Figure 1 presents different business activities involved in the revenue cycle of ABC company. Describe at least
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Question:
Figure 1 presents different business activities involved in the revenue cycle of ABC company.
- Describe at least three (03) weaknesses depicted Figure 1.
- Discuss the risks associated with the weaknesses in identified in (a).
- Suggest the control activities for these weaknesses.
Transcribed Image Text:
Employee Sales Clerk Activity Performed (sequential, left-to-right across all rows) Receive Customer Order Prepare Sales Order Issue Credit Sale > Credit No Limit? Memo Warehouse Clerk Pick & Pack Order Yes | Shipping Clerk Ship to Customer Credit Approve/ Deny Credit Manager Accountant Prepare & Mail Invoice to Customer Update Accounts Receivable Update Accounts Receivable Deposit Remittances in Bank Cash Collections Clerk Monthly Stamp "For Receive Receive & Reconcile Bank Statement Remittance from Deposit Only" Customer Employee Sales Clerk Activity Performed (sequential, left-to-right across all rows) Receive Customer Order Prepare Sales Order Issue Credit Sale > Credit No Limit? Memo Warehouse Clerk Pick & Pack Order Yes | Shipping Clerk Ship to Customer Credit Approve/ Deny Credit Manager Accountant Prepare & Mail Invoice to Customer Update Accounts Receivable Update Accounts Receivable Deposit Remittances in Bank Cash Collections Clerk Monthly Stamp "For Receive Receive & Reconcile Bank Statement Remittance from Deposit Only" Customer
Expert Answer:
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Comparing your business to other companies may cause you to desire youre behind the curve But those weaknesses may very well be winning advantages As an entrepreneur the temptation to match your compa... View the full answer
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