The affect of buying and selling on credit

The way you can borrow and lend indirecly


Chapter 2

Sales and Assets

* Goods sold to customers on credit are equivalent to the loan of 
  company funds to those customers, enabling them to purchase goods
  sold by the organisation.

Goods purchased from suppliers on credit are equivalent to ------------

Uncontrolled Journal entries can-----------------

The credit worthiness of customers should --------------------

An invoice --------------------.

Stock can be controlled by a “perpetual inventory” system.

Petty cash can be controlled by an "imprest system".

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