For the selected business, discuss the business processes according to the following three cycles namely Acquisition and Payment, Inventory and Warehousing and finally Revenue and Receipt. Students are encouraged to use visuals to discuss the process in detail. The following can be used to analyse the business for audit purposes: Acquisition and Payment: Expenses and liability recognition Cash versus credit purchases Controls (manuals and computerised) Inventory and warehousing Link between inventory process and other business cycles Period versus perpetual inventory system Stock counts & controls Revenue and Receipt Sales orders Dispatch Billing Cash Collection