Review Questions 1. What three transaction cycles exist in all busi- nesses? 2. Name the major...

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Review Questions 1. What three transaction cycles exist in all busi- nesses? 2. Name the major subsystems of the expenditure cycle. 3. Identify and distinguish between the physical and financial components of the expenditure cycle. 4. Name the major subsystems of the conversion cycle. 5. Name the major subsystems of the revenue cycle. 6. Name the three types of documents. 7. Name the two types of journals. 8. Distinguish between a general journal and journal vouchers. 9. Name the two types of ledgers. 10. What is an audit trail? Review Questions 1. What three transaction cycles exist in all busi- nesses? 2. Name the major subsystems of the expenditure cycle. 3. Identify and distinguish between the physical and financial components of the expenditure cycle. 4. Name the major subsystems of the conversion cycle. 5. Name the major subsystems of the revenue cycle. 6. Name the three types of documents. 7. Name the two types of journals. 8. Distinguish between a general journal and journal vouchers. 9. Name the two types of ledgers. 10. What is an audit trail?

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QUESTION ONE First A transaction cycle is an interlocking set of business transactions Most of these transactions can be aggregated into a relatively ... View the full answer