Exam (elaborations)

ACCT 3122 EXAM (SUA) Questions With Correct Answers.

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ACCT 3122

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ACCT 3122

ACCT 3122 EXAM (SUA) Questions With Correct Answers. How does a company create value? - answera company transforms resources into goods and services that it sells to customers what is the purpose of a company? - answerto create value The accounting system is used to - answer-measure, record, c...

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Uploaded on September 17, 2024
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acct 3122 exam sua questions with correct answer

Institution ACCT 3122
Course ACCT 3122

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ACCT 3122 EXAM (SUA) Questions With
Correct Answers.

How does a company create value? - answer✔a company transforms resources into goods and
services that it sells to customers

what is the purpose of a company? - answer✔to create value

The accounting system is used to - answer✔-measure, record, categorize, and summarize the
daily operating activities

-provide accountability of all levels of management for their responsibilities

-protect business assets from unauthorized use or consumption

9 Step Accounting Cycle - answer✔1. Transactions Occur
2. Prepare Documents
3. Record in Journals
4. Post to Ledgers
5. Prepare Unadjusted G/L Trial Balance
6. Prepare and Post Adjusting entries
7. prepare Adjusted Trial Balance
8. Prepare Financial Statements
9. Prepare Closing Entries

Transactions - answer✔exchanges of goods and services

three most commons transaction cycles - answer✔-sales and cash receipts
-purchases and cash disbursements
-payroll

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characteristics of value chain cycle - answer✔1. duality - for each event a company gives
something, a related event will cause the company to receive something

2. Stock flow - one inflow and one outflow of a resources

Duality of Sales and Cash Receipts Cycle - answer✔Input: Good or Service
Output: cash

Duality of Purchases and Cash Disbursements Cycle - answer✔Input:: Cash
Output: Fixed assets, raw material, inventory

Duality of Payroll Cycle - answer✔Input: Cash
Output: Labor

Duality of Financing Cycle - answer✔Input: Cash
Output: Cash

Duality Conversion Cycle - answer✔Input: Direct materials, direct labor, overhead
Output: Finished Goods

Examples of documents - answer✔time cards, customer purchase order, sales invoices

methods of document preparation - answer✔internal (within company) and external (by an
outsider)

*may be electronic or paper-based

documents prepared before a transaction occurs - answer✔purchase order
customer purchase order

documents prepared at the same time a transaction occurs - answer✔receiving report
bill of lading

documents prepared after a transaction occurs - answer✔sales invoice
vendor sales invoice

Sales Journal - answer✔credit sales
sales returns and allowance

, ©THEBRIGHTSTARS 2024/2025
Cash Receipts Journal - answer✔Cash Sales
Cash Receipts from Customers
Cash receipts from other sources (i.e. bank loans)

Purchases Journal - answer✔Purchases of Inventory
Purchases of Fixed Assets
Purchases of Supplies
Purchase Returns and Allowances

Cash Disbursements Journal - answer✔Payments to Suppliers
Payments for Freight Costs
Payments to Other Sources (i.e. Utilities, Insurance, IRS, etc.)

Payroll Journal - answer✔Payments to employees

General Journal - answer✔Miscellaneous Transactions (i.e. adjusting entries, closing entries and
other transactions

a set of general ledger accounts unique to a company - answer✔chart of accounts
it is also a model of the organization

a multidimensional structure represented in the account numbers,
defined through the account number's coding (left to right)
summarized through the financial reporting structure

prepaid expense - answer✔an expense paid for in advance of its use

accrued expense - answer✔an expense incurred for which payment has not been made

accrued revenue - answer✔a revenue arched for which the cash has not yet been received

unearned revenue - answer✔a revenue received in cash in advance of being earned

estimated items - answer✔an expense recorded on the basis of estimates

(bad debt expense, federal income tax expense, depreciation expense)

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Exam (elaborations)

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