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Business rules i

Business rules i

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Business rules implement internal controls. Please review Table 6.1 in your text. Describe which business rules implement segregation of duties, and identify whether they are obligatory, prohibited, or allowed. Oct.1 Purchases (or Inventory) 1,495 Account Payable Purchased inventory on credit from Richardson Inc. Invoice 1125 dated Oct.1, terms 2/10, net 30 Oct. 11 Accounts payable Purchase discount Cash Paid Richardson Inc. for invoice 1125 dated Oct. 1 less 2% discount Debit to purchases or inventory account depends on weather the company uses a periodic or perpetual inventory system 1,495 1,495 29 1,465
Transcribed Image Text:Business rules implement internal controls. Please review Table 6.1 in your text. Describe which business rules implement segregation of duties, and identify whether they are obligatory, prohibited, or allowed. Oct.1 Purchases (or Inventory) 1,495 Account Payable Purchased inventory on credit from Richardson Inc. Invoice 1125 dated Oct.1, terms 2/10, net 30 Oct. 11 Accounts payable Purchase discount Cash Paid Richardson Inc. for invoice 1125 dated Oct. 1 less 2% discount Debit to purchases or inventory account depends on weather the company uses a periodic or perpetual inventory system 1,495 1,495 29 1,465
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