The revenue process includes receipt of order from client, approval of credit, determining whether stock is available, shipment of goods to customer, bill generation, collection of cash and recognition and recording the effect of the process on affected accounts such as accounts receivable , inventory and commission. To choose: Whether the statement is true or false.

Question

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Answer 1

Question

Chapter 9, Problem 1TFQ

To determine

Introduction: The revenue process includes receipt of order from client, approval of credit, determining whether stock is available, shipment of goods to customer, bill generation, collection of cash and recognition and recording the effect of the process on affected accounts such as accounts receivable, inventory and commission.

To choose: Whether the statement is true or false.

Expert Solution & Answer

Answer to Problem 1TFQ

The above statement is False.

Explanation of Solution

This statement is false. Every client has different revenue process and sometimes, one client may have more than revenue process.

For example, a sale transaction for an item in the departmental store is different from sale transactions in the construction business. Similarly, there is a difference between an internet sale and retail sale. The sale of a construction item will involve an account receivable or loan. Sometimes, sales transactions will involve long term contractual arrangements that affect when and how revenue will be recorded.

Hence, we see that every client has a different revenue process and sometimes, one client may have more than one revenue process.

REVENUE PROCESS

1) Receipt of the purchase order from a customer

2) Checking the availability of inventory in stock

3) Generation of back order

4) Obtain formal credit approval

5) Preparation of shipping and packaging

6) Shipping and verification of shipment of goods

7) Preparation of invoice and then sending the same to clients

8) Sending monthly statements to customers

9) Receipt of payments

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Students have asked these similar questions

Vazha Company reported inventory of $60,000 at the beginning of 2023. During the year, it purchased inventory of $625,000 and sold inventory for $950,000. A count of inventory at the end of the year determined that the cost of inventory on hand was $50,000. What was Vazha's cost of goods sold for 2023?

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Need answer the general accounting question please solve

Answer 2

Question

Chapter 9, Problem 1TFQ

To determine

Introduction: The revenue process includes receipt of order from client, approval of credit, determining whether stock is available, shipment of goods to customer, bill generation, collection of cash and recognition and recording the effect of the process on affected accounts such as accounts receivable, inventory and commission.

To choose: Whether the statement is true or false.

Expert Solution & Answer

Answer to Problem 1TFQ

The above statement is False.

Explanation of Solution

This statement is false. Every client has different revenue process and sometimes, one client may have more than revenue process.

For example, a sale transaction for an item in the departmental store is different from sale transactions in the construction business. Similarly, there is a difference between an internet sale and retail sale. The sale of a construction item will involve an account receivable or loan. Sometimes, sales transactions will involve long term contractual arrangements that affect when and how revenue will be recorded.

Hence, we see that every client has a different revenue process and sometimes, one client may have more than one revenue process.

REVENUE PROCESS

1) Receipt of the purchase order from a customer

2) Checking the availability of inventory in stock

3) Generation of back order

4) Obtain formal credit approval

5) Preparation of shipping and packaging

6) Shipping and verification of shipment of goods

7) Preparation of invoice and then sending the same to clients

8) Sending monthly statements to customers

9) Receipt of payments

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

Answer 3

Question

Chapter 9, Problem 1TFQ

To determine

Introduction: The revenue process includes receipt of order from client, approval of credit, determining whether stock is available, shipment of goods to customer, bill generation, collection of cash and recognition and recording the effect of the process on affected accounts such as accounts receivable, inventory and commission.

To choose: Whether the statement is true or false.

Expert Solution & Answer

Answer to Problem 1TFQ

The above statement is False.

Explanation of Solution

This statement is false. Every client has different revenue process and sometimes, one client may have more than revenue process.

For example, a sale transaction for an item in the departmental store is different from sale transactions in the construction business. Similarly, there is a difference between an internet sale and retail sale. The sale of a construction item will involve an account receivable or loan. Sometimes, sales transactions will involve long term contractual arrangements that affect when and how revenue will be recorded.

Hence, we see that every client has a different revenue process and sometimes, one client may have more than one revenue process.

REVENUE PROCESS

1) Receipt of the purchase order from a customer

2) Checking the availability of inventory in stock

3) Generation of back order

4) Obtain formal credit approval

5) Preparation of shipping and packaging

6) Shipping and verification of shipment of goods

7) Preparation of invoice and then sending the same to clients

8) Sending monthly statements to customers

9) Receipt of payments

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 9, Problem 1TFQ

To determine

Introduction: The revenue process includes receipt of order from client, approval of credit, determining whether stock is available, shipment of goods to customer, bill generation, collection of cash and recognition and recording the effect of the process on affected accounts such as accounts receivable, inventory and commission.

To choose: Whether the statement is true or false.

Expert Solution & Answer

Answer to Problem 1TFQ

The above statement is False.

Explanation of Solution

This statement is false. Every client has different revenue process and sometimes, one client may have more than revenue process.

For example, a sale transaction for an item in the departmental store is different from sale transactions in the construction business. Similarly, there is a difference between an internet sale and retail sale. The sale of a construction item will involve an account receivable or loan. Sometimes, sales transactions will involve long term contractual arrangements that affect when and how revenue will be recorded.

Hence, we see that every client has a different revenue process and sometimes, one client may have more than one revenue process.

REVENUE PROCESS

1) Receipt of the purchase order from a customer

2) Checking the availability of inventory in stock

3) Generation of back order

4) Obtain formal credit approval

5) Preparation of shipping and packaging

6) Shipping and verification of shipment of goods

7) Preparation of invoice and then sending the same to clients

8) Sending monthly statements to customers

9) Receipt of payments

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 9, Problem 1TFQ

To determine

Introduction: The revenue process includes receipt of order from client, approval of credit, determining whether stock is available, shipment of goods to customer, bill generation, collection of cash and recognition and recording the effect of the process on affected accounts such as accounts receivable, inventory and commission.

To choose: Whether the statement is true or false.

Expert Solution & Answer

Answer to Problem 1TFQ

The above statement is False.

Explanation of Solution

This statement is false. Every client has different revenue process and sometimes, one client may have more than revenue process.

For example, a sale transaction for an item in the departmental store is different from sale transactions in the construction business. Similarly, there is a difference between an internet sale and retail sale. The sale of a construction item will involve an account receivable or loan. Sometimes, sales transactions will involve long term contractual arrangements that affect when and how revenue will be recorded.

Hence, we see that every client has a different revenue process and sometimes, one client may have more than one revenue process.

REVENUE PROCESS

1) Receipt of the purchase order from a customer

2) Checking the availability of inventory in stock

3) Generation of back order

4) Obtain formal credit approval

5) Preparation of shipping and packaging

6) Shipping and verification of shipment of goods

7) Preparation of invoice and then sending the same to clients

8) Sending monthly statements to customers

9) Receipt of payments

Answer 6

Chapter 9, Problem 1TFQ

To determine

Introduction: The revenue process includes receipt of order from client, approval of credit, determining whether stock is available, shipment of goods to customer, bill generation, collection of cash and recognition and recording the effect of the process on affected accounts such as accounts receivable, inventory and commission.

To choose: Whether the statement is true or false.

Expert Solution & Answer

Answer to Problem 1TFQ

The above statement is False.

Explanation of Solution

This statement is false. Every client has different revenue process and sometimes, one client may have more than revenue process.

For example, a sale transaction for an item in the departmental store is different from sale transactions in the construction business. Similarly, there is a difference between an internet sale and retail sale. The sale of a construction item will involve an account receivable or loan. Sometimes, sales transactions will involve long term contractual arrangements that affect when and how revenue will be recorded.

Hence, we see that every client has a different revenue process and sometimes, one client may have more than one revenue process.

REVENUE PROCESS

1) Receipt of the purchase order from a customer

2) Checking the availability of inventory in stock

3) Generation of back order

4) Obtain formal credit approval

5) Preparation of shipping and packaging

6) Shipping and verification of shipment of goods

7) Preparation of invoice and then sending the same to clients

8) Sending monthly statements to customers

9) Receipt of payments

Answer 7

Chapter 9, Problem 1TFQ

To determine

Introduction: The revenue process includes receipt of order from client, approval of credit, determining whether stock is available, shipment of goods to customer, bill generation, collection of cash and recognition and recording the effect of the process on affected accounts such as accounts receivable, inventory and commission.

To choose: Whether the statement is true or false.

Answer 8

Expert Solution & Answer

Answer to Problem 1TFQ

The above statement is False.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

This statement is false. Every client has different revenue process and sometimes, one client may have more than revenue process.

For example, a sale transaction for an item in the departmental store is different from sale transactions in the construction business. Similarly, there is a difference between an internet sale and retail sale. The sale of a construction item will involve an account receivable or loan. Sometimes, sales transactions will involve long term contractual arrangements that affect when and how revenue will be recorded.

Hence, we see that every client has a different revenue process and sometimes, one client may have more than one revenue process.

REVENUE PROCESS

1) Receipt of the purchase order from a customer

2) Checking the availability of inventory in stock

3) Generation of back order

4) Obtain formal credit approval

5) Preparation of shipping and packaging

6) Shipping and verification of shipment of goods

7) Preparation of invoice and then sending the same to clients

8) Sending monthly statements to customers

9) Receipt of payments