Question

Within accounts payable, to ensure that each voucher is submitted and paid only once, each invoice approved to be paid should be:

A. Supported by a receiving report.
B. Stamped ""paid"" by the check signer.
C. Prenumbered and accounted for.
D. Approved for authorized purchases.

Answer 1

To ensure that each voucher is submitted and paid only once within accounts payable, each invoice should be prenumbered and accounted for. This process helps prevent duplication and fraud by establishing a clear audit trail. correct option is C.

Step-by-step explanation:

The question is addressing a control measure within the accounts payable process. To ensure that each voucher is submitted and paid only once, each invoice approved for payment should be: C. Prenumbered and accounted for. This control measure helps prevent fraudulent or erroneous payments by allowing for the tracking and reconciliation of invoices. It ensures that there is a clear audit trail from invoice reception to payment, which can be crucial during financial audits.

Furthermore, prenumbering and accounting for vouchers help identify any missing documents and prevent the duplication of payments. While the other options provided may also be part of a robust accounts payable process, they do not directly prevent an invoice from being paid more than once. Therefore, the correct answer is C. Prenumbered and accounted for.