Which of the following statements is correct regarding a voucher system?

Multiple Choice

• The journal entry to record the asset purchased and liability owed should be recorded when the bill for goods or services is received.

• A voucher system is most commonly used in very small companies to make up for the lack of other internal controls.

• A well-designed voucher system will allow employees requiring office supplies to place orders directly with suppliers for control purposes.

• A well-designed voucher system will eliminate fraud and errors.