A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from? B. Who creates the Sales order? C. Who gets copies of the Sales Order? In the space below, please answer parts A, B, and C.

A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from? B. Who creates the Sales order? C. Who gets copies of the Sales Order? In the space below, please answer parts A, B, and C.

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter4: The Revenue Cycle

Section: Chapter Questions

Problem 10MCQ

See similar textbooks

Related questions

Q: The realisation concept determines when goods sent on credit to customers are to be included in the…

A: Sales: It is an activity of selling goods and services in exchange for money.

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: Which of the following statements is correct? Group of answer choices A)Revenue is recognized at the…

A: A)Revenue is recognized at the time of shipment when goods are shipped FOB destination-The given…

Q: When a company extends credit directly to a customer for a purchase, the sale is recorded as a debit…

A: Customer record: It is the record of customers of company which contains details like name, address,…

Q: If a company debits Cash and credits Sales Revenue, it is recording the.

A: Real accounts are those assets and liabbilties whose balance is carried forward from one accounting…

Q: Distinguish between sales book and sales account.

A: Sales book: Sales book is one of the subsidiary book of accounting in which all the transactions…

Q: What is the account title used for revenue when goods are delivered to customers?

A: Account title: An account title is a unique name assigned to an account in an accounting system. An…

Q: Under the realization principle, revenue from sale of products is recognized a. At date of delivery…

A: Recognition of Revenue - Recognition of Revenue is the recording of revenue in the financial year.…

Q: What effects on a retail store's accounting equation occur when merchandise returned by customers is…

A: Introduction:- The following Accounting Equation used for preparation of balance sheet as follows…

Q: When does a company typically recognize revenue for a bill-and-hold sale?

A: Bill and hold agreements represent a sales arrangement in which the buyer pays for the item or items…

Q: Before revenue can be recognized, the revenue recognition principle requires the _____. A. Product…

A: Revenue is the money earned by providing services or selling goods to customers. The Revenue…

Q: What are the normal balances of the various sales-related accounts?

Q: When should revenue from the sale of merchandise normally be recognized? (Assume the company reports…

A: The revenue should be recognized in the following conditions. 1.When the amount realized or received…

Q: Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts c.…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source Document: A source document is a document which supports every transaction that has entered…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source documents captures key information required for preparing books of accounts. Source documents…

Q: he shipments from branch account is added to the branch's purchases account in determining branch's…

A: solution concept The shipments to branch account from head office forms the part of the cost of…

Q: When does the cost of inventory become an expense?a. When cash is collected from the customerb. When…

A: Answer: b. When inventory is delivered to a customer

Q: What is the normal balance of the following accounts: (a) Cost of Merchandise Sold, (b) Customer…

Q: Explain an example how to record sales revenue.

A: Sales revenue is the revenue from the sales generated by the company. The sales may be either cash…

Q: Which numbers do I need to use to compute the sales

A: Sales is the dollar value received by selling any number of units.

Q: The following items are found in the account sales, except a. Total sales. b. Amount due to…

A: Consignment represents the situation where the consignor transfer the goods to consignee to sale the…

Q: 1. Which of the following accounts are used when recording the sales entry of a sale on credit?e A.…

A: Sales is a revenue account and all revenues increase when credited. Accounts receivable is an Asset…

Q: Briefly explain the accounting treatment for sales returns and allowances. Where are these accounts…

Q: I have a couple of questions. PLEASE answer thoroughly and explain.1) Are all types of revenue…

A: Dear student, as you have not mentioned the question number to be answered, so we are answering the…

Q: Where do you find inventory, sales, and cost of sales accounts on the financial statements?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Please tell us about Sales Discounts. Why are they necessary? Does this account appear on the…

A: Discount is the amount of reduction in the value of sale or purchase. In other words, discount in…

Q: Goods returned by customer will be debited to which account?

A: When a customer returns the goods sold to him it is called sales return i.e. it reduces the income…

Q: What accounts are affected when a bill from a vendor supplying you products is recorded

A: when vendors supply products to the company the following accounts will be affected - 1) if we are…

Q: Which of the following accounts has a normal debit balance. (Choose all that apply)

A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances. Their…

Q: Sales Returns and Allowances account is report it like

A: Sales returns occur when goods are given back by the customer due to defects in terms of…

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

Q: By using FIFO method: Post Journal entries for Sales and CGS?

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: What does the phrase "Revenue is recognized at the point of sale" mean? (Assume the company reports…

A: Accrual Basis of Accounting: The accrual basis of accounting is a method of accounting where the…

Q: Briefly explain the accounting treatment for sales returns.

Q: Why are contra-revenue accounts used rather than directlydeducting from the Sales Revenue account?

A: Sales revenue: The amount of price of merchandise sold during a certain period is referred to as…

Q: A seller generally records sales at the full invoice price, butthe buyer often records purchases at…

A: A seller generally records sales at full invoice price, but buyer often records purchase at net…

Q: Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC.…

A: This account book transaction would be linked to certain associated accounts of a different sort.…

Q: This is a question from the Accounting Information Systems by James Hall. What is a source document?…

A: Source Document is considered as a supporting document for all the accounting transactions which…

Q: True or False: The posting of purchase transactions to the general ledger is done in the same manner…

A: Purchase transactions are the transactions relating to the procurement of goods from the party…

Q: Identify each of the following items relating to sections of an income statement as Revenue from…

A: Income Statement: The income statement reports the financial performance in terms of profit or loss…

Q: What is the totals credits and total debits? Also answer the following questions: Answer the…

A: Total credits= sales credit+ sales tax payable credit =6398.82+311.18 =6710 Total debit=Account…

Q: hen the seller advances the transportation costs and the terms of sale are FOB shipping point, the…

A: Solution: When the seller advances the transportation costs and the terms of sale are FOB shipping…

Q: If a customer pays with a credit card and the service has been provided, which of the following…

A: Credit card is like a physical card which are used as a postpaid, in which customer or card holder…

Question

A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?
B. Who creates the Sales order?
C. Who gets copies of the Sales Order?
In the space below, please answer parts A, B, and C.

Expert Solution

Step 1

Answer a: Sales order is created by using a document formed by SAP.

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Explain an example how to record sales revenue.
What is the role of a sales invoice in the revenue recognition process?
A. What document is used to create the Purchase Order in the Expenditure Cycle and wheredoes it come from?B. Who creates the Purchase Order?C. Who gets copies of the Purchase Order?In the space below, please answer parts A, B, and C.
Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger
1. Sales revenue should be recognized when: a. sales are invoiced. b. payment is received from the customer. c. the customer's order is received. d. goods are shipped.
Which of the following forms cannot be customized? Select one: A. Estimate B. Sales Receipt C. Credit memo D. Invoice
What purpose is served by prenumbering sales orders, shipping documents, and sales invoices?
Record the following transactions in the sales journal:
When should entries from the sales journal be posted?
How do you make journal entry for these sales transactions?
What document signals that a company should record thepurchase of goods on account?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice
Explain how to journalize sales transactions.