Chapter 4 The Revenue Cycle Objectives for Chapter 4 • Tasks performed in the revenue cycle‚ regardless of the technology used • The functional departments involved in revenue cycle activities and the flow of revenue transactions through the organization • The documents‚ journals‚ and accounts that provide audit trails‚ promote the maintenance of records‚ support decision making‚ and sustain financial reporting • Risks associated with the revenue cycle and the controls that reduce these risks
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It all began when the oldest member of the Springfield family‚ Charles Springfield sent an invitation to his broken family to reunite. Charles lived with his lonesome for many years in the Louisiana swamps. His family had long since broken up and lost contact. His family consisted of his ex-wife Maud‚ his son Billy‚ and his daughter Mary Jo. All received a letter from Charles inviting them to his home to pay their last respects to him due to his bad health. Upon receiving the letter the family was
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Easter Island is a perfect example of a cultural conflict in a society‚ mainly because it is the most isolated island and eco system. Therefore‚ there were no external effect and influence. When the Spaniards came to the island in the 19th century they were
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Minor project Topic:Changing scenario of women’s wear in India Submitted by-Pryash Singh Objectives:- 1. To explore women’s wear market in India 2. To study prominent women’s wear brands in India 3. To identify opportunities and challenges for the women’s wear brand in India Review of literature Indian womenswear market is undergoing a transformation in the past decade‚ and is growing at an optimistic pace. Increasing number of working women‚ increase in the level of their
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Introduction National Hockey League team was not on winning calls in the season. Gary‚ commissioner of N.H.L‚ was not satisfied by the results so cancelled the remaining games of the season which was followed by a 5 month lockout by the owners. The other party i.e. Bob‚ executive director of player’s association‚ was sad and sorry about the decision. Gary was annoyed with the demand for salary cap of the players which was countered by Bob by stating it as not true. Players would never want a lockout
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PRICE ELASTICITY OF DEMAND (PED) & REVENUE Price elasticity of demand (PED) is particularly important to businesses‚ because of its effect on their revenue (income). Consider the following examples: 1) Mrs Robinson wants to increase her business’s revenue‚ but can’t decide whether she should increase or lower her prices. She currently charges £1 per unit and sells 1‚000 units. She knows that the PED for her product is (-) 0.4. What will happen to sales‚ sales revenue and profit if she: a) raises the
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requiring disclosure potential discrimination by requiring disclosure sexual orientation‚ sex‚ and about family life? III. Law used The court uses section 230 of the CDA to see if Roommates.com‚ LLC has immunity. The court uses this law to see if this case applies to RHA and state real estate discrimination law. IV. Reasoning Roommate.com‚ LLC is classified under 230 as an “information content provider” because the website made the questions‚ force users to answer them in order to use the website
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The issue of revenue recognition practices is an area that has received a lot of attention from regulators. Whenever there is a report of financial restatements or negative earnings‚ regulators pay extra attention to review the financial statements in order to verify that that there are not any indications of financial fraud or that the organization overstepped their boundaries in the area of managed earnings. The reason that regulators have taken a special interest in financial accounting and potential
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Costs and Revenues What is cost? If you go to a store and like an item and you want to buy it‚ which of the following questions would you ask: What’s the price of …..? 0R How much does …. cost? Examples of costs – set-up Examples of costs - running Fixed Costs 5000 What happened to the fixed costs if for some reason the company had technical problems and was unable to produce for 2 weeks? What happens if the landlord decided to raise the rent due to high property prices
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The Accounting Cycle Five Cycles of Accounting The accounting cycle consists of five components: revenue‚ expenditures‚ financing‚ conversion‚ and fixed assets (Bagranoff‚ Simkin‚ & Strand‚ 2008). There are many business activities within a company that will take place in each of these cycles. The revenue cycle incorporates sales and cash receipts. Expenditures are the decrease in cash assets to acquire goods or services necessary to operate. The conversion cycle is a continual process that
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