What ate 3 basic controls of sales and purchases?

Quality Controls- Savings -Faster order expedite

Purchase Controls:

1-    Purchase requisition approved and authorized.

2-    Quotations for the competitiveness of prices

3-    Physical receipt and checking of goods.

4-    Invoices received, date, stamped and input then forward to Finance.

Sales  Controls:

1-    Bank Guarantee from customer i.e credit limit

2-    Credit period (term of payment)

3-    Purchase order from Supplier.

Controls are the measures opted to safeguard assets from fraud i.e. Fraudulent Financial Reporting or Miss appropriation of asset

3 Basic Controls are as under:

1- Authorization

2- Segregation of Duties

3- Documentation