List the sequence of activities in revenue and collection cycle.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 7, Problem 1RC

To determine

List the sequence of activities in revenue and collection cycle.

Expert Solution & Answer

Explanation of Solution

Revenue and Collection Cycle:

It refers to the business activities related with generating revenue from the sales of goods and receiving payment for it.

Some basic activities included in revenue and collection cycle which are as follows:

In the first step, company receives orders from the customer and processes these orders. Customers can order via e-mail and telephone. Then, the orders are processed and make them ready to ship.
In the second step, company transfers physical possession of goods from the company to customer by delivering goods to them. Delivery can be done with the help of various shipping services.
In the third step, a final sales invoice is sent to the customer indicating final amount to be paid by the customer. After sending the bill, entries are recorded in the sales revenue account and account receivables.
In the final step, the amount due is collected from the customer and deposited in the bank account.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

What is the level of fixed costs? General accounting

What is the level of fixed costs?

Please give me true answer this financial accounting question

Answer 2

Question

Chapter 7, Problem 1RC

To determine

List the sequence of activities in revenue and collection cycle.

Expert Solution & Answer

Explanation of Solution

Revenue and Collection Cycle:

It refers to the business activities related with generating revenue from the sales of goods and receiving payment for it.

Some basic activities included in revenue and collection cycle which are as follows:

In the first step, company receives orders from the customer and processes these orders. Customers can order via e-mail and telephone. Then, the orders are processed and make them ready to ship.
In the second step, company transfers physical possession of goods from the company to customer by delivering goods to them. Delivery can be done with the help of various shipping services.
In the third step, a final sales invoice is sent to the customer indicating final amount to be paid by the customer. After sending the bill, entries are recorded in the sales revenue account and account receivables.
In the final step, the amount due is collected from the customer and deposited in the bank account.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 7, Problem 1RC

To determine

List the sequence of activities in revenue and collection cycle.

Expert Solution & Answer

Explanation of Solution

Revenue and Collection Cycle:

It refers to the business activities related with generating revenue from the sales of goods and receiving payment for it.

Some basic activities included in revenue and collection cycle which are as follows:

In the first step, company receives orders from the customer and processes these orders. Customers can order via e-mail and telephone. Then, the orders are processed and make them ready to ship.
In the second step, company transfers physical possession of goods from the company to customer by delivering goods to them. Delivery can be done with the help of various shipping services.
In the third step, a final sales invoice is sent to the customer indicating final amount to be paid by the customer. After sending the bill, entries are recorded in the sales revenue account and account receivables.
In the final step, the amount due is collected from the customer and deposited in the bank account.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 7, Problem 1RC

To determine

List the sequence of activities in revenue and collection cycle.

Expert Solution & Answer

Explanation of Solution

Revenue and Collection Cycle:

It refers to the business activities related with generating revenue from the sales of goods and receiving payment for it.

Some basic activities included in revenue and collection cycle which are as follows:

In the first step, company receives orders from the customer and processes these orders. Customers can order via e-mail and telephone. Then, the orders are processed and make them ready to ship.
In the second step, company transfers physical possession of goods from the company to customer by delivering goods to them. Delivery can be done with the help of various shipping services.
In the third step, a final sales invoice is sent to the customer indicating final amount to be paid by the customer. After sending the bill, entries are recorded in the sales revenue account and account receivables.
In the final step, the amount due is collected from the customer and deposited in the bank account.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 7, Problem 1RC

To determine

List the sequence of activities in revenue and collection cycle.

Expert Solution & Answer

Explanation of Solution

Revenue and Collection Cycle:

It refers to the business activities related with generating revenue from the sales of goods and receiving payment for it.

Some basic activities included in revenue and collection cycle which are as follows:

In the first step, company receives orders from the customer and processes these orders. Customers can order via e-mail and telephone. Then, the orders are processed and make them ready to ship.
In the second step, company transfers physical possession of goods from the company to customer by delivering goods to them. Delivery can be done with the help of various shipping services.
In the third step, a final sales invoice is sent to the customer indicating final amount to be paid by the customer. After sending the bill, entries are recorded in the sales revenue account and account receivables.
In the final step, the amount due is collected from the customer and deposited in the bank account.

Answer 6

Chapter 7, Problem 1RC

To determine

List the sequence of activities in revenue and collection cycle.

Expert Solution & Answer

Explanation of Solution

Revenue and Collection Cycle:

It refers to the business activities related with generating revenue from the sales of goods and receiving payment for it.

Some basic activities included in revenue and collection cycle which are as follows:

In the first step, company receives orders from the customer and processes these orders. Customers can order via e-mail and telephone. Then, the orders are processed and make them ready to ship.
In the second step, company transfers physical possession of goods from the company to customer by delivering goods to them. Delivery can be done with the help of various shipping services.
In the third step, a final sales invoice is sent to the customer indicating final amount to be paid by the customer. After sending the bill, entries are recorded in the sales revenue account and account receivables.
In the final step, the amount due is collected from the customer and deposited in the bank account.

Answer 7

Chapter 7, Problem 1RC

To determine

List the sequence of activities in revenue and collection cycle.

Answer 8

Expert Solution & Answer

Explanation of Solution

Revenue and Collection Cycle:

It refers to the business activities related with generating revenue from the sales of goods and receiving payment for it.

Some basic activities included in revenue and collection cycle which are as follows:

In the first step, company receives orders from the customer and processes these orders. Customers can order via e-mail and telephone. Then, the orders are processed and make them ready to ship.
In the second step, company transfers physical possession of goods from the company to customer by delivering goods to them. Delivery can be done with the help of various shipping services.
In the third step, a final sales invoice is sent to the customer indicating final amount to be paid by the customer. After sending the bill, entries are recorded in the sales revenue account and account receivables.
In the final step, the amount due is collected from the customer and deposited in the bank account.