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please explain in detail
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Only Hand written (clear and fair) Assignment will be accepted. Q.1: De ne in detail the basic activities performed in the
revenue cycle along with its key decisions and documents used in revenue cycle.
Answered by Expert Tutors 숨
Revenue cycle cycle is a series of business activities and related information processing activities that
continue to provide goods and services to customers and collect cash as payments from the sales. The
basic activities performed by the revenue cycle along its key decisions and documents used in revenue
cycle is discussed below .
Step-by-step explanation
The main purpose of the income cycle is to provide the right product in the right place and time at
the right price. The basic activities performed by revenue cycle are
Sales order entry
Shipping
Billing
Cash collection
In order to achieve this goal, management must make several important decisions including:
• Knowing how far the product can and must be tailored to each customer's needs and desires.
• Control a lot of inventory that must be owned and the place for the inventory.
• Use the right way to deliver merchandise to customers.
• Determine the amount of credit that should be given to each customer.
• Determine the credit terms that should be given to customers.
Documents used in revenue allocation include but not limited to ;*
Sales order-the document created during a sales order entry listing the item numbers,
quantities, prices, and terms of sale. What the customer is ordering/purchasing if it is in stock.
Document that we keep up with.
credit limit - the maximum allowable credit account balance for each customer, based on past
credit history and ability to pay.
Accounts Receivable Aging Report-l lists customer account balances by length of time
outstanding.
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Back order - a document authorizing the purchase of production of items that We have tutors
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there is insu cient inventory to meet customer needs.
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