Types of Vouchers in Accounting: Receipt, Payment, Journal & Supporting
Vouchers are crucial in accounting as they serve as documentary proof of financial transactions. Understanding vouchers is vital for Class 11/12 exams, competitive tests, and daily business processes. Mastering this topic helps students answer MCQs confidently and supports accurate financial record-keeping for real-world business activities.
| Type of Voucher | Description | Examples |
|---|---|---|
| Receipt Voucher | Records inflow of cash or bank payments | Cash receipt from a customer, bank deposit slip |
| Payment Voucher | Records outflow of cash or bank payments | Cash paid to supplier, bank withdrawal voucher |
| Journal Voucher | Records non-cash transactions or adjustments | Depreciation entry, provisions, transfer entries |
| Supporting Voucher | Serves as evidence for entries recorded | Bills, invoices, fuel slips, gatekeeper's note |
What is a Voucher in Accounting?
A voucher in accounting is a document that supports proof of a financial transaction. It acts as authorization for recording business entries in the books. Vouchers ensure that all accounting records are genuine and verifiable, making them essential for error-free financial reporting and audits.
Types of Vouchers
There are four main types of vouchers every commerce student should know. Each type serves a specific role in financial records and is commonly tested in exams and MCQs.
Receipt Vouchers
Receipt vouchers are used when a business receives money, either in cash or through bank transfers. For example, receiving payment from a debtor requires a receipt voucher as proof.
Payment Vouchers
Payment vouchers document outflows of cash or bank payments, such as paying a supplier or settling business expenses. These ensure all outgoing funds are properly tracked and authorized.
Journal Vouchers
Journal vouchers record non-cash transactions like depreciation adjustments, transfer of balances, or provisions. They are vital for events that do not involve direct cash movement but still affect accounts.
Supporting Vouchers
Supporting vouchers are supplementary documents—such as bills, invoices, or receipts—that validate the primary vouchers. They provide audit trails and real-world evidence in case of queries.
MCQs On Vouchers (With Answers)
Practice these objective questions on vouchers to check your exam readiness. Answers are provided for quick self-assessment.
- Which of the following is considered a voucher in accounting?
a) Invoice
b) Ledger
c) Balance Sheet
d) Trial Balance
Answer: a) Invoice - Receipt voucher records:
a) Money received
b) Money paid
c) Goods returned
d) Depreciation
Answer: a) Money received - Which voucher is used for non-cash adjustments?
a) Receipt voucher
b) Payment voucher
c) Journal voucher
d) Supporting voucher
Answer: c) Journal voucher - Vouchers are considered as:
a) Audit evidence
b) Expense only
c) Extra documents
d) No legal value
Answer: a) Audit evidence - Which document supports entries before preparing a voucher?
a) Source document
b) Ledger
c) Memorandum
d) Statement
Answer: a) Source document - Payment vouchers are prepared during:
a) Cash inflow
b) Cash outflow
c) No transaction
d) Only at year-end
Answer: b) Cash outflow - Supporting vouchers serve as:
a) Main entry point
b) Proof for voucher entries
c) Replacement for receipts
d) Non-essential
Answer: b) Proof for voucher entries - Which of the following is NOT a type of voucher?
a) Receipt voucher
b) Payment voucher
c) Memo voucher
d) Audit voucher
Answer: d) Audit voucher - Voucher is kept for evidence according to which accounting concept?
a) Money Measurement
b) Business Entity
c) Verifiability/Objectivity
d) Matching
Answer: c) Verifiability/Objectivity - Which statement is true about vouchers?
a) Only used in cash transactions
b) Not required in small businesses
c) Provide documentary evidence for transactions
d) Prepared after final accounts only
Answer: c) Provide documentary evidence for transactions
Role of Vouchers in Evidence and Preparation
Vouchers are prepared from source documents like bills, receipts, and memos. They act as legal proof of business activities. In an audit, vouchers help verify that every transaction is real and properly authorized. This reduces fraud and errors, making accounting reliable and trustworthy.
Using Vouchers in Real Life and Exams
In real businesses, every transaction must be supported by a voucher. This habit ensures accuracy and transparency. For students, understanding voucher entries helps answer MCQs on vouchers, make correct journal entries, and perform well in both school and competitive exams.
Download Voucher MCQs and Practice Sets (PDF)
Looking for quick revision? Download free MCQ practice PDFs for vouchers from Vedantu to study on the go. These resources are ideal for mobile users and exam preparation.
Download: MCQs on Vouchers (PDF)For deeper learning, explore related pages on vouchers and accounting concepts: Difference Between Source Document and Voucher, TS Grewal Solutions Class 11 Accountancy Chapter 6, and Accounting Process.
At Vedantu, complex Commerce topics like vouchers are simplified for all learners. By practicing these concepts, students gain higher accuracy for exams and practical accounting work. Use this guide and the linked resources for complete mastery of vouchers in accounting.
In summary, vouchers form the foundation of accurate accounting records. Learning their types, uses, and examples ensures strong exam performance and good business practice. Remember to use supporting evidence for every transaction and stay updated with Vedantu for best results.
FAQs on MCQs on Vouchers in Accounting (With Answers & Practice)
1. What is a voucher in accounting MCQ?
A voucher is an internal accounting document that serves as proof of a financial transaction. It's a crucial source document used to record transactions before they're entered into the accounting books. Key types include receipt vouchers, payment vouchers, and journal vouchers.
2. Which document is a voucher prepared from?
Vouchers are typically prepared from source documents, which are original records of a transaction (e.g., invoices, bills, receipts). The voucher summarizes the information from the source document into a standardized format for easier accounting.
3. Voucher is prepared for which types of transactions?
Vouchers are prepared for various transactions, including cash purchases, credit purchases, cash sales, credit sales, and other financial activities within a business. Different voucher types handle these transaction types: receipt vouchers for cash received, payment vouchers for cash paid, and journal vouchers for adjustments.
4. Which concept supports keeping vouchers as evidence?
The concept of documentary evidence in accounting supports keeping vouchers. Vouchers provide verifiable proof of transactions, crucial for auditing, accuracy, and preventing fraud. They adhere to the principle of maintaining proper accounting records.
5. Where can I find MCQs on vouchers with answers pdf?
You can often find MCQs on vouchers with answers in accounting textbooks, online study resources, and educational websites. Some platforms offer downloadable PDFs for practice.
6. What is a voucher in accounting?
In accounting, a voucher is a vital source document that provides evidence of a financial transaction. It's a record used before making entries in the main books of accounts. Types of vouchers include receipt, payment, and journal vouchers.
7. How does a voucher differ from a source document in practical accounting?
A source document is the original record of a transaction (e.g., invoice, receipt). A voucher is a summarized, internal record prepared *from* the source document, ready for entry into the accounting books. Vouchers are standardized for easier bookkeeping.
8. Why is voucher preparation important for audit trails?
Proper voucher preparation is essential for maintaining a clear audit trail. Vouchers provide documented evidence of transactions, making it easier for auditors to verify the accuracy and legitimacy of financial records. This helps prevent errors and fraud.
9. Can supporting vouchers ever be electronic? Give examples.
Yes, supporting vouchers can be electronic. Examples include digital invoices, e-receipts, and electronic bank statements. These digital documents serve the same evidentiary purpose as paper vouchers and are increasingly common in modern accounting.
10. How do vouchers help prevent accounting fraud?
Vouchers act as a deterrent to accounting fraud by providing a documented record of each transaction. The requirement for supporting documentation makes it harder to manipulate or falsify financial records. This enhances the accountability and transparency of financial processes.
11. What syllabus topics do 'MCQs on vouchers' support in Class 11 Accountancy?
MCQs on vouchers in Class 11 Accountancy typically cover topics such as types of vouchers (receipt, payment, journal), voucher preparation, and the role of vouchers as source documents and evidence in maintaining accurate accounting records.
