Question 1
List the four business functions in the acquisition and payment cycle.
Question 2
Match seven of the terms for documents and records (a-m) used in the acquisitions and cash disbursement cycle with the descriptions provided below (1-7).
| e. | summary acquisitions report |
| i. | accounts payable master file |
| j. | accounts payable trial balance |
| m. | cash disbursements journal |
________ 1. a document indicating a reduction in the amount owed to a vendor because of returned goods or an allowance granted
________ 2. a document received from the vendor which shows the amount owed for an acquisition
________ 3. a document prepared by the purchasing department indicating the description, quantity, and related information for goods and services that the company intends to purchase
________ 4. a listing of the amount owed to each vendor at a point in time
________ 5. a document used to establish a formal means of recording and controlling acquisitions; it includes a cover sheet and a package of relevant documents
________ 6. a document used to request goods and services by an authorized employee
________ 7. the listing or report that includes all cash payments for a given period
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A company spends $117 500 today and has positive cash inflows of $34 000 for each of the next 6 ...