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Business Accounting: The Revenue Cycle

Audience

Managers, prospective managers, and any other employees seeking competency in the area of accounting

Prerequisites

A basic understanding of the accounting function

Course Aim

To provide students with an overview of the revenue cycle and the role of accounting within it

Learning Objectives

Explain the concept of revenue. Define the revenue cycle. Explain the timing of revenue recognition. Define gains and distinguish them from revenues. Explain how revenues are recorded. Explain how sales returns, sales allowances, and sales discounts affect a business's reported income. Describe how a business estimates and reports its uncollectible accounts

Topics Covered

Understanding Revenue - Basic revenue concepts - Recording revenue - Uncollectible accounts Reporting in the Revenue Cycle - Recording and reporting revenues and gains - Errors and controls