Page 10 - Chapter 11 - The Acquisitions And Payments Cycle
P. 10

THE ACQUISITIONS AND PAYMENTS CYCLE





            AUDITING THE CYCLE – Always think debits and credits!















             Credit                                       Making of                                    Prescription

             Purchase                        TO           payment                         OR           of debt


                   •Dr Stock                                    •Dr Payables                               • Dr Payables

                   •Cr Payables                                 •Cr Bank                                   • Cr Other Income






















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