Duplicate
Export
Register
Untitled
1 Flashcard Deck
Send to Chat
AI Edit
Heading 3
Highlight
Here's your flashcard deck!
Send to Chat
AI Edit
Normal Text
Highlight
You can edit it by clicking the 'edit'! Once you have a few cards, you can begin to study it in full screen or use our AI study mode!
Flashcard Deck
Study
Question
Answer
REVENUE CYCLE
The set of activities and processes involved in generating sales and collecting cash from customers.
SALES ORDER PROCEDURES
The steps involved in processing a customer's order, including receiving the order, checking credit, picking goods, shipping goods, billing the customer, and updating inventory records and accounts receivable.
SALES RETURN PROCEDURES
The steps involved in processing a customer's return, including preparing a return slip, preparing a credit memo, approving the credit memo, updating the sales journal, updating inventory and accounts receivable records, and updating the general ledger.
CASH RECEIPTS PROCEDURES
The steps involved in processing cash received from customers, including opening mail and preparing remittance advice, recording and depositing checks, updating accounts receivable, updating the general ledger, and reconciling cash receipts and deposits.
COMPUTER-BASED ACCOUNTING SYSTEMS
Systems that use technology to automate and streamline the revenue cycle processes, such as sales order processing, sales returns processing, and cash receipts processing.
AUTOMATING SALES ORDER PROCESSING WITH BATCH TECHNOLOGY
Using batch processing to automatically process and update sales orders, allowing for efficient and timely order processing.
REENGINEERING SALES ORDER PROCESSING WITH REAL-TIME TECHNOLOGY
Using real-time technology to process sales orders instantly, providing immediate updates to inventory and accounts receivable records.
POINT-OF-SALE (POS) SYSTEMS
Systems used at the point of sale to process sales transactions, including inventory control, cash handling, and transaction recording.
REENGINEERING USING EDI
Using Electronic Data Interchange (EDI) to automate and expedite routine transactions between trading partners, such as inventory ordering and payment processing.
REENGINEERING USING THE INTERNET
Using the Internet to connect an organization to potential business partners, allowing for electronic transactions and communication.
CONTROL CONSIDERATIONS FOR COMPUTER-BASED SYSTEMS
Issues and factors to consider in implementing controls for computer-based accounting systems to ensure accuracy, security, and reliability.
AUTHORIZATION
The process of granting permission or approval for a transaction or action in a computer-based system.
SEGREGATION OF DUTIES
The practice of separating and assigning different tasks to different individuals within a computer-based system to prevent fraud, error, and abuse.
SUPERVISION
The act of overseeing and monitoring the activities and operations of a computer-based system to ensure compliance and detect any issues or irregularities.
ACCESS CONTROL
The process of restricting and regulating access to computer systems and data to authorized individuals only, protecting against unauthorized access and misuse.
ACCOUNTING RECORDS
The documentation and records used to track and record financial transactions and activities within a computer-based accounting system.
DIGITAL JOURNALS AND LEDGERS
Electronic versions of traditional accounting journals and ledgers that are stored and maintained in digital format within a computer-based system.
FILE BACKUP
The process of creating copies of important computer files and storing them in a separate location to protect against data loss or system failures.
INDEPENDENT VERIFICATION
The practice of independently checking and verifying the accuracy and completeness of computer-based accounting records and reports to ensure their reliability and integrity.
Send to Chat
AI Edit
Normal Text
Highlight
Continue adding your notes here.
Scholarly Assistant's Insights
Flashcard deck for understanding revenue cycle, sales order procedures, cash receipts procedures, and computer-based systems.
Revenue Cycle
Sales Order Procedures
Sales Return Procedures
Cash Receipts Procedures
Computer-based Accounting Systems
+14 more
Ask Scholarly Assistant
Similar Pages
Login to Leave a Comment
Give your feedback, or leave a comment on a page to share your thoughts with the community.
Login