Chapter 5	Name: Click here to enter text.

Section 5.1 Notes: Fill in the blanks after reviewing Section 5.1 PowerPoint.

An Accounting System includes procedures for:

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Why is “Cash” the asset that is most likely to be misused?

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Where do you think the safest place to store / keep cash may be?

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In a voucher system, a check cannot be written without a properly authorized voucher.

☐True

☐False

List the 3 steps for approving an invoice.

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What are the 5 sections of a voucher form?

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Voucher payable will have a normal ______ balance.

☐Debit

☐Credit

With a voucher system, an accounts payable ledger is NOT kept.

☐True

☐False

Vouchers needing to be paid are kept in an Click here to enter text. voucher file.

August 1. Purchased merchandise on account from O’Riley Company, $3500. Voucher No. 647.

The account that will be debited is ☐Miscellaneous Expense or ☐Vouchers Payable.

The account that will be credited is ☐Miscellaneous Expense or ☐Vouchers Payable.

What is the purpose of using prenumbered voucher forms?

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A voucher system is similar to and replaces what journal?

☐Purchases Journal

☐Sales Journal

☐Cash Payment Journal