ACCT 3122 EXAM (SUA) Questions With Correct Answers.
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Course
ACCT 3122
Institution
ACCT 3122
ACCT 3122 EXAM (SUA) Questions With
Correct Answers.
How does a company create value? - answera company transforms resources into goods and
services that it sells to customers
what is the purpose of a company? - answerto create value
The accounting system is used to - answer-measure, record, c...
Purchases Journal - answer✔Purchases of Inventory
Purchases of Fixed Assets
Purchases of Supplies
Purchase Returns and Allowances
Cash Disbursements Journal - answer✔Payments to Suppliers
Payments for Freight Costs
Payments to Other Sources (i.e. Utilities, Insurance, IRS, etc.)
Payroll Journal - answer✔Payments to employees
General Journal - answer✔Miscellaneous Transactions (i.e. adjusting entries, closing entries and
other transactions
a set of general ledger accounts unique to a company - answer✔chart of accounts
it is also a model of the organization
a multidimensional structure represented in the account numbers,
defined through the account number's coding (left to right)
summarized through the financial reporting structure
prepaid expense - answer✔an expense paid for in advance of its use
accrued expense - answer✔an expense incurred for which payment has not been made
accrued revenue - answer✔a revenue arched for which the cash has not yet been received
unearned revenue - answer✔a revenue received in cash in advance of being earned
estimated items - answer✔an expense recorded on the basis of estimates
(bad debt expense, federal income tax expense, depreciation expense)
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