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SUA Exam UPDATED Actual Exam Questions and CORRECT Answers
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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 ...

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  • September 16, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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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


Which step in the accounting process directly precedes the preparation of closing entries? -
CORRECT ANSWER- ✔✔preparation of financial statements


Which of the following accounts is NOT closed to Income Summary at year-end -
CORRECT ANSWER- ✔✔prepaid expense



Financial Statements are prepared from numbers in the - CORRECT ANSWER- ✔✔General
Ledger


The general journal is used to: - CORRECT ANSWER- ✔✔post all accounting entries not
posted in other individual journals


Where is the total net pay from the payroll journal posted? - CORRECT ANSWER-
✔✔General Ledger


Why is the periodic inventory method used instead of the perpetual method for some
companies - CORRECT ANSWER- ✔✔The record keeping costs are lower


What is the first step performed after checks are received in the mail room at Waren Sports
Supply? - CORRECT ANSWER- ✔✔a cash receipts prelist is prepared

, At Waren Sports Supply, which of the following is the correct order for document preparation
and entry recording in the sales and cash receipts cycle? - CORRECT ANSWER-
✔✔customer order, bill of lading, sales invoice, entry in sales and accounts receivable
subsidiary ledgers


The purchases journal is used to record: - CORRECT ANSWER- ✔✔all vendor invoices on
account


In order to maintain controls over cash receipts at Waren Sports Supply, the cash receipts
journal is initialed after which of the following events? - CORRECT ANSWER- ✔✔the
validated deposit slip and cash prelist are agreed to the cash receipts journal for each entry


In order to maintain controls over cash receipts, cash is typically deposited _____, while a
bank reconciliation is performed _____. - CORRECT ANSWER- ✔✔daily, monthly


The total debit to cash for the month in the cash receipts journal must equal which of the
following? - CORRECT ANSWER- ✔✔the total of all cash prelists for the month


What can the fixed asset subsidiary ledger be used to determine? - CORRECT ANSWER-
✔✔-accumulated depreciation for a particular asset
-the age of an asset
-the estimated useful life of an asset


The sales journal is the only journal that would be used to post a: - CORRECT ANSWER-
✔✔Credit sale


What are the names of the three documents matched before a check is issued to a vendor for
payment on account? - CORRECT ANSWER- ✔✔receiving report, approved purchase order
and vendor invoice


The adjusting journal entry under the periodic inventory method would include all of the
following except: - CORRECT ANSWER- ✔✔a debit for the total amount in the freight-in
account

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