An understanding of the revenue accounting system requires knowledge of all of the following except:
A) how sales are initiated
B) how goods and services are delivered
C) how payables are recorded
D) how cash is received
E) how sales adjustments are made

Question

Quizplus · Accepted Answer

Revenue accounting focuses on the processes related to sales transactions, including the initiation of sales, delivery of goods and services, receipt of cash, and adjustments to sales. Recording payables is part of the accounts payable process, which is more closely related to expense and procurement processes than to revenue accounting.

An Understanding of the Revenue Accounting System Requires Knowledge of All