SUA Quizzes well answered rated A+

SUA Quizzes The Sales/Collection Cycle is also called - correct answer Revenue Cycle A _______________ is a document sent from the Shipping Department to the Common Carrier and is designed to document the freight terms and destination - correct answer Bill of Lading Which of the following should be done first when a customer order is received? - correct answer Approve the customer's credit A bill of lading must always include all of the following except: - correct answer The dollar value of the items shipped When preparing a sales invoice, you should use which of the following quantities? - correct answer Quantity shipped When an ACH payment is received in that means - correct answer A payment has been received using the Automated Clearing House Credit sales are recorded in - correct answer Both the sales journal and the accounts receivable subsidiary ledger Which of the following should be done first when a check is received? - correct answer Restrictively endorse the check When you write off an accounts receivable you should make an entry in the - correct answer General journal A Bill of Lading includes all of the following: - correct answer The number of shipping units The total freight charges The shipping address of the buyer When a check is received which of the following should be done first - correct answer Restrictively endorse the check Which of the following controls help reduce the risk of granting credit to customers who are not creditworthy? - correct answer a. Rely on third-party vendors to grant credit b. Establish a formal credit approval process that is independent of the sales function c. Conduct business as cash only Which of the following is the sequence of basic steps in the revenue cycle? - correct answer Receive customer order, check credit, fill the order, ship the order, then bill the customer. According to the flowcharts in the SUA, sales are entered into - correct answer Either the cash receipts or the sales journal The write off of a noncollectable accounts receivable balance should be recorded in the - correct answer Both the general journal and the accounts receivable subsidiary ledger Which of the following controls helps reduce the risk of capitalized assets not being properly recorded? - correct answer a. Regular review of fixed asset transactions. b. Tagging all capital assets. c. Conducting a periodic physical count of fixed assets and reconciling to the subsidiary ledger. Which of the following lists of basic steps in the Acquisition/Payment process is in the correct order: - correct answer Request goods, authorize purchase, purchase goods, receive goods, disburse cash The best way to make sure that unordered goods are not received and paid for is: - correct answer Match receiving reports with approved purchase orders What information is typically included on a purchase order? - correct answer Expected sales terms including freight and sales terms