SUA Exam 1 UPDATED Actual Exam Questions and CORRECT Answers
2 views 0 purchase
Course
SUA
Institution
SUA
SUA Exam 1 UPDATED Actual Exam
Questions and CORRECT Answers
Flow chart - CORRECT ANSWER- is a diagram that graphically shows a company's
documents and records their sequential flow in the organization
Types of flow charts - CORRECT ANSWER- Systems, internal control and program
Systems flow ...
SUA Exam 1 UPDATED Actual Exam
Questions and CORRECT Answers
Flow chart - CORRECT ANSWER- ✔✔is a diagram that graphically shows a company's
documents and records their sequential flow in the organization
Types of flow charts - CORRECT ANSWER- ✔✔Systems, internal control and program
Systems flow chart - CORRECT ANSWER- ✔✔-emphasizes the flow of documents and
records in the organization
-does not show segregation of duties
-easy to read
Internal control flow chart - CORRECT ANSWER- ✔✔shows the segregation of duties and
othe internal controls
-show everything but is more difficult to read
Program flowchat - CORRECT ANSWER- ✔✔-more detailed
-mainly used for computer programing
Flow lines - CORRECT ANSWER- ✔✔show how documents and records are related
Flow chart techniques - CORRECT ANSWER- ✔✔•Show separation of duties
•Include relevant internal controls
•Include written comments and clarifications
•Show the source of every document in the flow chart
•Use a process symbol for every document or record prepared
•Show the disposition of every document
five primary subcycles in Sales and cash reciepts cycle - CORRECT ANSWER- ✔✔1. Sales
2. Cash reciepts
, 3. Sales return and allowances
4. Estimate of Bad debt expense
5. Write off of uncollectible accounts
Steps in the sales cycle - CORRECT ANSWER- ✔✔1. receive order from customer
(purchase order)
2. ship goods (bill of lading)
3. bill customer (sales invoice, price list)
4. Record in sales journal
5. summarize sales journal and post in general ledger
bill of lading - CORRECT ANSWER- ✔✔A document prepared at the time of shipment
indicating the description of the merchandise, the quantity shipped and other relevant data.
written contract of receipt and shipment between seller and carrier
Customer purchase order - CORRECT ANSWER- ✔✔a document prepared to request goods
or services from a customer.
The form should include the name and address of the customer, goods, or services desired,
and the desired delivery or performance date
sales invoice - CORRECT ANSWER- ✔✔a document prepared indicating the description
and quantity of the goods sold, the price including freight, insurance, ternms, other relevent
data and the total amount of sale
-indicates to customer the amount of sales and due date of payment
also used to record sales in accounting record
price list - CORRECT ANSWER- ✔✔a list prepared by a company indicating product prices
for billings
3 ways a recievable can be eliminated - CORRECT ANSWER- ✔✔cash receipt, sales returns
and allowances, write off
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
