Response to the following:
Using Word or Excel, create a diagram or model that represents the process of the revenue recognition process.
Guidance:
•Diagram the process of revenue recognition.
•Start with the process.
•What starts the process?
•Think through from the business perspective what happens when you purchase a good or service?
•What are the journal entries?
•What are the accounts?
•What happens to the accounts?
•What's the impact on the financial statements?
•Which financial statements?