100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
SUA Exam 1 UPDATED Actual Exam Questions and CORRECT Answers $7.99   Add to cart

Exam (elaborations)

SUA Exam 1 UPDATED Actual Exam Questions and CORRECT Answers

 4 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 ...

[Show more]

Preview 2 out of 9  pages

  • September 16, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • SUA
  • SUA
avatar-seller
MGRADES
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

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

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

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.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

82871 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.99
  • (0)
  Add to cart