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Question 4 (10 points) Lokastovs & Partners is a small small trade company that does not engage in financial transactions other than payments to
Question 4 (10 points) Lokastovs & Partners is a small small trade company that does not engage in financial transactions other than payments to creditors and receipts from debtors. All sales and purchases are made on account and the company has a closed warehouse. (a) (b) Draw the value cycle for the company. Indicate in your drawing how different duties should ideally be segregated from an internal control perspective. (c) Which reconciliation can periodically be made for the inventory?
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