Transcription of THE REVENUE CYCLE
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THE REVENUE CYCLE
4 James A. HallChapterAccounting Information Systems, 4th. REVENUE CycleStudy Notes Prepared by H. M. Savage South-Western Publishing Co., 2004 Page 4-1 CHAPTER 4 THE REVENUE CYCLEThe REVENUE CYCLE is the set of activities in a business which brings about the exchange ofgoods or services with customers for cash. Most business transactions are conducted on acredit basis. Cash is received after goods are shipped to the customer. Your book discussesthis as a two phase process: the physical phase in which goods or services are transferred tothe buyer; and the financial phase in which the cash is received from the buyer. The firstphase is handled by the sales order processing subsystem, the latter by the cash first section of the chapter provides an overview of the REVENUE CYCLE presented as amanual system.
Each of these departments exist s to perform necessary tasks within the organization. Now is the time to clarify for yourself the role of each de partment. Ask yourself why there is a credit department, where it fits in the organizational structure, what it does, and why. Ask these questions for all of the above functions, not
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