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acquisition and payment cycle
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includes acquisition of such things as raw materials, equipment, supplies, utilities, repairs and maintenance, and research and development
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Terms in this set (36)
acquisition and payment cycle
includes acquisition of such things as raw materials, equipment, supplies, utilities, repairs and maintenance, and research and development
three classes of transactions included in the acquisition and payment cycle
1. acquisitions of goods and services
2. cash disbursements
3. purchase returns and allowances and purchase discounts
Business function/s used for recording the acquisition of goods and services on account
- processing purchase orders
- receiving goods and services
- recognizing the liability
Business function used for recording cash disbursements
- processing and recording cash disbursements
purchase requisition
used to request goods and services by an authorized employee
