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Homework answers / question archive / 2)Elizabeth Taylor owns Picture Revival limited, a company that restores pictures for its customers and creates electronic images from the restored pictures

2)Elizabeth Taylor owns Picture Revival limited, a company that restores pictures for its customers and creates electronic images from the restored pictures

Accounting

2)Elizabeth Taylor owns Picture Revival limited, a company that restores pictures for its customers and creates electronic images from the restored pictures. The company also frames restored pictures and creates sophisticated custom artworks. Artworks include materials such as glass and frames that are purchased from local suppliers. In addition to supplies for displays, the company purchases office supplies and packaging materials from several vendors. Picture Revival uses an off- the-shelf accounting software package to prepare internal documents and reports. As employees note a need for supplies and materials, they send an email to Elizabeth, who acts as the office manager and company accountant. Either Elizabeth or her assistant Sophia enters orderinformation into the accounting system and creates a purchase order that is faxed to the supplier. Elizabeth or Sophia may also call the supplier if there is something special about the product ordered. When ordered materials and supplies arrive, either Elizabeth or Sophia checks the goods received against a copy of the purchase order and enters the new inventory into the computer system. Elizabeth pays bills twice each month, on the first and the fifteenth. She checks the computer system for invoices outstanding and verifies that the goods have been received. She then enters any information needed to produce printed cheques from the accounting system. Picture Revival mails cheques and printed remittance advices (portions of the vendor bill to be returned) to suppliers. Required: Discuss the advantages and disadvantages of flowchart in recording business process.

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