Individual Assignment by Eunice Tan https://padlet.com/euniceeuzlyntan/xnqjhotb0c3p Eunice Euzlyn Tan 60737 en-us 2019-02-25 04:55:27 UTC 2026-01-03 12:15:12 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Drinkingmed.png The three transaction cycles are : https://padlet.com/euniceeuzlyntan/xnqjhotb0c3p/wish/337325559 ·Expenditure Cycle: 
Time lag between components due to credit relationship with suppliers. 
– physical component (acquisition of goods) 
– financial component (cash disbursements to the supplier) 
 
· Conversion Cycle: 
– the production system (planning, scheduling, and control of the physical product through the manufacturing process) 
– the cost accounting system (monitors the flow of cost information related to production)
 
· Revenue Cycle: 
Time lag between components due to credit relationship with customers.
 – physical component (sales order processing)
 – financial component (cash receipts)

]]> 2019-03-04 03:06:05 UTC https://padlet.com/euniceeuzlyntan/xnqjhotb0c3p/wish/337325559 The internal control system consists of policies, practices and procedures to achieve four broad objectives: https://padlet.com/euniceeuzlyntan/xnqjhotb0c3p/wish/337326544 • Safeguard assets of the firm. 

• Ensure accuracy and reliability of accounting records and information. 

• Promote efficiency of the firm’s operations. 

• Measure compliance with management’s prescribed policies and procedures.

]]> 2019-03-04 03:11:44 UTC https://padlet.com/euniceeuzlyntan/xnqjhotb0c3p/wish/337326544 Cash disbursement system: https://padlet.com/euniceeuzlyntan/xnqjhotb0c3p/wish/337326771
  • Identify liabilities due
  • Prepare cash disbursements
  • Update AP record and post to general ledger. 

    • ]]>     2019-03-04 03:13:10 UTC https://padlet.com/euniceeuzlyntan/xnqjhotb0c3p/wish/337326771