Precious Beauty Products (Pty) Ltd buys inventory (cosmetic products) and then sells the products to various...
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Precious Beauty Products (Pty) Ltd buys inventory (cosmetic products) and then sells the products to various chain stores at a profit. PART A: FUNCTIONS AND ACTIVITIES There are various functions and activities within each function of the accounting system for the various cycles. REQUIRED Marks List the seven main functions in the accounting system for credit sales and receipt transactions with a brief description of each function. 1.1 (15) 1.2 List the five functions in the accounting system for credit purchase and payment cycle with a brief description of each function. (13) Precious Beauty Products (Pty) Ltd buys inventory (cosmetic products) and then sells the products to various chain stores at a profit. PART A: FUNCTIONS AND ACTIVITIES There are various functions and activities within each function of the accounting system for the various cycles. REQUIRED Marks List the seven main functions in the accounting system for credit sales and receipt transactions with a brief description of each function. 1.1 (15) 1.2 List the five functions in the accounting system for credit purchase and payment cycle with a brief description of each function. (13)
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Answer rating: 100% (QA)
Explanation to the above problem is as under Control Activities of Credit Sales and Cash Receipt Transactions 1 Transaction Authorization The objective of transaction authorizationis to ensure that on... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
Posted Date:
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