Learning Objective 7-01: Describe the revenue and collection cycle, including typical source documents.

Learning Objective 7-02: Identify significant accounts and relevant assertions related to the revenue and collection cycle.

Learning Objective 7-03: Discuss the risk of material misstatement in the revenue and collection cycle, with a specific focus on improper revenue recognition.

Learning Objective 7-04: Identify important internal control activities present in a properly designed system to mitigate the risk of material misstatements for each relevant assertion in the revenue and collection cycle.

Learning Objective 7-05: Give examples of tests of controls to test the operating effectiveness of internal controls in the revenue and collection cycle.

Learning Objective 7-06: Give examples of substantive procedures in the revenue and collection cycle and relate them to assertions about significant account balances at the end of the period.

Learning Objective 7-07: Apply your knowledge to perform audit procedures in the revenue and collection cycle and evaluate the findings of your tests.