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Transaction Cycle RelationshipRefer to Figure 2-1, which provides a genericlook at relationships between transactioncycles.
11. Transaction Cycle RelationshipRefer to Figure 2-1, which provides a genericlook at relationships between transactioncycles. Modify this figure to reflect the transactioncycles you might find at a dentist’soffice.
12. System Documentation—ExpenditureCycleThe following describes the expenditure cycleprocedures for a hypothetical company.The inventory control clerk examines theinventory records for items that must be replenishedand prepares a two-part purchase requisition.Copy 1 of the requisition is sent to thepurchasing department and Copy 2 is filed.Upon receipt of the requisition, the purchasingclerk selects a supplier from the validvendor file (reference file) and prepares athree-part purchase order. Copy 1 is sent tothe supplier, Copy 2 is sent to the accountspayable department where it is filed temporarily,and Copy 3 is filed in the purchasesdepartment.A few days after the supplier ships theorder, the goods arrive at the receiving department.They are inspected, and the receivingclerk prepares a three-part receiving reportdescribing the number and quality of the itemsreceived. Copy 1 of the receiving report accompaniesthe goods to the warehouse, where theyare secured and the receiving report is filed.Copy 2 is sent to inventory control, where the clerk posts it to the inventory records and filesthe document. Copy 3 is sent to the accountspayable department, where it is filed with thepurchase order.A day or two later, the accounts payable(AP) clerk receives the supplier’s invoice (bill)for the items shipped. The clerk pulls the purchaseorder and receiving report from the temporaryfile and compares the quantity ordered,quantity received, and the price charged. Afterreconciling the three documents, the clerk entersthe purchase in the purchases journal and poststhe amount owed to the accounts payable subsidiaryaccount.On the payment due date, the AP clerkposts to the AP subsidiary account to removethe liability and prepares a voucher authorizingpayment to the vendor. The voucheris then sent to the cash disbursements clerk.Upon receipt of the voucher, the cash disbursementsclerk prepares a check and sendsit to the supplier. The clerk records the checkin the check register and files a copy of thecheck in the department filing cabinet.Required:Prepare a data flow diagram and a documentflowchart of the expenditure cycle procedurespreviously described.
