Accounting Information Systems
Accounting Information Systems
11th Edition
ISBN: 9781337552127
Author: Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher: Cengage Learning
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Chapter 11, Problem 1RQ

What is the billing/accounts receivable/cash receipts (B/AR/CR) process?

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Summary Introduction

To explain: The billing/accounts receivable/cash receipts (B/AR/CR) process.

B/AR/CR process: It is an accounting process with an interacting structure of different process supporting the decision-making activities of the financial managers.

Explanation of Solution

The billing/accounts receivable/cash receipts (B/AR/CR) process:

It is an interrelating structure of different elements including the people, control plans to handle the following activities. They are:

  • The repeating work activities of the credit department, accounts receivable, and the cashier.
  • Supports the decision-making of the financial managers.
  • It assists in preparing the internal and external reports.

The B/AR/CR process finishes the order-to-cash process by:

  • Billing customers.
  • Management of customer accounts.
  • Securing and recording the payment of goods or services sold.

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It is now January 1. You plan to make a total of 5 deposits of $500 each, one every 6 months, with the first payment being made today. The bank pays a nominal interest rate of 14% but uses semiannual compounding. You plan to leave the money in the bank for 10 years. Round your answers to the nearest cent. 1. How much will be in your account after 10 years? 2. You must make a payment of $1,280.02 in 10 years. To get the money for this payment, you will make five equal deposits, beginning today and for the following 4 quarters, in a bank that pays a nominal interest rate of 14% with quarterly compounding. How large must each of the five payments be?
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