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Lecture Accounting information and reporting systems - Chapter 13: The expenditure cycle

After studying this chapter you will be able to: To learn the expenditure cycle business activities, to learn how to flow chart the expenditure cycle business activities, to understand the processing of expenditure cycle transactions using a computer, to know what the control practices and procedures are in the expenditure cycle. | The expenditure cycle Learning objectives To learn the expenditure cycle business activities. To learn how to flow chart the expenditure cycle business activities. To understand the processing of expenditure cycle transactions using a computer. To know what the control practices and procedures are in the expenditure cycle. key terms carrying costs economic order quantity materials requisition note maximum stock level minimum stock level ordering costs payment voucher purchase requisition reorder level reorder quantity storekeeping Expenditure cycle Deals with transactions involved in purchasing goods and services Custodianship of goods and materials purchased Cash and credit payments Expenditure cycle business activities Main functions (cash purchase): requests for purchases ordering goods to be purchased receiving delivery of goods purchased storekeeping dealing with goods to be returned payment of purchased goods and services Expenditure cycle business activities Additional functions (credit purchase): applying for credit facility from supplier recording accounts payable requesting adjustment notes checking periodical statements from suppliers approving vendor invoices Expenditure cycle business activities Categories of activities in the expenditure cycle: Requesting purchases Placing orders with suppliers Receiving goods Storekeeping Processing supplier invoices Cash disbursements Requesting purchases Purchasing department responsible for purchases Goods categorised as: general goods special items Purchase requisition used for special orders to ensure: control and accuracy Placing orders with suppliers This is achieved by: identifying supplier price and quantity available delivery time terms and delivery placing the order with supplier in writing on serially numbered forms description, quantity, unit price, total price, trade discount and delivery date Receiving goods Goods accompanied by delivery note showing: description, source and quantity delivered space . | The expenditure cycle Learning objectives To learn the expenditure cycle business activities. To learn how to flow chart the expenditure cycle business activities. To understand the processing of expenditure cycle transactions using a computer. To know what the control practices and procedures are in the expenditure cycle. key terms carrying costs economic order quantity materials requisition note maximum stock level minimum stock level ordering costs payment voucher purchase requisition reorder level reorder quantity storekeeping Expenditure cycle Deals with transactions involved in purchasing goods and services Custodianship of goods and materials purchased Cash and credit payments Expenditure cycle business activities Main functions (cash purchase): requests for purchases ordering goods to be purchased receiving delivery of goods purchased storekeeping dealing with goods to be returned payment of purchased goods and services Expenditure cycle business activities Additional .