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Automation in the acquisition cycle (comprehensive)
As the acquisition of materials,equipment and services continues to be facilitated by automation,certain benefits and controls result.Discuss the use of computerized processes and specific controls that should be implemented in the electronic acquisition cycle.
Owner's Equity
The total value of assets owned by the proprietorship after all debts and liabilities have been settled; essentially the net worth of a company.
Liabilities
Financial obligations or debts owed by a business to others, which must be settled over time through the transfer of economic benefits including money, goods, or services.
Assets
Assets are possessions or property that a company owns or controls, anticipated to yield benefits in the future.
Claims
Demands for payment or entitlements to compensation for loss, damage, or injury; often encountered in insurance and legal contexts.
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