Accounts and classes offransactions in the Acquisition and payment cycle I. Acquisition of goods and services 2. Cash disbursements 3. Purchase returns and allowances and purchase discounts @2000 Prentice hall. IncArens, Loebbecke; Auditing, 8/E ©2000 Prentice Hall, Inc. Accounts and Classes of Transactions in the Acquisition and Payment Cycle 1. Acquisition of goods and services 2. Cash disbursements 3. Purchase returns and allowances and purchase discounts