ACCT 3122 EXAM (SUA) Questions With Correct Answers.
2 views 0 purchase
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)
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 Brightstars. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
