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10 Cards in this Set
- Front
- Back
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Revenue Cycle
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1. Purchase Order
2. Credit department approves 3. Sales Order 4. Storekeeper issues goods to shipping department 5. Shipping - Bill of Lading when loading 6. Shipping docs are in shipping register 7. Ship Docs forward to billing 8. billing prepares & mails sales invoices after review 9. cashier controls and deposits checks 10. Remittance advices and receipts forwarded to AR department 11. AR updates general ledger |
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Who initiates write-offs?
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Credit Manager
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Obtain aged listing of receivables and reconcile to ledgers
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valuation and accuracy
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Obtain analysis of notes receivable and related interest
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valuation and accuracy
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Inspect notes on hand and confirm those not on hand
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existence, occurrence, and rights
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Confirm Recievables with debtors
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Existence, occurence, and rights, valuation and accuracy
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REview the year-end cutoff of sales transactions
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Existence, occurence, and rights completeness and cutoff
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Perform analytical procedures
review significant year-end sales contracts |
existence, occurence, and rights
completeness valuation and accuracy |
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Determine adequacy of allowance for uncollectable accounts
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Valuation
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Evaluate financial statement presentation and disclosure
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Presentation and disclosure
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