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3 Cards in this Set
- Front
- Back
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What are the five classes of transactions in the sales and collection cycle |
1. Sales 2. Cash Receipts 3. Sales returns and allowances 4. Write-off of uncollectable accounts 5. Allowing for doubtful debts |
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What are the eight business functions for the sales and collection cycle |
1. Processing customer orders 2. Granting credit 3. Shipping goods 4. Billing customers and recording sales 5. Processing and recording cash receipts 6. Processing and recording sales returns and allowances 7. Writing of uncollectible accounts receivable 8. Allowing for bad and doubtful debts |
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List of controls |
1. Segregation of Duties 2. Independent checks of performance 3. Adequate documentation 4. Authorisation procedures 5. Pre numbered documents 6. Up to date price list |
