The sales and collection process generates revenue accounts receivable
The sales and collection process generates revenue accounts receivable, and cash flow information for a firm’s financial statements. What other information do you think managers would like to collect?
What kinds of businesses collect cash before recording the corresponding sales? How would that different sequence affect internal control requirements?
Draw a basic sales activity model using BPMN for a fast-food restaurant. Draw a second basic sales activity model using BPMN for a traditional restaurant. Discuss similarities and differences. How would you add taking reservations to the second model?
From your experience, think about the sales process for an online or brick-and-mortar store. Describe some business rules that help provide internal controls over the process.
What classes and associations would be included in a model that describes the information needed for a query that calculates the accounts receivable balance for each customer? Describe differences in the information for the open-invoice method, where customers pay according to specific invoices, versus the balance-forward method, where customers pay balances on monthly statements?
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