1)Walmart uses a vendor managed inventory system, where the inventory is owned and managed by the vendor until it is delivered from Walmart's distribution center to the stores. What implications does this system have for Walmart's purchases and payments process?

2)The sales and collection process generates revenue, accounts receivable, and cash flow information for a firm's financial statements. What other information do you think managers would like to collect?

3)What kinds of businesses collect cash before recording the corresponding sales? How could that different sequence affect internal control requirements?

4)From your experience, think about the sales process for an online or brick and mortar store. Describe some business rules that help provide internal controls over that process.