Distinguish between B2B sales and B2C sales. Other than those presented in this chapter, name a company from your personal experience that uses B2C sales.
Answer to relevant QuestionsWhat controls should a company implement to ensure consistency of sales information between the front end and back end of its systems? Describe how the use of pre-numbered forms for receiving reports and credit memos can help a company determine that sales return transactions have not been omitted from the accounting records.Under what circumstances would it be necessary to manually update accounts payable prior to the receipt of a vendor’s invoice? Debate the logic used in the following statement: “The person responsible for approving cash disbursements should also prepare the bank reconciliation because he is most familiar with the checks that have been written on ...Describe how the matching of key information on supporting documents can help a company determine that purchase transactions have been properly executed.
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