Revenue Cycle and Control Activities The revenue cycle for many companies is considered the primary source to earn revenue from the sale of goods or service. Good controls must be established to maintain the effectiveness of receivables and credit sales‚ not doing so can harm the company and might be costly to the business. Six classes of internal controls guides us in evaluating and designing transaction processing. They are authorization‚ supervision‚ segregation of duties‚ access control‚ independent
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What were the strengths and weaknesses of Sunshine’s current internal control system? “Internal control is broadly defined as a process designed to provide reasonable assurance regarding the achievement of effectiveness and efficiency of operations‚ reliability of financial reporting and compliance with applicable laws and regulations”(COSO.org‚ 2012). Internal control can help an entity achieve its performance and profitability targets‚ and prevent loss of resources. The Committee of Sponsoring
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The Accounting Cycle Five Cycles of Accounting The accounting cycle consists of five components: revenue‚ expenditures‚ financing‚ conversion‚ and fixed assets (Bagranoff‚ Simkin‚ & Strand‚ 2008). There are many business activities within a company that will take place in each of these cycles. The revenue cycle incorporates sales and cash receipts. Expenditures are the decrease in cash assets to acquire goods or services necessary to operate. The conversion cycle is a continual process that
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Chapter 4 The Revenue Cycle Objectives for Chapter 4 • Tasks performed in the revenue cycle‚ regardless of the technology used • The functional departments involved in revenue cycle activities and the flow of revenue transactions through the organization • The documents‚ journals‚ and accounts that provide audit trails‚ promote the maintenance of records‚ support decision making‚ and sustain financial reporting • Risks associated with the revenue cycle and the controls that reduce these risks
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Revenue Cycle Education Improvement Strategies Presented by: Colleen Malmgren‚ MS‚ RHIA Fairview Health Services cmalmgrl @fairview.org Definition of Revenue Cycle All administrative and clinical functions that contribute to the capture‚ management and collection of patient service revenue *HFMA Scheduling/Registration Health Info Mgmt Case Management Pt Financial Srvcs Charge Capture Revenue Audit Chargemaster Establish Performance Indicators Establish measures that go beyond Accounts receivable
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3. The Revenue Cycle The revenue cycle is a set of four business activities: Sales order entry‚ shipping‚ billing and cash collections. To each of these activities there are related administrative organisational activities. It is all associated with providing the goods and services of a company to their customers and collecting the payments for these sales. Information about the revenue cycle activities also flows to the other accounting cycles which are: the expenditure cycle‚ the production
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To: Date: 13/6/13 Strengths and weaknesses I have a number of key strengths that are contributive to working as a competent manager. I have sound logic‚ am diplomatic and disciplined and approach social situations with an open mind and an eagerness to understand. While all of these are personal traits‚ undoubtedly they
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TEST OF CONTROLS – REVENUE TRANSACTIONS |Audit Objective |Audit procedure |Findings | |General | | | |Validity |Observe
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Strengths and Weaknesses Communication is essential in my life if I am going to have successful relationships with my family‚ friends‚ and co-workers. When I think of communication I think of all the ways in which I express myself to those around me. Communication could mean a phone call‚ letter‚ e-mail‚ face to face conversation or simply snuggling up on the couch to watch a good movie. There are ways in which my communications skills are powerful‚ and other times when I feel as if I should place
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Hotel strengths: Great health club/pool/outdoor area with excellent service. Nice view from rooms in SW corner of building. Quick room service. The hotel is well located to shopping and business districts and central to tourist attractions. | Our major strengths lie in the hotel properties which are positioned at prime locations in key cities. Our business hotels are placed in close proximity to prime commercial and business hubs in the cities‚ and within comfortable distances from Airports
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