QUESTION 51 1. Accounting information systems have ve generic elements. Identify and describe two examples of each element in the acquisitionlpayment process of PTW Corporation based on the following narrative: PTW Corporation sells computer peripherals and related devices, such as printers, ink, ash drives and cables. PTW has a staff of three purchasing agents, each of whom is in charge of a specic set of inventory items. Each purchasing agent uses hisfher discretion in making decisions about when to order inventory, how much inventory to order and which vendor to purchase from. When ordered inventory arrives at PTW, one of two receiving clerks matches the items, quantities and vendors against a copy of the purchase order, then either stocks the merchandise on the shelves or puts it in the storeroom. PTW's accountant receives a copy of the invoice from the vendor, as well as an e-mail from one of the receiving clerks indicating that merchandise has been received. The e-mail also includes the relevant purchase order number. The accountant les the invoice by date in a ling cabinet; once a week, the accountant removes invoices from the ling cabinet and pays them by check. To cut down on clutter in the ofce, the accountant shreds the vendor invoice after the check has been paid by the bank. The accountant also completes a bank reconciliation within two weeks of receiving the bank statement in the mail