Understanding Vouchers in Accounting: Key Questions & Answers
Vouchers are fundamental to a robust accounting system. This guide clarifies their purpose, types, and role in internal control through a detailed Q&A format.
Core Concepts of Accounting Vouchers
1. What is the primary purpose of a voucher?
Answer: (b) To provide documentary evidence and control for each transaction.
A voucher is an internal control document. It authorizes, records, and supports a transaction before posting to the books, ensuring accuracy and accountability.
2. When is a voucher prepared?
Answer: (b) Before the transaction is recorded in the books.
Vouchers are prepared prior to recording. This ensures proper authorization and that all supporting documents are attached.
3. What is NOT a typical component of a voucher?
Answer: (c) Trial balance extract.
A voucher includes the date, description, amount, accounts affected, and authorization signatures. A trial balance is a separate report.
4. How does the voucher approach help?
Answer: (b) Preventing fraud and errors through segregation of duties.
By requiring authorization, supporting documents, and review before posting, vouchers strengthen internal control.
5. What must be attached to a voucher for completion?
Answer: (b) Supporting documents such as invoice, receipt, or contract.
Supporting documents validate the transaction. They are essential for the voucher to be authentic and auditable.
Types of Vouchers and Their Uses
6. Which voucher is used for cash received from a customer?
Answer: (b) Receipt Voucher.
A receipt voucher records cash or cheque received. It evidences the inflow of funds and supports the cash book entry.
7. What is a journal voucher primarily used for?
Answer: (c) Non‑cash transactions or adjustments.
Journal vouchers capture accruals, depreciation, corrections, and other adjustments that do not involve cash or bank.
8. Which voucher records salary payments?
Answer: (b) Payment Voucher.
Salary payment involves cash outflow. A payment voucher authorizes and records this disbursement.
9. Which voucher records a credit purchase of office furniture?
Answer: (c) Journal Voucher.
A credit purchase of a non‑cash asset is recorded via a journal voucher (debit Furniture, credit Accounts Payable).
10. Which voucher records a bank loan receipt?
Answer: (b) Receipt Voucher.
Receiving a loan increases cash/bank. A receipt voucher captures this cash inflow and the corresponding liability.
Internal Control & Best Practices
11. Who should approve a voucher?
Answer: (c) A supervisor or authorized officer.
Approval by a responsible authority ensures the transaction is legitimate and within policy. The preparer and approver should be different people.
12. How are vouchers filed in a manual system?
Answer: (b) By voucher type and then chronologically.
Proper filing by type (receipt, payment, journal) and date aids quick retrieval and efficient auditing.
13. What is a key advantage of vouchers?
Answer: (a) Facilitates audit trail.
Vouchers create a clear, documented path from the source document to the ledger entry, making audits easier and more reliable.
14. What is NOT an advantage of using vouchers?
Answer: (c) Eliminates the need for reconciliation.
Vouchers improve control but do not remove the need for periodic reconciliations, such as bank reconciliation.
Vouchers in Computerized Systems
15. How are vouchers handled in computerized accounting?
Answer: (c) Electronically generated and stored with digital signatures.
Modern systems generate electronic vouchers that retain the same control features as paper ones, often with secure audit trails.
16. What is true about a computerized journal voucher?
Answer: (c) It creates an audit trail with user ID and timestamp.
Electronic journal vouchers automatically record who made the entry, when, and why, providing a traceable audit trail.
