Bài giảng Hệ thống thông tin kế toán: Chapter 4 - ThS. Vũ Quốc Thông

Bài giảng "Hệ thống thông tin kế toán - Chapter 4: Accounting related processes" presentation of content: The revenue cycle - Sales to cash collections, the revenue cycle, revenue cycle activities,... Invite you to reference.
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Bài giảng Hệ thống thông tin kế toán: Chapter 4 - ThS. Vũ Quốc ThôngVũ Quốc Thông 10/16/2014 HO CHI MINH CITY OPEN UNIVERSITY ACCOUNTING – AUDITING FACULTY ACCOUNTING INFORMATION SYSTEM ACCOUNTING RELATED PROCESSES Lecturer: Vũ Quốc Thông Chapter 4 Learning Objectives  Describe the basic business activities and related information processing operations performed in the related accounting cycle.  Discuss the key decisions that need to be made in the related accounting cycle, and identify the information needed to make those decisions.  Identify major threats in the related accounting cycle, and evaluate the adequacy of various control procedures for dealing with those threats. 4-2 1Vũ Quốc Thông 10/16/2014 The Revenue Cycle: Sales to Cash Collections 4-3 The Revenue Cycle 4-4 2Vũ Quốc Thông 10/16/2014 The Revenue Cycle  Provides goods and services to customers  Collects cash in payment for those sales  Primary Objective (P-P-P):  Provide the right product  In the right place  At the right time for the right price 4-5 Revenue Cycle Activities 1. Sales order entry 2. Shipping 3. Billing 4. Cash collections 4-6 3Vũ Quốc Thông 10/16/2014 Sales Order Entry 1. Take order 2. Check and approve credit 3. Check inventory availability 4-7 Sales Order Threats  Incomplete/inaccurate orders  Invalid orders  Uncollectible accounts  Stock-out or excess inventory  Loss of customers 4-8 4Vũ Quốc Thông 10/16/2014 Sales Order Entry Controls  Restriction of access to  Perpetual inventory control master data system  Digital signatures or written signatures  Use of bar-codes or RFID  Credit limits  Training  Specific authorization to approve sales to new  Periodic physical counts of customers or sales that inventory exceed a customer’s credit limit  Sales forecasts and activity  Aging of accounts reports receivable  CRM systems, self-help Web sites, and proper evaluation of customer service ratings 4-9 Shipping 1. Picking and packing the order 2. Shipping the order 4-10 5Vũ Quốc Thông 10/16/2014 Shipping Threats  Picking the wrong items or the wrong quantity  Theft of inventory  Shipping errors (delay or failure to ship, wrong quantities, wrong items, wrong addresses, duplication) 4-11 Shipping Controls  Bar-code and RFID  Reconciliation of technology shipping documents  Reconciliation of picking with sales orders, lists to sales order details picking lists, and  Restriction of physical access packing slips to inventory  Documentation of all  Use RFID systems to inventory transfers identify delays ...