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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 do...

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  • September 17, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • sua exam 1 questions with correct answers

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©THEBRIGHTSTARS 2024/2025


SUA EXAM 1 Questions With Correct
Answers.


Flow chart - answer✔is a diagram that graphically shows a company's documents and records
their sequential flow in the organization

Types of flow charts - answer✔Systems, 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 - answer✔shows the segregation of duties and othe internal controls
-show everything but is more difficult to read

Program flowchat - answer✔-more detailed
-mainly used for computer programing

Flow lines - answer✔show how documents and records are related

Flow chart techniques - answer✔•Show separation of duties
•Include relevant internal controls
•Include written comments and clarifications
•Show the source of every document in the flow chart
•Use a process symbol for every document or record prepared
•Show the disposition of every document

five primary subcycles in Sales and cash reciepts cycle - answer✔1. Sales
2. Cash reciepts
3. Sales return and allowances
4. Estimate of Bad debt expense

, ©THEBRIGHTSTARS 2024/2025
5. Write off of uncollectible accounts

Steps in the sales cycle - answer✔1. receive order from customer (purchase order)
2. ship goods (bill of lading)
3. bill customer (sales invoice, price list)
4. Record in sales journal
5. summarize sales journal and post in general ledger

bill of lading - answer✔A document prepared at the time of shipment indicating the description
of the merchandise, the quantity shipped and other relevant data.
written contract of receipt and shipment between seller and carrier

Customer purchase order - answer✔a document prepared to request goods or services from a
customer.
The form should include the name and address of the customer, goods, or services desired, and
the desired delivery or performance date

sales invoice - answer✔a document prepared indicating the description and quantity of the goods
sold, the price including freight, insurance, ternms, other relevent data and the total amount of
sale
-indicates to customer the amount of sales and due date of payment
also used to record sales in accounting record

price list - answer✔a list prepared by a company indicating product prices for billings

3 ways a recievable can be eliminated - answer✔cash receipt, sales returns and allowances, write
off

Cash receipts cycle - answer✔1. recieve cash (cash receipts prelist)
2. Deposit Cash (bank deposit slip)
3. record in cash receipts journal and subsidiary ledger
4. summarize cash receipts journal and pot to general ledger

cash receipts prelist - answer✔a list prepare when cash is received

bank deposit slip - answer✔iA document that accompanies the bill mailed to the customer and
can be returned to the seller with the cash payment is called

Collection invoice/ remittance advice - answer✔A document that accompanies the bill mailed to
the customer and can be returned to the seller with the cash payment

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