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Which of the following statements is correct regarding a voucher system?
The journal entry to record the asset purchased and liability owed should be recorded when the bill for goods or services is received.
A voucher system is most commonly used in very small companies to make up for the lack of other internal controls.
A well-designed voucher system will allow employees requiring office supplies to place orders directly with suppliers for control purposes.
A well designed voucher system will eliminate fraud and errors.
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