SUA questions with 100% correct answers graded A+

SUAlocation of Chart of Accounts in the SUA packet of materials - correct answer Documents Folder location of Employee Earnings Subsidiary Ledger in the SUA packet of materials - correct answer SUA Instructions, Flowcharts and Ledgers location of Cash Receipts Journal in the SUA packet of materials - correct answer SUA Journals location of General Ledger in the SUA packet of materials - correct answer SUA Instructions, Flowcharts and Ledgers The reason for not permitting a person who has temporary or permanent custody of an asset to account for that asset is to protect the company against __________________________. - correct answer fraud. A client's accounting records are unfamiliar to a new auditor. Where would the auditor go to learn the names and numbers of the accounts being debited and credited in the client's transactions? - correct answer Chart of Accounts Which of the following sequence of steps in the accounting cycle is correct? - correct answer Prepare documents, record in journals, post to ledgers, and prepare unadjusted trial balance What are the names of Waren's three employees? - correct answer Ray Kramer, Jim Adams, Nancy Ford The overall objective of the Systems Understanding Aid and this class is to - correct answer help aid in the understanding and visualization of the entire accounting process How much sales tax applies to wholesale sales according to Illinois state law? - correct answer No sales tax On January 15, Waren Sports Supply purchased on account $120,000 in from their vendor Velocity Sporting Goods. On February 10 they paid the vendor in full for this purchase. The correct journal entry is - correct answer Debit Accounts Payable $120,000 Credit Cash $120,000 Which of the following statements are true? - correct answer Original entries are recorded in journals and journal account totals are posted to ledgers periodically. According to the flowchart on page 31 of the Reference book, the process of preparing the bank reconciliation is done by a person - correct answer True An arrow with a dotted line (- - - - ) in a systems flowchart indicates which of the following? - correct answer Only information flow, not document flow When Waren Sports Supply receives a check in the mail in payment of an account receivable, the following actions are taken in this order: - correct answer Restrictively endorse check, enter on cash receipts prelist, make entry in cash receipts journal and accounts receivable subsidiary ledger A bank deposit is made each day cash is received. Who is responsible for making the deposit? - correct answer Ray Kramer At Waren Sports Supply who is responsible for restrictively endorsing a check upon receipt? - correct answer Jim Adams In the sales cycle, who reviews the sales invoice and support documents for accuracy? - correct answer Jim Adams There are seven steps to recording a transaction in the SUA, put them in the correct order - correct answer 1. Read and analyze the transaction. Correct2.