An advantage of the use of the voucher system is that it?

Assessment: JAMB UTME - Principles of Accounts - 1998 Subject: Financial Accounting

Question 1 Report

An advantage of the use of the voucher system is that it?
Answer Details
The voucher system is a method of controlling and documenting financial transactions in a business. One of its advantages is that it ensures that every expenditure is reviewed and verified before payment is made. This is because a voucher is created for each transaction, and it must be approved by an authorized person before payment can be made. This helps to prevent errors, fraud, or unauthorized spending. Therefore, option D, "ensure that every expenditure is reviewed and verified before payment is made", is the correct answer.
Read lesson note on Accounts Of Not-for-profit-making Organizations (JAMB)
Read lesson note on Cashbook (JAMB)
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