The affect of buying and selling on credit

The way you can borrow and lend indirecly

BUSINESS GUIDES

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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