SUA Exam Questions With Correct Answers.
Which of the following documents originates outside the company? - answerVendor Invoice
The trial balance worksheet does NOT provide information sufficient to (blank) - answerTrail
balance worksheet is sufficient for all purposes.
1. prepare a statement ...
Which of the following documents originates outside the company? - answer✔Vendor Invoice
The trial balance worksheet does NOT provide information sufficient to (blank) - answer✔Trail
balance worksheet is sufficient for all purposes.
1. prepare a statement of retained earnings
2. Compute net income
3. Prepare balance sheet
Which step in the accounting process directly precedes the preparation of closing entries? -
answer✔preparation of financial statements
Which of the following accounts is NOT closed to Income Summary at year-end -
answer✔prepaid expense
Financial Statements are prepared from numbers in the - answer✔General Ledger
The general journal is used to: - answer✔post all accounting entries not posted in other
individual journals
Where is the total net pay from the payroll journal posted? - answer✔General Ledger
Why is the periodic inventory method used instead of the perpetual method for some companies
- answer✔The record keeping costs are lower
What is the first step performed after checks are received in the mail room at Waren Sports
Supply? - answer✔a cash receipts prelist is prepared
At Waren Sports Supply, which of the following is the correct order for document preparation
and entry recording in the sales and cash receipts cycle? - answer✔customer order, bill of lading,
sales invoice, entry in sales and accounts receivable subsidiary ledgers
The purchases journal is used to record: - answer✔all vendor invoices on account
In order to maintain controls over cash receipts at Waren Sports Supply, the cash receipts journal
is initialed after which of the following events? - answer✔the validated deposit slip and cash
prelist are agreed to the cash receipts journal for each entry
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