The figure below depicts the activities performed in the revenue cycle by Collier’s Construction Supplies.
The figure below depicts the activities performed in the revenue cycle by Collier’s Construction Supplies.
COLLIER’S REVENUE CYCLE PROCEDURES
The table showing the steps in the revenue cycle of Collier’s appears as follows:
|
Employee |
Activity Performed (sequential, left-to-right across all rows) |
|
Sales Clerk |
Receive customer order, prepare sales order, Is sales more than credit limit? If no: Issue credit memo If yes: Send information to credit manager |
|
Warehouse Clerk |
Pick order from sales clerk and pack order |
|
Shipping Clerk |
Get packed order from warehouse clerk and ship to customer |
|
Credit Manager |
Approve/deny credit on the basis of information received from sales clerk |
|
Accountant |
Prepare and mail invoice to customer, update accounts receivable Update accounts receivable on the basis of information received from sales clerk and cash collections clerk, deposit remittances in bank |
|
Cash Collections Clerk |
Receive remittance from customer, stamp “For deposit only” and send information to accountant, receive and reconcile bank statement (monthly) |
Required
- Identify at least three weaknesses in Collier’s revenue cycle. Explain the resulting threat, and suggest methods to correct the weakness.
- Identify ways to use IT to streamline Collier’s revenue cycle activities. Describe the control procedures required in the new system. (CPA Examination, adapted)
Submit your answers to these questions as a Word doc or pdf here by the due date. Be thorough and concise. Bullet points and/or paragraph formats are acceptable for your write up. Use full sentences.
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