The Sales and Collections Cycle Consists of Eight Business Functions

question 10

Essay

The sales and collections cycle consists of eight business functions.The first four functions result in sales transactions.Discuss each of the remaining four business functions that occur after sales transactions and identify the key documents and records involved in each of those four functions.

Understand the balance of trade and the concept of trade deficits.

Recognize leading exports and imports of the United States and other countries, and the importance of service exports.

Understand the principles of absolute and comparative advantage as proposed by Adam Smith and David Ricardo.

Recognize the benefits of specialization and trading based on comparative advantage.

---

Definitions:

Substage

A division within a larger stage or phase, often used to categorize specific periods or steps in a process or development.

Primary Circular Reactions

Repetitive actions in infants, centered on their own bodies, that serve as a foundational aspect of their cognitive development.

Secondary Circular Reactions

A stage in Piaget’s theory of cognitive development where infants repeat actions that affect their environment, leading to learning about the world.

Reflexes

Automatic, involuntary responses of the body to certain stimuli, without conscious thought.