Reading review questions.
a. What activities are accounted for in the sales/collection process?
b. What are the steps in the sales/collection process?
c. How are the five generic elements of the AIS exemplified in the sales/collection process?
d. What recordable transactions are commonly associated with the sales/collection process? How are they recorded in the AIS?
e. What internal controls do organizations use in the sales/collection process? What risks do they address?
f. Respond to the questions for this chapter’s “AIS in the Business World.”
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