100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
SUA Exam UPDATED Actual Exam Questions and CORRECT Answers $7.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. SUA
  4.  
  5. SUA

Exam (elaborations)

SUA Exam UPDATED Actual Exam Questions and CORRECT Answers
 0 purchase
  • Course
  • SUA
  • Institution
  • SUA

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 ...

[Show more]

Preview 2 out of 5  pages

Document information

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

Subjects

Written for

  • SUA
  • SUA

Seller

avatar-seller
MGRADES

Reviews received

Content preview

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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$7.99
  • (0)
Add to cart
Added