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Unit 4: Revenue and Receipts Cycle - Coggle Diagram
Unit 4: Revenue and Receipts Cycle
Credit Sales
Ordering Function
Dispatch Function
Invoicing Function
Revenue Recording Function
Credit Management Function
Sales Adjustments
Basic Controls
Controls Over Cash
Controls Over Bank Account
Receipts from debtors and Risks related to the receipts
Key Documents and Receipts used in the payments to creditors
Activities and controls that need to be in place for the payments to creditors
Internal Controls, Control Objectives and test of controls in the cycle
Occurance/Validity, Authorization, Completeness, Accuracy, Recording, Classification and cut off
Substantive Testing
Tests of details of classes of transactions, Account balances and disclosures.
Substantive Analytical procedures
Internal Controls- Weaknesses and Recommendations