The expenditure cycle is the set of activities related to the acquisition of and payment for goods

and services. These activities include the determination of what needs to be purchased,
purchasing activities, the receipt of goods, and payments to suppliers.

The conversion cycle is one of the four transactions cycle used by accounting systems that
records one economic event – the consumption of labor, material and overhead to produce a
product or service.

The revenue cycle is a recurring set of business activities and related information processing
operations associated with providing goods and services to customers and collecting cash in
payment for those sales. 
How are the three transaction cycles relate to each other? For instance, every business (1)
incurs expenditures in exchange for resources (expenditure cycle), (2) provides value added
through its products or services (conversion cycle), and (3) receives revenue from outside
sources (revenue cycle).
Expenditure Cycle
The physical component includes the acquisition of goods.
The financial component includes the recognition of a liability owed to the supplier and transfer
of the payment to the supplier.
A manual system is a bookkeeping system where records are maintained by hand, without
using a computer system. Instead, transactions are written in journals, from which the
information is manually rolled up into a set of financial statements.

Source documents are the physical basis upon which business transactions are recorded. The source
documents include receipts, bills, invoices, statements, checks – i.e., anything that documents a
transaction.

Product documents are the result of transaction procession.

turnaround document product documents of one system that becomes source documents for another
(combination of product and source documents). Documents that are commonly used as turnaround
documents are Utility bills, Subscription renewal notices, inventory stock cards, Invoices, Checks.

Journals - chronological records of transactions

Special Journal - special journals are the cash receipts journal, cash disbursements journal, payroll
journal, purchases journal, and sales journal

General journal  book of original entries, in which accountants and bookkeepers record raw
business transactions, in order according to the date events occur.

Ledger - book of accounts that reflects the financial effects of a firm's transactions as they are posted
from the various journals. Record of all financial transactions (book of recordings).
General Ledger - contain account information in highly summarized control accounts. *Sole purpose is
for financial reporting. Examples of the GL are account receivable, account payable, cash
management. read more, bank management, and fixed asset. 

Subsidiary Ledgers - contain details for each of the individual accounts that constitute a particular
control account. Examples of sub-ledger are customer accounts, vendor accounts, bank
accounts, and fixed assets.