In Class Exercises - 1

In Class Exercises - 1 - ACCT-361 In-class Exercises...

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Unformatted text preview: ACCT-361: In-class Exercises Christopher, Inc. Sales/Acquisition Process: Christopher, Inc. provides baseball caps to major league baseball teams to sell in their ballparks. While analyzing the business process, three key operating activities were determined to be significant: receive orders from baseball teams (customers), package and ship caps to the teams (the sale), and receive payment from the teams. Payment/Acquisition Process: Christopher, Inc. monitors the level of materials used to produce its baseball caps. When necessary, an inventory control clerk requests goods for purchase. A purchasing supervisor reviews the requisition and approves or denies the request. If the request is approved, a purchasing clerk orders the goods from the appropriate vendor. When goods are received, a receiving clerk verifies the content and quality of the goods and transfers the shipment to the storage area until they are requested by production. Christopher records a liability upon receipt of goods. When a hard they are requested by production....
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