Question 1
4 out of 4 points
Discussion Question 1:
Discuss the flow of cash through the transaction cycles. Include in your
discussion the relevant sub-systems and any time lags that may occur.
Question 2
4 out of 4 points
7. SYSTEM FLOWCHART Using the diagram for Problem 7, answer
the following questions: What do Symbols 1 and 2 represent? What does the
operation involving Symbols 3 and 4 depict? What does the operation involving
Symbols 4 and 5 depict? What does the operation involving Symbols 6, 8, and 9
depict?
Question 3
4 out of 4 points
8. SYSTEM FLOWCHART Analyze the system flowchart in Problem
8, and describe in detail the processes that are occurring.
Question 4
0 out of 8 points
Incorrect
12. SYSTEM DOCUMENTATION— EXPENDITURE CYCLE (MANUAL
PROCEDURES) The following describes the expenditure cycle manual procedures for
a hypothetical company. The inventory control clerk examines the inventory
records for items that must be replenished and prepares a two- part purchase
requisition. Copy 1 of the requisition is sent to the purchasing department,
and Copy 2 is filed. Upon receipt of the requisition, the purchasing clerk
selects a supplier from the valid vendor file (reference file) and prepares a
three- part purchase order. Copy 1 is sent to the supplier, Copy 2 is sent to
the accounts pay-able department where it is filed temporarily, and Copy 3 is
filed in the purchases department. A few days after the supplier ships the
order, the goods arrive at the receiving department. They are inspected, and
the receiving clerk prepares a three- part receiving report describing the
number and quality of the items received. Copy 1 of the receiving report
accompanies the goods to the stores, where they are secured. Copy 2 is sent to
inventory control, where the clerk posts it to the inventory records and files
the document. Copy 3 is sent to the accounts payable department, where it is
filed with the purchase order. A day or two later, the accounts payable clerk
receives the supplier’s invoice bill) for the items shipped. The clerk pulls
the purchase order and receiving report from the temporary file and compares
the quantity ordered, quantity received, and the price charged. After
reconciling the three documents, the clerk enters the purchase in the purchases
journal and posts the amount owed to the accounts payable subsidiary account.
On the payment due date, the accounts payable clerk posts to the accounts
payable subsidiary account to remove the liability and prepares a voucher
authorizing payment to the vendor. The voucher is then sent to the cash
disbursements clerk. Upon receipt of the voucher, the cash disbursements clerk
prepares a check and sends it to the supplier. The clerk records the check in
the check register and files a copy of the check in the department filing
cabinet.
Required: Prepare a
system flowchart only of the expenditure cycle procedures previously
described.
Use the following flowchart headings:
Inventory Control * Purchasing * Receiving * Accounts
Payable * Cash Disbursements
GO BACK TO UNIT 2 AND CLICK ON FLOWCHART ASSIGNMENT PROBLEM
12. USE THAT TAB TO SUBMIT YOUR
FLOWCHART
ScholarMatic: Explanation & Answer
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