The principal business objective of the revenue process is selling the entity’s goods or services at prices and terms that are consistent with management’s policies. Explain key business functions of revenue transactions. For each key function, provide at least two examples of internal controls.
SOLUTION:-
The principal business objective of the revenue process is selling the entity's goods or services at prices and terms that are consistent with management's policies.
This is so true about the any business and business is done. mostly on cash basis ?Management policies plays a very important role in deciding the pricing policy of the business.
Business functions of cash collection transactions are :
Internal Control on cash is the most required to keep the cash safe. It can be done by.
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