Asked by Winnie Chiam on Jul 19, 2024
Verified
In a voucher system, Vouchers Payable is the controlling account for the subsidiary ledger Unpaid Vouchers.
Vouchers Payable
Liabilities or accounts payable that are supported by a voucher evidencing the goods or services received.
Unpaid Vouchers
Records of amounts owed for goods or services received but not yet paid for.
- Gain an understanding of the handling of vouchers payable in accounting and its effects on the balance sheet.
- Achieve comprehension of the voucher system's purpose within internal controls and its execution during the accounting cycle.
Verified Answer
JM
jaharrah MillinerJul 22, 2024
Final Answer :
True
Explanation :
In a voucher system, the Vouchers Payable account is indeed the controlling account for the subsidiary ledger of Unpaid Vouchers, summarizing the total amount owed to various vendors or suppliers as recorded in the individual accounts within the subsidiary ledger.
Learning Objectives
- Gain an understanding of the handling of vouchers payable in accounting and its effects on the balance sheet.
- Achieve comprehension of the voucher system's purpose within internal controls and its execution during the accounting cycle.