AIS- REVENUE CYCLE I

27問 • 1年前

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This include the tasks involved in receiving and processing a customer order, filling the order and shipping products to the customer, billing the customer at the proper time and correctly accounting for the transaction.

SALES ORDER PROCEDURES

It captures vital information such as the customer’s name, address and account number; the name, number and description of the items sold; and the quantities and unit prices of each item sold

SALES ORDER

TRUE OR FALSE: The sales process begins with the receipt of a customer order indicating the type and quantity of merchandise desired.

TRUE

TRUE OR FALSE: At the point of receiving orders, the customer order is in a standard format and may or may not be a physical document.

FALSE

TRUE OR FALSE: Orders may arrive only when representative from a field visited the customer.

FALSE

TRUE OR FALSE: Financial information such as taxes, discounts, and freight charges must be included in sales order processing.

FALSE

After creating the sales order, a copy of it is placed in the ____________ for future reference. The task of filing an order and getting the product to the customer may take days or even weeks.

CUSTOMER ORDER FILE

TRUE OR FALSE: Upon shipment of custoner's order, customers may contact their supplier to check the status of their orders.

TRUE

TRUE OR FALSE: The customer order file is updated each time the status of the order changes, such as credit approval, on back-order, and shipment.

TRUE

TRUE OR FALSE: The customer order file must unenable customer service employees to respond promptly and accurately to customer questions.

FALSE

It is an authorization control and should be performed as a function separate from the sales activity.

CREDIT APPROVAL PROCESS

In our conceptual system, the receive order tasks sends the ______________ to the check credit task for approval.

SALES ORDER (CREDIT COPY)

The returned __________ then triggers the continuation of the sales process by releasing sales order information simultaneously to various tasks

APPROVED SALES ORDER

The receive order activity forwards the stock release document (also called the _________) to the pick goods function in the warehouse.

PICKING TICKET

This document identifies the items of inventory that must be located and picked from the warehouse shelves. It also provide formal authorization for warehouse personnel to release the specified items.

PICKING TICKET

The employee then prepares a _________, which stays on file until the inventories arrive from the supplier. This kind of items are shipped before new sales are processed.

BACK ORDER RECORD

It will ultimately travel with the goods to the customer to describe the contents of the order.

PACKING SLIP

This document conveys pertinent new facts such as the date of shipment, the items and quantities actually shipped, the name of the carrier and the freight charges.

SHIPPING NOTICE

It serves as an important independent verification control point and is the last opportunity to detect errors before shipment.

SHIP GOODS FUNCTION

The shipping clerk packages the goods, attaches the packing slip, completes the shipping notice, and prepares a _______.

BILL OF LADING

It is a formal contract between the seller and the shipping company (carrier) to transport the goods to the customer. This document establishes legal ownership and responsibility for assets in transit.

BILL OF LADING

It is used for recording completed sales transactions.

SALES JOURNAL

By the close of the transaction processing period, the general ledger function has received journal vouchers from the billing and inventory control tasks and an account summary from the AR function. ▪ The following entry is posted:

DR. Accounts Receivable-control xxx COGS xxx CR. Inventory control xxx Sales xxx

TRUE OR FALSE: When the return is necessary, the buyer requests credit for the unwanted products.

TRUE

This document is the authorization for the customer to receive credit for the merchandise returned.

CREDIT MEMO

He is the one who evaluates the circumstances of the return and makes a judgement to grant (disapprove) credit.

CREDIT MANAGER

Upon receipt of the journal voucher and the account summary information, the general ledger function reconciles the figures and posts the following control balances:

DR. Inventory Control xxx Sales Returns & Allowances xxx Cr. COGS xxx A/R–contro xxx

VITMOLOGY-PPT2

Anndrea S. Galupo · 22問 · 1年前

VITMOLOGY-PPT2