Types of transaction cycles in accounting
Accounting Tools
MAY 12, 2024
What is a Transaction Cycle? A transaction cycle is an interlocking set of business transactions. Most of these transactions can be aggregated into a relatively small number of transaction cycles related to the sale of goods, payments to suppliers , payments to employees , and payments to lenders. A key role of the accountant is to design an appropriate set of procedures, forms, and integrated controls for each of these transaction cycles, to mitigate the opportunities for fraud and ensure that
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