ACC 3303 Exam 2

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Dbadams94
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308942
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ACC 3303 Exam 2
Updated:
2015-10-03 18:37:32
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accounting
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ACC
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  1. Recurring set of business activities and related information processing operations associated with providing goods and services to customers and collecting cash in payment for those sales.
    Revenue cycle
  2. 4 basic revenue cycle activities. (SSBC)
    • 1. Sales order entry
    • 2. Shipping
    • 3. Billing
    • 4. Cash collections
  3. 4 general threats in the revenue cycle. (IULP)
    • 1. Inaccurate/Invalid master data
    • 2. Unauthorized disclosure of info
    • 3. Loss or destruction of data
    • 4. Poor performace
  4. 2 threats of take order step. (ML)
    • 1. Missing/Inaccurate orders
    • 2. Legitimacy of orders
  5. 2 controls for the 2 threats of the take order step: Missing/Inaccurate orders, and Legitimacy of orders
    • 1. Restrict access/data entry controls
    • 2. Digital signatures
  6. What basic activity in the revenue cycle is when we get to record our first entry?
    Shipping
  7. 4 steps in the sales order activity. (TACC)
    • 1. Take order
    • 2. Approve credit
    • 3. Check inventory
    • 4. Customer service
  8. What 2 people are involved in the take order step? (CS)
    • 1. Customer 
    • 2. Sales person
  9. What document is received in the take order step?
    Customer purchase order
  10. What document is created in the take order step?
    Sales order
  11. What 2 people are involved in the approve credit step? (SC)
    • 1. Sales person
    • 2. Credit dept./Credit manager
  12. What document is received in the approve credit step?
    Sales order
  13. What is the threat in the approve credit step?
    Uncollectibility
  14. What are the 3 controls for the approve credit step? (CAA)
    • 1. Credit limit
    • 2. Aging of AR
    • 3. Authorization
  15. What 2 people are involved in the check inventory step? (SW)
    • 1. Sales person
    • 2. Warehouse
  16. What document is received in the check inventory step?
    Sales order
  17. What document is created in the check inventory step?
    Picking ticket
  18. 2 threats in the check inventory step. (SE)
    • 1. Stockouts
    • 2. Excess inventory
  19. 3 controls for the threats of the check inventory step: stockouts and excess inventory. (PRS)
    • 1. Perpetual/Periodic inventory checks
    • 2. RFID tags
    • 3. Sales forecasts
  20. Threat of customer service step.
    Loss of customers
  21. 3 controls for the threat of the customer service step: Loss of customers. (CSE)
    • 1. CRM
    • 2. Self-help websites
    • 3. Evaluations
  22. 2 steps in the shipping activity. (PS)
    • 1. Pick and pack
    • 2. Ship
  23. What 2 parties are involved in the pick and pack step? (WS)
    • 1. Warehouse
    • 2. Shipping dept.
  24. What document is received in the pick and pack step?
    Picking ticket
  25. What document is created in the pick and pack step?
    Packing slip
  26. 2 threats of the pick and pack step. (MT)
    • 1. Make mistakes
    • 2. Theft of inventory
  27. Control for the pick and pack step threat: Make mistakes/Theft of inventory.
    Barcode/RFID scanners
  28. What 2 parties are involved in the ship goods step? (SC)
    • 1. Shipping dept.
    • 2. Customer
  29. What document is received in the ship goods step?
    Packing slip
  30. What document is created in the ship goods step?
    Bill of lading
  31. What are 2 threats in the ship goods step? (TS)
    • 1. Theft
    • 2. Shipping errors
  32. 2 controls for the threats in the ship goods step: Theft and Shipping errors
    • 1. Reconcile shipment with sales order
    • 2. RFID systems
  33. 2 steps in the billing activity. (IU)
    • 1. Invoicing
    • 2. Update AR
  34. Who is involved in the invoicing step?
    Accounting dept
  35. Who is involved in the update AR step?
    Accounting dept. (controller)
  36. What 3 documents are received in the invoicing step? (SPB)
    • 1. Sales order
    • 2. Packing slip
    • 3. Bill of lading
  37. What document is created in the invoicing step?
    Sales invoice
  38. What are 2 threats in the invoicing step? (FB)
    • 1. Failure to bill customers
    • 2. Billing errors
  39. What are the 2 controls for the invoicing step threats: Failure to bill customers and Billing errors? (SP)
    • 1. Segregate shipping and billing functions
    • 2. Pricing master file
  40. What document is received in the update AR step?
    Sales invoice
  41. What 2 documents are created in the update AR step? (CM)
    • 1. Credit memo
    • 2. Monthly statement
  42. What are the 2 methods that can be used to maintain AR? (OB)
    • 1. Open-invoice
    • 2. Balance-forward
  43. The credit memo is used to document...
    what happened.
  44. The threat of the update AR step.
    Bookkeeping errors
  45. 2 assets involved in the collect cash activity. (CA)
    • 1. Cash
    • 2. Inventory
  46. What 3 parties are involved in the collect cash activity? (CTM)
    • 1. Cashier
    • 2. Treasurer
    • 3. Mailroom
  47. What 2 documents are received in the Collect cash activity? (RC)
    • 1. Remittance slip
    • 2. Checks
  48. What document is created in the collect cash activity?
    Remittance list
  49. The remittance list is made in case...
    remittance slips get stolen or lost
  50. Threat in the collect cash activity.
    Theft

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