Youshould have some knowledge of accounting flowchart.

Revenue Cycle Narrative Homework

Attach files

Instruction, book

Please do only revenue cycle.

Do not need to do Purchase cycle

Instructions for Revenue Process and Purchasing Process Narratives The purpose of these assignments is to gain an understanding of the revenue and purchasing cycles, using the example company from the textbook (Earthwear Clothiers). We will be performing various audit tasks in class for Chapters 10 & 11 and you should be familiar with typical revenue and purchasing systems. Remember, you can't audit a company you don't understand! For the revenue process, refer to Figure 10-2 (p. 354 - p. 356). In a memo that should be no longer than one page, please write a narrative describing how a revenue transaction goes through the Company (e.g., "A customer sales order is received via mail, fax, phone, or internet. This is input into the system, which validates the order as to inventory availability, etc..." (use your own words - and don't stop at "etc"!). Describe the flow of a transaction including shipment, billing, and how the cash receipt is handled. The revenue process flowcharts are described in greater detail in the text on pages 352 - 360, but of course you shouldn't copy what's in the text (plus, I want a concise narrative, which requires you to identify the key points in the process). You don't have to describe every item in the flowcharts. Just stick to the key events in the revenue process. You will then do the same thing for the purchasing cycle. Refer to Figure 11-1 on pgs. 402-403 and write a narrative (no more than one page) describing how a purchase is made and ultimately paid by the company. The flowchart is described in greater detail on pgs. 400 - 407. For both of these narratives, you may work alone or in teams of two. If you work in a team please submit only ONE assignment for each narrative through turnitin, and make sure both names are on the assignment, otherwise only the submitting student will receive credit. If this assignment is taking you more than an hour, you're either over-thinking it or missing the point. Let me know if you have any questions. Due dates: Revenue process narrative: due Wednesday April 13th by 11:59pm via turnitin. Purchasing process narrative: due Monday April 25th by 11:59pm via turnitin. NO LATE ASSIGNMENTS WILL BE ACCEPTED