is called the ________ cycle
A) variable-costs-to-payment B) product-to-payment C) inventory-to-sale D) order-to-inventory E) order-to-payment
Asher Company sells two products—X and Y. Product X is sold for $30 per unit and has a variable cost per unit of $15. Product Y is sold for $30 per unit and has a variable cost of $10 per unit. Total fixed costs for the company are $20,000. Asher Company typically sells three units of Product X for every unit of Product Y. What is the breakeven point in total units? (Round any intermediate calculations to two decimal places, and your answer to the nearest unit.)
A) 1231 units B) 923 units C) 308 units D) 1333 units
Which of the following is most likely to own a purchasing cooperative?
a. a government entity b. a group of farmers c. a group of health care customers d. the employees of a company