Module 5

Question 1

phases of stock cycle

Answer 1

receive goods
stock movements
stock holding
stock valuation
order fulfilled and dispatched

Question 2

phases of fixed asset cycle

Answer 2

identify need for asset
seek approval
order asset
receive asset
receive invoice
make payment

Question 3

phases of payroll cycle

Answer 3

work done and time recorded
calculation of payroll liability
payment of payroll liability

Question 4

phases of monthly financial reporting

Answer 4

month end journals
month end reconciliations
stock counts
production of management accounts
production of financial statements