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QUESTION ONE [20] The following functions/activities are commonly found in the acquisition and payments cycle...

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QUESTION ONE [20] The following functions/activities are commonly found in the acquisition and payments cycle of a wholesaling company: 1. Requisition of inventory (activity) 2. Ordering of goods (function) 3. Receiving of goods (function) 4. Recording of acquisition (function) Required: 1.1. Explain the purpose of each of the above functions/activities. (6) 1.2. Explain the risks faced by each of the above functions/activities if proper control procedures are not in place. (14)

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