Exam 12: Marketing, Sales, and Collection Processes

The sales process generates a lot of data. The processed data can appear in reports that can help a company improve processes and mitigate risks. Choose from the following list the best definition of a sales orders aging report.

Julia's Cookies has identified the following B2C marketing control activity risk: "An unauthorized user posting inappropriate content to the corporate social media accounts may result in legal or reputational damage." Choose from the list of control activities below one of the appropriate control activities for this risk statement.

The Accounting Standards Codification 606 of the U.S. GAAP has five steps for revenue recognition. They are listed below. Properly order these five steps. i. Recognize revenue when (or as) the entity satisfies a performance obligation. ii. Determine the transaction price. iii. Identify the contract with a customer. iv. Allocate the transaction price to the performance obligations in the contract. v. Identify the performance obligations in the contract.

Reference the entity relationship diagram of the marketing, sales, and collection ERP modules below. What is the relationship between Sales_Order and Shipment?

Julia's Cookies has identified the following B2B sales order control activity risk: "An unauthorized sales order may result in fraudulent or inappropriate sales." Choose from the list of control activities below one of the appropriate control activities for this risk statement.

Julia's Cookies has identified the following B2B sales contracts control activity risk: "Different prices for the same products sold to similar customers may result in customer dissatisfaction or be illegal and result in loss of reputation and penalties." Choose from the list of control activities below one of the appropriate control activities for this risk statement.

A RAM Manufacturing customer, Tri-Auto Repair, orders parts on August 1, 20XX for delivery the following week. No journal entries are recorded at this time. The goods are shipped on August 8, 20XX and received and revenue recognized on August 10, 20XX. The selling price of the parts is $10,000 and the cost of goods sold is $6,500. Tri-Auto Repair pays their invoice on August 31, 20XX. Record the three accounting transactions.

Which of the following ERP modules is responsible for the shipment of the product function?

The Accounting Standards Codification 606 of the U.S. GAAP has five steps for revenue recognition. Choose step 5 from the list below.

Julia's Cookies has identified the following B2B marketing control activity risk: "Inconsistent marketing materials that provide unclear messaging, which may result in loss of customers and leads." Choose from the list of control activities below one of the appropriate control activities for this risk statement.

Like sales data, data from revenue recognition is processed by the system. The processed data can appear in reports that can help a company improve processes and mitigate risks. Choose from the following list the best definition of a revenue changes report.

Reference the entity relationship diagram of the marketing, sales, and collection ERP modules below. A shipment must include products for ________ and only ________ sales order.

RAM Manufacturing, Inc. orders cardboard boxes from a corrugated box manufacturer. RAM Manufacturing will use the boxes to ship their products to their customers. The box manufacturer begins fulfilling the order for boxes before RAM Manufacturing pays for the order. Choose from the list below the appropriate type of payment method that RAM Manufacturing has partaken in.

Julia's Cookies has identified the following revenue recognition fraud control activity risk: "Shipping more products to retailers or distributors than they are capable of selling near the end of a reporting period may result in an inflated statement of revenue and channel stuffing fraud." Choose from the list of control activities below one of the appropriate control activities for this risk statement.

Julia's Cookies has identified the following B2C delivery control activity risk: "Customers filing fictitious claims packages were not received may result in fraudulent refunds to customers." Choose from the list of control activities below one of the appropriate control activities for this risk statement.

Julia's Cookies has identified the following cash deposit control activity risk: "Checks received in the mail that are not deposited intact may result in missing cash." Choose from the list of control activities below one of the appropriate control activities for this risk statement.

Haley is the vice president of marketing and sales at Robert and Son's Sunglasses, Inc. Given the increased level of competition, she realizes that the company's continued success requires flexibility when it comes to marketing and sales. Robert and Son's Sunglasses' sales organization has both short-term (3-month) and long-term (2+ years) price agreements with different independent retail outlets. Required: Discuss some of the opportunities and challenges Robert and Son's Sunglasses faces by having both short-term and long-term price agreements with different independent retail outlets.

Reference the entity relationship diagram of the marketing, sales, and collection ERP modules below. What is the relationship between Sales_Order and Sales_OrderLineItem?

A(n) ________ is a source document that serves as proof of the amount deposited into the company's account, with the amount of the deposit equal to the total of the bank remittance report.

A(n) ________ transfers the payment from the customer's bank account directly into the company's bank account.