Description

The Revenue Cycle of a business is focused on the functions required to exchange its products or services with customers for cash. It includes:

• Taking orders from customers
• Shipping finished goods
• Customer use of company services
• Maintenance and collection of accounts receivable, and
• The receipt of cash from customers

The revenue cycle is the cycle in which the physical control and ownership rights over resources are given up in exchange for cash, the cost of sales is an accounting function which may be identified with the revenue cycle.

Course Key Concepts: Internal Accounting Controls, SOX 404, ICFR, Internal Control over Financial Reporting, Independent Public Accountants, Internal Auditors, Business Cycles, Treasury, Expenditure, Purchasing, Payroll, Conversion, Revenue.