Accounting Information system There are four activities in revenue cycle namely; sales order entry‚ shipping‚ billing and cash collection. The table below shows the activities and the related actions to be conducted by company employees:- Revenue cycle activities | Activity | Sales Order Entry | Process orders from customers | Shipping | Deliver merchandise or services to customers (outbound logistics) | Billing | Send invoices to customers | Cash Collections | Process payments
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evaluate controls for each of the four basic activities in the revenue cycle (sales order entry‚ shipping‚ billing‚ and cash collections). Required * a.For each control issue‚ write a Yes/No question such that a “No” answer represents a control weakness. For example‚ one question might be‚ “Are customer credit limits set and modified by a credit manager with no sales responsibility?” * b.For each Yes/No question‚ write a brief explanation of why a “No” answer represents a control weakness
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1ACCOUNTING INFORMATION SYSTEMS CONTROLS AND PROCESSES TURNER / WEICKGENANNT CHAPTER 9: Expenditures Processes and Controls – Purchases TEST BANK - CHAPTER 9 - TRUE / FALSE 1. When the company is a vendor‚ goods flow into the company and cash is paid out. 2. Companies in the same line of business are not likely to have many differences in their purchasing habits. 3. The purchasing process starts when the purchase invoice is submitted by the vendor. 4. A purchase order is essentially
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Expenditure Cycle Introduction Definition: recurring set of business activities & related info-processing operations‚ associated with procuring goods & services from suppliers (primary external info exchange) & cash disbursements Objectives: minimise total cost of acquiring/maintaining inventory‚ supplies & services Goals of Expenditure Cycle • Purchase from reliable vendors (service-focused) • Purchase high quality items (quality-focused) • Obtain best possible prices for
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12) Questionnaire Checklist for Basic Activities in Expenditure Cycle. Is data encrypted? No. If data is not encrypted then someone who is not authorized can obtain the personal information of suppliers. Is there a recovery mode and is data regularly backed up? No. If a recovery mode and data backup is not in place then data could be lost permanently. Is access restricted to the master file of suppliers? No. If access is not restricted then unauthorized personnel could add fictitious suppliers
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The Expenditure Cycle is a recurring set of business activities and related information processing operations associated with the purchase of and payment for goods and services. The primary external exchange of information is with suppliers (Vendors). Information about the need to purchase goods and material flows to the expenditure cycle from the revenue and production cycles‚ inventory control‚ and various departments. Once the goods and materials arrive‚ notification of their receipt flows
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Revenue expenditure is an expenditure which on cost of doing business on day to day basis and is necessary to be cover to maintain the business going on effectively. Thus‚ revenue expenditure is the cash or credit that being spent immediate for short-term purpose‚ example‚ expenses on assets such as repair and fuel which will or will not improve the value of the given assets. Capital expenditure is an expenditure which will cause future benefit to the company. It’s the money that spends on the
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Cancer and cell cycle control: The cell cycle‚ or cell-division cycle‚ is the series of events that takes place in a cell leading to its division and duplication (replication). In cells without a nucleus (prokaryotic)‚ the cell cycle occurs via a process termed binary fission. In cells with a nucleus (eukaryotes)‚ the cell cycle can be divided in two brief periods: interphase—during which the cell grows‚ accumulating nutrients needed for mitosis and duplicating its DNA—and the mitosis (M) phase
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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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HEALTH EXPENDITURE; PUBLIC (% OF TOTAL HEALTH EXPENDITURE) IN PHILIPPINES The Health expenditure; public (% of total health expenditure) in Philippines was last reported at 35.34 in 2010‚ according to a World Bank report published in 2012. Public health expenditure consists of recurrent and capital spending from government (central and local) budgets‚ external borrowings and grants (including donations from international agencies and nongovernmental organizations)‚ and social (or compulsory) health
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