What is the purpose of vouching receipts from bills receivable?

To ensure proper allocation of discounts.

To verify the accuracy of bank passbook entries.

To confirm the authenticity of bills received.

To identify discrepancies in bill maturity dates.

Which of the following is a consideration when vouching cash receipt transactions?

Examining the system of internal check in place.

Focusing on manipulation possibilities in cash receipts.

Checking the profitability of cash transactions.

Comparing cash receipts with non-cash transactions.

In vouching receipts from debtors, why is it important to verify the balances due as per the schedule of debtors?

To ensure timely debt collection.

To identify teeming and lading practices.

To check the accuracy of cash payments.

To validate internal check systems.

What is the primary objective of vouching cash transactions?

To ensure that all payments are properly recorded.

To ensure that all receipts are duly accounted for.

To verify internal check systems in the business.

To confirm the accuracy of balance sheet figures.

What is the purpose of comparing the rough cash book with the main cash book?

To identify discrepancies in cash transactions.

To verify the accuracy of bank passbook entries.

To check for manipulation in cash receipts.

To determine the daily cash sales amount.

Why is it important to physically verify fixed assets when vouching receipts from the sale of fixed assets?

To confirm the accuracy of depreciation calculations.

To prevent manipulation of fixed asset records.

To ensure assets are registered in the client's name.

To determine the profit or loss on the sale.

What is the primary consideration when vouching payments to creditors?

Ensuring accuracy of trade discounts.

Matching cash payments with invoices.

Checking depreciation of fixed assets.

Validating internal check procedures.

Why should an auditor verify the loan agreement and security offered when vouching loans advanced?

To confirm the interest rate on the loan.

To calculate the income tax payable on the loan.

To assess the value of the borrower's assets.

To ensure compliance with loan repayment terms.

What is the purpose of vouching payments made for salary?

To verify the accuracy of cash book entries.

To ensure proper allocation of employee benefits.

To check the efficiency of the internal check system.

To prevent unauthorized salary payments.

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