Outlining and Reviewing Revenue

Outlining and Reviewing Revenue

Introduction

Revenue is also known as turnover. It is the income that an entity obtains from the sales of its offering or from providing certain services. Revenue is an important element for any organization or entity. Review of revenue assists us in understanding the various sources of finance available to a business or other statutory institution. In order to address the requirement of this assignment we are going to review the Manitoba's revenue estimates for the year 2012 (Sondhi, A., Taub, S., 2008).

Discussion

Governments can better utilize their resources by evaluating their revenue estimates. It helps them in forecasting the future trends regarding the revenue collection.

Hypothesis

H0 = Does reviewing the revenue help individual in making forecasting more effectively.

H1 = Reviewing the revenue does not help individuals in making forecasting decision.

Reviewing Revenue

Reviewing the revenues of a business or company is not an easy task. Corporations and governments are mainly concern about maximizing its revenues. Revenues can be outlined buy following a number of steps that includes. Amount

Amount regarding revenue sources should be incorporated to understand the significance of each source. It will help decision makers in categorizing the most significant source of revenue.

Revenue category

One of the main functions of outlining and reviewing revenue is to classify each item into various categories based on their nature and structure.

Event description

Revenue collection time period or time frame should also be outlined to provide further details about the event or revenue source. Information regarding the category of the revenue

As discussed above the revenue of Manitoba is mainly classified into various categories. Therefore, information related to such categories need to be explained properly so that the reviewers can better understand the depth of all the revenue sources.

Revenue recognition agreements.

Problem arises when revenue budget of ...