MKTG 3701 test Questions with well &verified definitions 2025 newest List the 5 accounting cycles. - Answer revenue and receipts cycle acquisition and payments cycle inventory and production cycle payroll and personnel cycle finance and investment cycle

MKTG 3701 test Questions with
well &verified definitions 2025
newest

List the 5 accounting cycles. - Answer revenue and receipts cycle

acquisition and payments cycle

inventory and production cycle

payroll and personnel cycle

finance and investment cycle



Describe the quotation process. - Answer customer activity:
request prices

organisational activity: prepare and send quotation

source document: quotation

accounting transaction: none

effect on inventory: none



Describe the sales order process. - Answer customer activity:
place order

organisational activity: credit checks, accept / reject order

, source document: sales order

accounting transaction: none

effect on inventory: qty reserved increases, qty available
decreases



Describe the delivery process. - Answer customer activity:
accepts goods / services

organisational activity: deliver inventory or service

source document: delivery note

accounting transaction: none

effect on inventory: qty reserved decreases, qty available
decreases



Describe the billing (invoicing) process. - Answer customer
activity: receive sales invoice

organisational activity: create sales invoice, send to customer

source document: sales invoice

accounting transaction:

* trade receivables DT

* VAT CT

* sales revenue CT