Within the Revenue and Return Processes, Systems and Controls Result

question 58

Multiple Choice

Within the revenue and return processes, systems and controls result from transactions that are:

• A)Large volumes of daily materials transactions
• B)Large volumes of daily sales and cash inflow transactions
• C)Periodic
• D)Infrequent

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Definitions:

3-Way Match

A process in accounting used to compare the purchase order, the receiving report, and the supplier's invoice before making a payment.

Internal Control

Measures and protocols established within an organization to safeguard its assets, enhance the reliability of its accounting records, and increase efficiency in operations.

Bundle

A group of products or services sold together, often at a reduced price compared to purchasing each item individually.

QBO

Stands for QuickBooks Online, a cloud-based accounting software designed for small and medium-sized businesses.