Economic enterprises, both for profit and nonprofit, generate revenues through business processes that constitute their revenue cycle. In its simplest form, the revenue cycle is the direct exchange of finished goods or services for cash in a single transaction between a seller and a buyer. a. Distinguish between a packing slip, a shipping notice and a bill of lading. p. All the companies must have separate department for warehousing and shipping for their business operation. Discuss. Discuss how the nature of the necessary internal control features is affected by switching from a manual system to a large scale computer based accounting system.
Economic enterprises, both for profit and nonprofit, generate revenues through business processes that constitute their revenue cycle. In its simplest form, the revenue cycle is the direct exchange of finished goods or services for cash in a single transaction between a seller and a buyer. a. Distinguish between a packing slip, a shipping notice and a bill of lading. p. All the companies must have separate department for warehousing and shipping for their business operation. Discuss. Discuss how the nature of the necessary internal control features is affected by switching from a manual system to a large scale computer based accounting system.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Economic enterprises, both for profit and nonprofit, generate revenues through business
processes that constitute their revenue cycle. In its simplest form, the revenue cycle is the
direct exchange of finished goods or services for cash in a single transaction between a seller
and a buyer.
Distinguish between a packing slip, a shipping notice and a bill of lading.
b. All the companies must have separate department for warehousing and shipping for their
business operation. Discuss.
Discuss how the nature of the necessary internal control features is affected by switching
from a manual system to a large scale computer based accounting system.
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