Sua exam 1 - Study guides, Class notes & Summaries

ACCT 3122 EXAM (SUA) with complete solution to create value - Answer ️️ -what is the purpose of a company? a company transforms resources into goods and services that it sells to customers - Answer ️️ - how does a company create value? The accounting system is used to - Answer ️️ --measure, record, categorize, and summarize the daily operating activities -provide accountability of all levels of management for their responsibilities -protect business assets from unauthorized us...

Accounting 433 Exam #1 SUA Study GuideSteps in the Accounting Process - correct answer 1. Transactions occur 2. Prepare documents 3. Record in journals 4. Post to ledgers 5. Prepare unadjusted general ledger trial balance 6. Prepare and post adjusting entries 7. Prepare adjusted trial balance 8. Prepare financial statements 9. Prepare closing entries Sales journal - correct answer Typically records: -Sales or other revenue -Sales returns and allowances may be recorded here or in a s...

SUA Exam UPDATED Actual Exam Questions and CORRECT Answers Which of the following documents originates outside the company? - CORRECT ANSWER- Vendor Invoice The trial balance worksheet does NOT provide information sufficient to (blank) - CORRECT ANSWER- Trail balance worksheet is sufficient for all purposes. 1. prepare a statement of retained earnings 2. Compute net income 3. Prepare balance sheet

Accounting 3328 Exam #1 - SUA Packet Question and answers correctly solved 2023/2024none - correct answer Customer Order: Journal Entry customer purchase order - correct answer Customer Order: Source Documents shipping and billing - correct answer Customer Order: Responsible Department none - correct answer Approve Credit: Journal Entry info from customer history - correct answer Approve Credit: Source Documents management - correct answer Approve Credit: Responsible Department ...

SUA Quiz UPDATED Actual Exam Questions and CORRECT Answers Identify the three most common transaction cycles - CORRECT ANSWER- 1. Sales and cash receipts 2. Puchases and cash dibursements 3. Payroll List the 6 specialized (special) journals used in an accounting info system- by name and abbreviation - CORRECT ANSWER- 1. Sales journal (SJ) 2. Cash receipts journal (CR) 3. Purchases journal (PJ) 4. Cash disbursements journal (CD) 5. Payroll journal (PR) 6. General journal (GJ)

EXAM 1 SUA Questions and answers already passed 2023/2024 Special Journals: - correct answer sales, cash receipts, purchases, cash disbursements, and payroll Subsidiary Ledger: - correct answer accounts receivable, accounts payable, fixed assets, and employee earnings accounting process: - correct answer transactions occur, prepare documents, record in journals, post to ledgers, unadjusted general ledger, adjusting entries, adjusted trial balance, financial statements, closing entries. ...

SUA Exam Question and answers correctly solved 2023/2024Which of the following documents originates outside the company? - correct answer Vendor Invoice The trial balance worksheet does NOT provide information sufficient to (blank) - correct 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? - ...

Accounting 3328 Exam #1 - SUA Packetnone - correct answer Customer Order: Journal Entry customer purchase order - correct answer Customer Order: Source Documents shipping and billing - correct answer Customer Order: Responsible Department none - correct answer Approve Credit: Journal Entry info from customer history - correct answer Approve Credit: Source Documents management - correct answer Approve Credit: Responsible Department none - correct answer Ship Goods: Journal Entry...

SUA EXAM 1 Questions With Correct Answers. Flow chart - answeris a diagram that graphically shows a company's documents and records their sequential flow in the organization Types of flow charts - answerSystems, internal control and program Systems flow chart - answer-emphasizes the flow of documents and records in the organization -does not show segregation of duties -easy to read Internal control flow chart - answershows the segregation of duties and othe internal controls -show ever...