Inventory L2 Acc

This is issued by a supplier to an entity requesting payment for goods or services supplied by the supplier. It provides a record of credit purchases by the entity.

• Receipt

• Credit Note

• Invoice

• Purchase Order

• Packing slip

This is issued to record the return of any goods, originally purchased on credit.

• Receipt

• Credit Note

• Invoice

• Purchase Order

• Packing slip

This is issued as a proof of payment for goods and services.

• Receipt

• Credit Note

• Invoice

• Purchase Order

• Packing slip

This is produced by the supplier of the inventory and stays with the ordered inventory when it arrives at its destination.

• Receipt

• Credit Note

• Invoice

• Purchase Order

• Packing slip

This is prepared within the business and then given to the supplier and is proof of what the business has ordered.

• Receipt

• Credit Note

• Invoice

• Purchase Order

• Packing slip

This is the act of double checking all figure and calculations - the internal control referred to is

• separation of duties

• authorisation

• rotation of duties

• verification

• adequate documentation

This is where someone with the appropriate level of of this approves an action - the internal control referred to is

• separation of duties

• authorisation

• rotation of duties

• verification

• adequate documentation

This will ensure that the business gathers all the information it needs to run an accurate accounting system. It is usual to be multi-copied. - the internal control referred to is

• separation of duties

• authorisation

• rotation of duties

• verification

• adequate documentation

This means that the same employee should not be responsible for consecutive jobs in the accounting process - the internal control referred to is

• separation of duties

• authorisation

• rotation of duties

• verification

• adequate documentation

This is a system where employees do different jobs at different times - the internal control referred to is

• separation of duties

• authorisation

• rotation of duties

• verification

• adequate documentation