The sales order subsystem is the first part of the revenue cycle is called the physical part process and the primary objective/s are: Accurately and efficiently process customer orders Ensure all sales are legitimate ensure that payment is collected for all sales All of the answers are correct
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The sales order subsystem is the first part of the revenue cycle is called the physical part process and the primary objective/s are:
- Accurately and efficiently process customer orders
- Ensure all sales are legitimate
- ensure that payment is collected for all sales
- All of the answers are correct
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- AQ0702: is a field that correlates with a sales order being sold with a salesperson. all of these online order flag customer id make flag none of ese“As soon as the customer places an Order, it is received by the Sales department and a Sales Order is created. The Sales Order is sent to the Finance Department to check if the customer has any outstanding balance for more than 60 days. The AR Clerk at the Finance Department checks and sends the results back to the Sales Department. If there is an outstanding balance for more than 60 days, the Sales Department puts the Order on hold and notifies the customer. Otherwise, the Order Entry Clerk creates an Order Confirmation and sends it to the customer. Simultaneously a Picking List is generated and sent to the Order Fulfilment Department who picks up the next set of process steps. The Order Fulfilment Department receives the Picking List and determines which Warehouse is closest to the Customer location. The Picking List is sent to that Warehouse location. There, the items from the Picking List are picked. An Invoice is generated and printed. The items are packed along with the printed…The revenue cycle is a method of defining and maintaining the processes used for the completion of an accounting process for recording revenue generated from services or products provided by the company, which include the accounting process of tracking and recording transaction from the beginning, normally which starts from receiving an order from the customer or entering in agreement with the customer, delivering an order to customer and end with getting payment from the customer. The figure on the next page describes the different business activities of four departments, including (1) Sales Department, (2) Accounting Department, (3) Warehouse/Shipping, and (4) Mailroom. Required: Based on the below figure, discuss the uncontrolled risks associated with the system as currently configured? And describe the controls that need to be implemented into the system to mitigate the risks in the given scenario.
- The sales department encourages its customers to forward the orders in any form, including mail, e-mail or fax. The sales clerk first converts these sales order into the standardised sales order. For this purpose, the sales representative requests the missing information, if any. When the order is received, the sales clerk checks the customer’s creditworthiness of the customer from his computer terminal. Sales clerk thinsk that checking the accounting record is not technical and he can perform these duties efficiently. Two years ago, the sales clerk requested the accounting department to provide him with a list of customers whose account receivables are written off. The sales clerk is still using thisinformation to check the creditworthiness of the customers. The sales clerk did not differentiate the new customers from the existing customers and he is using the same procedure to check the creditworthiness of the new customers. The customer’s order is rejected if the customer’s credit…The mailroom receives checks and remittanceadvices from customers in payment of their accountsreceivable. The clerk reviews the documents for completenessand correctness, sends the checks to thecash receipts department, and sends the remittanceadvices to the AR department. The AR clerkreceives the remittance advices and updates the customers’AR records from the PC in the AR department.The cash receipts clerk receives the checks andposts them to the cash receipts journal from the PCin the department. The clerk then sends the checks tothe bank for deposit.RequiredPrepare a system flowchart of the proceduresdescribed previously.Which of the following will be used by a company to centralize and integrate information from all major business processes such as purchasing, manufacturing, and human resources? Enterprise Resources Planning (ERP) System Activity-based costing (ABC) Balanced scorecard Total quality management
- What is the result when sales exceed the cost to produce goods or render services? What is the result when cost to produced goods or render services is greater than the sales? A. Selling B. Revenue C. Benchmarking D. LossBuy 99 is a wholesales company selling stationery. The company starts its order processing when it receives an order from the customer. After the company accepts the order, the clerk will check the order against the inventory; if the inventory has sufficient stock, the clerk will reserve the stock and charge the customer credit card for the order. If the inventory has insufficient stock, the clerk will notify the customer and ends the process. If the clerk charges the credit card successfully, the clerk will register the payment. At the same time, the clerk will also generate a pick-and-pack slip, followed by updating the inventory. After completing the registration of payment and the updating of inventory, the clerk will notify the customer. If the clerk did not charge the credit card successfully, the clerk will cancel the reservation of the stock and then notify the customer about the failure of the payment. Draw an Activity Diagram to document the above system.BestLine Hardware In spring of last year, BestLine Hardware undertook an ambitious program to overhaul their supply chain. In early planning, BestLine predicted that they could save over 25% of their entire supply chain costs by streamlining and optimizing their practices. One of the areas that had the most promise for savings and efficiency was that of order communication and fulfillment. In the existing system, Bestline’s inventory management department triggered a request to the ordering department. The ordering department then created an order and faxed it out to one of their suppliers. The supplier marked down on the fax what could be fulfilled against the order and would fax it back to BestLine for processing. Over time, this fax-based system proved to be inefficient and error-prone. Faxes were often lost or garbled, and hand-written comments could be very difficult to interpret accurately. As a part of their supply-chain efficiency effort, BestLine decided that they would try to…
- Customer lifetime value (CLV) focuses on: Group of answer choices net present value of a customer's business over the span of it's relationship with the selling firm. The initial order size to establish a customers buying patterns for future orders. Expediting future orders as customers are staying with sales firms for shorter periods. the profitability value of a customer short and long term.Which of the following would be a transaction file? customers Sales invoices. inventory suppliersFederal Express (FedEx) has constantly attempted to ensure reliability of its delivery. McDonald's (McD) food chains have ensured that customers get the fast food ordered within same time all over the world. Which of the following aptly represent FedEx and McD? FedEx: Differentiation ; McD: Differentiation FedEx: Differentiation ; McD: Segmentation FedEx: Segmentation ; McD: Differentiation FedEx: Differentiation ; McD: Integration