Questions 20 pts COMPLETING TESTS IN THE ACQUISITION AND PAYMENT CYCLE (15 marks) Rewired One part of the accounting process is the revenue cycle an important group of business activities that records transactions from sale to receipt of payment. The revenue debes with providing a product or service and ends when the invoice is paid in full by the customer. Documents generated in the Revenue Transaction Cycle 61 Brely explain your understanding of the Revenue Transaction Cycle Ceny name TWO examples of documents that will be expected to be generated by the Revenue Transaction Cycle process. Provide ONE example of a unique characteristic of each of the above documents. Purchase of fixed assets Tence Water Filter Company is a well-known company in the filtration field. The company is developing its production by purchasing highly technological machines for producing high quality fibration products. Furthermore, the company is facilitating its production in a new industrial zone in Sharjah for which it requires suitable production facilities Fored assets include Property. Plant and Equipment that have a life span of more than one financial year. Faxed assets can carry high level of investment. These assets have a se Fred Assets include tems of property and equipment such as buildings, office furniture, fatures, computers and other related technology equipment. Since a foued asset can incur substantial cost to the business, the purchasing procedure of an asset should be according to recognized process. Required Tried asset purchase process - Describe FOUR fixed asset purchase processes and briefly discuss the logical steps that are followed in asset purchase transactions 2 Documents penerated Identity THREE types of documentary evidence that the auditor wil gather in support of the asset purchase and how he can confirm that the purchase took place # 3/12 # T