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THE ACQUISITIONS AND PAYMENTS CYCLE





            AUDITING THE CYCLE – Always think debits and credits!























             Credit Sale                     TO           Receipt of                      OR           Prescription

                                                          payment                                      of debt



                   •Dr Stock                                    •Dr Payables                               • Dr Payables
                   •Cr Payables                                 •Cr Bank                                   • Cr Other Income













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