31. A good voucher system includes a set of procedures and approvals designed to control cash disbursements and the acceptance of obligations.
32. Controls of cash disbursements are important for companies as most large thefts occur from payment of fictitious invoices.
33. If the Cash Over and Short account has a debit balance at the end of the period, the amount is reported as miscellaneous revenue.
34. The clerk who has access to the cash in the cash register should not have access to the cash register tape or file.
35. A voucher system establishes procedures for verifying, approving, and recording obligations for eventual cash disbursement.
36. Receiving and paying for merchandise should be performed by one individual or department to streamline a voucher system and simplify the procedures for purchasing.
37. Cash receipts by mail require only two people: one to open the mail and a second person to deposit the cash in the bank and record the cash receipt in the accounting records.
38. For good internal controls over cash, all payments should be made from the petty cash, except for very large payments.
39. A voucher is an internal document or file used to accumulate information to control cash disbursements and to ensure that a transaction is properly recorded.
40. Vouchers should be used only for purchases. Other expenditures do not need to go through the voucher system.