Chapter 14, TEST 14B
Name
_________________________
Date
_________________________
SCORING RECORD
Section
Total
Possible
A
B
C
D
Total
30
30
10
30
100
Deductions
Section A
DIRECTIONS: Each of the following statements is true or false.
Indicate your choice by writing in the Answers column T for a true
answer or F for a false answer. (2 points for each correct answer)
For
Answers
Scoring
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
Internal control is only needed for small &
medium sized businesses.
_____
Internal controls are only set up for sales
transactions.
_____
A voucher is a document that shows an acquisition
and that payment is authorized.
_____
The supplier normally prepares vouchers for a
business.
_____
A formal voucher system is most appropriate for
medium- and large-size businesses, however, the
volume of transactions in a business must be
sufficient to warrant the cost of such a system.
_____
The "Payment" section on the back of a voucher is
for the date of when the voucher should be paid.
_____
Both individual and summary postings are required
from the voucher register to the general journal. _____
Unpaid vouchers should always be filed
alphabetically by supplier name.
_____
The "voucher packet" contains the voucher and
the check.
_____
After the voucher has been paid, the cashier
completes the "Payment" approval on the back of the
voucher, and then the voucher and supporting
documents are cancelled to indicate payment.
_____
A check register is similar to a cash payments
journal.
_____
Most businesses that use a voucher system still
keep an accounts payable subsidiary ledger.
_____
If a complete return of merchandise is made,
a general journal entry is made to record
the return, and Vouchers Payable is credited
for the full amount.
_____
_____
_____
_____
_____
_____
_____
_____
_____
_____
_____
_____
_____
_____
Student
Score
14-2
14. If a partial return is made, a general journal entry
is made to record the partial return, and Vouchers
Payable is debited for amount of the return.
_____
15. For installment payments, a separate voucher is
prepared for each payment.
_____
_____
_____
Section B
Directions: Complete each of the following statements by writing in
the Answers column the letter of the word or words that correctly
completes each statement. (3 points each)
For
Answers
Scoring
1.
2.
3.
4.
5.
6.
7.
Elements important to the internal control of
expenditures include: (A) segregation of duties;
(B) authorization procedures and related
responsibilities; (C) adequate documents and
records (D) all of these; (E) none of these.
_____
Segregation of duties means that: (A) one employee
should order goods and also be responsible for
paying for them; (B) one employee should record
the purchases and a different employee should be
responsible for storing those goods; (C) employers
should make an allowance for at least one employee
to obtain goods for personal use; (D) all of these;
(E) none of these.
_____
A voucher system is a control technique that
requires: (A) every acquisition and subsequent
payment be supported by an approved voucher;
(B) every employee be assigned a voucher number
so that each employee can be accounted for;
(C) every business activity be assigned a voucher
number in proper sequence; (D) all business
transactions be recorded on a voucher; (E) none
of these.
_____
The back of a voucher does not usually include:
(A) the accounts to be debited; (B) the payment date;
(C) the check number; (D) the amount; (E) a
description of what was purchased.
_____
A voucher check has three parts: (A) the check
itself; (B) a statement of invoice being paid and
any deductions; (C) a receipt; (D) a statement of
the current balance of vouchers payable; (E) a
and b.
_____
A special journal used to record all checks written
in a voucher system is called: (A) a voucher
journal; (B) a check register; (C) a paid vouchers
file; (D) a vouchers receivable journal;
(E) voucher register.
_____
The only possible debit in the check register is:
(A) Vouchers Receivable; (B) Purchases Discounts;
(C) Vouchers Payable; (D) Cash; (E) Purchases.
_____
_____
_____
_____
_____
_____
_____
_____
14-3
8.
When a business uses the voucher system and a
voucher register, the check register replaces the:
(A) cash receipts journal; (B) cash payments
journal; (C) purchases journal; (D) sales journal;
(E) petty cash account.
_____
9. In a voucher system, if a return of merchandise
costing $120 is made and a credit memo is received
from the supplier, which of the following
procedures would NOT be done? (A) the return
is noted on the voucher; (B) the credit memo is
attached to the voucher; (C) the amount of $120
is credited to Accounts Payable; (D) the voucher
is placed in the paid vouchers file; (E) the
return is noted in the Payment column of the
voucher register.
_____
10. The general journal entry to record a complete
return of merchandise costing $545 is: (A) debit
Accounts Payable and credit Purchases; (B) debit
Vouchers Payable and credit Cash; (C) debit
Vouchers Payable and credit Purchases Returns and
Allowances; (D) debit Purchases and credit
Vouchers Payable; (E) debit Cash and credit
Vouchers Payable.
_____
_____
_____
_____
Section C
DIRECTIONS: Match the correct answer to the definition that best
explains it. (2 points each)
_____
1.
A control technique which requires that every acquisition
and subsequent payment be supported by an approved voucher.
_____
2.
A special journal used to record all checks written in a
voucher system.
_____
3.
A special journal used to record purchases of all types of
assets and services.
_____
4.
A document which shows that an acquisition is proper and
that payment is authorized.
_____
5.
The set of procedures used to ensure that there is proper
accounting for all activities of the business.
a.
b.
c.
d.
e.
check register
voucher system
voucher
voucher register
internal controls
14-4
Section D
DIRECTIONS: Prepare a schedule of vouchers payable and the check
register for W.J. Foster based on information found in the following
voucher register. (30 points total)
VOUCHER REGISTER FOR THE MONTH OF JUNE
Vou.
No.
Date
Purch Suppl. Wages
Dr.
Dr.
Exp. Dr.
Issued To
6/1
187 Worden Co 2/10 n/30
6/5
188 Edward's Office Supply
6/5
189 Orchard Product
page
General Debit
Acct.
515
P/R
Amt.
3,000
700
190 WNH
6/13
191 Miller Co. 2/10,n/30
6/15
192 Payroll Bank Account
6/27
193 Carter Company
6/28
194 Payroll Bank Account
152
2,000
DATE
5,000
152
5,000
1,500
534
6/14
535
6/15
536
6/28
537
1,500
5,000
PAYEE
Ck. No.
6/10
2,000
700
10,000
5,000
3,152
17,912
CHECK REGISTER
CHECK
NO.
Date
560
513
4,060
3,000
Payment
700
560
6/11
Vouch.
Pay. Cr.
VOUCHER PAY. DR. PURCHASE
DISCOUNT
NO.
AMOUNT
CREDIT
CASH
CREDIT