Please print the answer do not write hand the answer. Thank you 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 Colliers revenue cycle. Explain the resulting threat, and suggest methods to correct the weakness.

Identify ways to use IT to streamline Colliers 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.

Collier's Revenue Cycle Procedures