Distinguish between the sales order, billing, and AR departments. Why can’t the sales order or AR departments prepare the bills?

Q: What is the posting procedure for the sales journal?

A: Sales journal is used to record the entries related to only credit sales includes goods and services…

Q: What is the billing and collection process flow? Group of answer choices 1. If the customer is a new…

A: Billing process flow involves many steps like setting up the product code then setting up customer…

Q: In a manual system, after which event in the sales process should the customer be billed?

A: Sales Process: Sales Process can be defined as trade of goods and services provided by the trader of…

Q: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?…

A: Answer a: Sales order is created by using a document formed by SAP.

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: Which function should the billing department NOT perform? a. record the sales in the sales journal…

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: Which files do you usually find in a sales order module versus an account receivable (customer…

A: The sales order module contains an open sales order which is an internal document issued by seller…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: 1. SEGREGATION OF FUNCTIONSWhich, if any, of the following situations representsimproper segregation…

A: Segregation Function: Segregation of function refers to an important physical control. This…

Q: Identify which department has stewardship over the following journals,ledgers,and files. a.customer…

A: The answer is as fallows

Q: In the revenue cycle (for sales on credit), a customer places an order for a certain product. Which…

A: Every time an order is received by an organisation, there is whole set of process that needs to be…

Q: Sales ledger control Account is known to have a debit balance. Explain, using numerical example why…

A: The purpose of a control account is to double check the total balances that are posted in the…

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: Purchasing process refers to the process of procurement of goods or inventory. It starts with the…

Q: Why do companies use sequential prenumbering for documents such as checks, sales invoices, and…

A: Pre numbered documents are a main feature of an internal control system. The pre numbering of…

Q: For each of the following processes, state whether OLTP or OLAP is appropriate and why.a. An order…

A: Meaning OLTP & OLAP OLAP means Online Analytical Processsing and OLTP means Online Transaction…

Q: OLTP VERSUS OLAP SERVERS For each of the following processes, state whether OLTP or OLAP is…

A: Meaning OLTP & OLAP OLAP means Online Analytical Processsing and OLTP means Online Transaction…

Q: Demonstrate, using practical example how to prepare accounts from the Sales day book and Sales…

A: The sales day book is a manually-maintained ledger in which is recorded the key detailed information…

Q: All of the following functions are normally found within an organization's sales/collection except:…

A: An entity involved in sale of merchandise has to keep a track of multiple functions such as receipt…

Q: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: What purpose is served by prenumbering sales orders, shipping documents, and sales invoices?

A: Revenue Cycle: Revenue cycle records all the transactions that originate from selling a product and…

Q: t happens after the shipping department verifies that the quantities and descriptions of goods…

A: The sale order may be defined as the order which is generated by the seller of the goods to the…

Q: A company is trying to set up proper internal controls for their accounts payable/inventory…

A:

Q: In a good internal control​ system, which of the following sets of documents is required for proper…

A: Solution: In a good internal control system, for approval of payment we should do 3 way matching…

Q: a) Prepare the purchase ledger (account payables) control account and the sales ledger (account…

A: (a)

Q: Describe briefly the processing of transactions, including internal control features, in the…

A: Internal control:   It is a business activity that aids in the protection of a company's assets. It…

Q: Describe post sales service arrangements the firm does or should provide

A: After sale services help the companies achieve customer satisfaction and retain their customers.…

Q: As orders are received from customers, a personnel in the sales department prepares a sales order…

A: What area in the transaction cycle is deemed a control weakness instead of strength? a. The approval…

Q: Which statement about the Expenditure Cycle is correct? The blind copy of the purchase order goes…

A: Step 1 The expenditure cycle is the flow of activities related to the acquisition of and payment for…

Q: Which of the following would not be a control in a sales system? a. Agreeing details from the sales…

A:

Q: For each of the following processes, state whether OLTP or OLAP is appropriate, and why. a. An…

A:

Q: Multiple-Choice Questions 3. Which function should the billing department NOT perform? a. record…

A: Billing department collects all the bill of the company and responsible for the profitability of the…

Q: Explain, on what criteria or by what internal controls in place, where Billing could be responsible…

A: It is the process followed by the organization in order to ensure the reliability of the financial…

Q: Read and analyze each of the transactions and explain whether they are considered improper…

A: Since there are multi sub-parts, we will solve first three for you. To get the remaining questions…

Q: When a store purchases merchandise, why are individual departments not allowed to directly deal with…

A: Internal control helps an organization to safeguard its objectives. It helps to reduce risk and…

Q: Differentiate between a remittance advice and a customer invoice within the sales process of an…

A: Accounting exchanges are those exchanges that legitimately influence the financial statements of a…

Q: What is the reason for ensuring that every copy of a vendor's invoice has a receiving report? O To…

A: Audit is the process of checking and examining books of account of the business, so that it can be…

Q: What accounts are affected when a bill from a vendor supplying you products is recorded

A: when vendors supply products to the company the following accounts will be affected -   1) if we are…

Q: Identify which department has stewardship over the following journals, ledgers, and files. a.…

A:

Q: Why does billing receive a copy of the sales order when the order is approved but does not bill…

A:

Q: Describe the data flow in the buying process that begins when the purchasing organization sends a…

A: The Answer:

Q: Which files do you usually find in a sales order module versus an accounts receivable (customer)…

A: Sale is the outflow of the commodities or the inventory held with the business entity to generate…

Q: Which of the following best represents a key control for ensuring sales are properlyauthorized when…

A:

Q: Which one of the following departments does not have a copy of the purchase order?a. the purchasing…

A: Answer:   Option d.

Q: What is a walkthrough of a sales transaction? How can the walkthrough work complement the use of an…

A: Internal control- It is a process of assuring to achieve organizational's objectives by doing…

Q: Which, if any,of the followingsituations represent improper segregationof functions? Explain your…

A: Segregation of functions is the method in which more than one individual is responsible to complete…

Q: If a customer pays with a credit card and the service has been provided, which of the following…

A: Credit card is like a physical card which are used as a postpaid, in which customer or card holder…