SUA Packet (Exam 1) comprehensive Questions and Answers with 100%
Correct Answers | Latest Version Already Graded A+
Accounting Process Steps: - (ANSWER)1. Transactions Occur
2. Prepare Documents
3. Record in Journals
4. Post to Ledgers
5. Prepare Unadjusted Trial Balances
6. Prepare and Post Adjusting Entries
7. Prepare Adjusted Trial Balance
8. Prepare Financial Statements
9. Prepare Closing Entries
Three Most Common Transaction Cycles/Systems: - (ANSWER)1. Sales and Cash Receipts
2. Purchases and Cash Disbursements
3. Payroll
Payroll Time Card - (ANSWER)Used to determine gross pay owed to employee
Customer Purchase Order (includes quantity ordered and agreed-upon price) - (ANSWER)Used to
determine quantities to ship to customer and amount to bill
Sales Invoice (includes total amount of sale) - (ANSWER)Provides information to customer and for
recording sales transactions
Monthly Bank Statement - (ANSWER)Provides information to determine whether the company or bank
has errors or omissions in recording cash receipts and disbursements
Internally Prepared Documents: - (ANSWER)Purchase order to buy inventory; Payroll time card
Externally Prepared Documents: - (ANSWER)Customer purchase order; Vendor's invoice
, SUA Packet (Exam 1) comprehensive Questions and Answers with 100%
Correct Answers | Latest Version Already Graded A+
Documents prepared BEFORE transaction occurs: - (ANSWER)1. Issue order to buy goods or services
(Purchase Order)
2. Receive order for a sale of goods or services (Customer Purchase Order)
Documents prepared AT SAME TIME transaction occurs: - (ANSWER)1. Receive goods or services
(Receiving report)
2. Deliver goods (Bill of lading/Shipping document)
Documents prepared AFTER transaction occurs: - (ANSWER)1. Send bill for goods/services sold (Sales
invoice)
2. Receive bill for goods/services purchased (Vendor's invoice)
Special Journals - (ANSWER)Summarize similar, repetitive types of transactions such as, sales, cash
receipts, and purchases
General Journal - (ANSWER)Used for mostly non-repetitive transactions such as error corrections,
adjusting entries, and transactions not appropriate for any special journals
Sales Journal Transactions: - (ANSWER)1. Sales or other revenue
2. Sales returns and allowances (may be recorded here or in separate journal)
Cash Receipts Journal Transactions: - (ANSWER)1. All cash receipts
Purchases Journal Transactions: - (ANSWER)1. All purchases of goods and services except payroll
2. Purchases returns and allowances (may be recorded here or in separate journal)
Cash Disbursements Journal Transactions: - (ANSWER)1. All cash disbursements made by check except
payroll
Correct Answers | Latest Version Already Graded A+
Accounting Process Steps: - (ANSWER)1. Transactions Occur
2. Prepare Documents
3. Record in Journals
4. Post to Ledgers
5. Prepare Unadjusted Trial Balances
6. Prepare and Post Adjusting Entries
7. Prepare Adjusted Trial Balance
8. Prepare Financial Statements
9. Prepare Closing Entries
Three Most Common Transaction Cycles/Systems: - (ANSWER)1. Sales and Cash Receipts
2. Purchases and Cash Disbursements
3. Payroll
Payroll Time Card - (ANSWER)Used to determine gross pay owed to employee
Customer Purchase Order (includes quantity ordered and agreed-upon price) - (ANSWER)Used to
determine quantities to ship to customer and amount to bill
Sales Invoice (includes total amount of sale) - (ANSWER)Provides information to customer and for
recording sales transactions
Monthly Bank Statement - (ANSWER)Provides information to determine whether the company or bank
has errors or omissions in recording cash receipts and disbursements
Internally Prepared Documents: - (ANSWER)Purchase order to buy inventory; Payroll time card
Externally Prepared Documents: - (ANSWER)Customer purchase order; Vendor's invoice
, SUA Packet (Exam 1) comprehensive Questions and Answers with 100%
Correct Answers | Latest Version Already Graded A+
Documents prepared BEFORE transaction occurs: - (ANSWER)1. Issue order to buy goods or services
(Purchase Order)
2. Receive order for a sale of goods or services (Customer Purchase Order)
Documents prepared AT SAME TIME transaction occurs: - (ANSWER)1. Receive goods or services
(Receiving report)
2. Deliver goods (Bill of lading/Shipping document)
Documents prepared AFTER transaction occurs: - (ANSWER)1. Send bill for goods/services sold (Sales
invoice)
2. Receive bill for goods/services purchased (Vendor's invoice)
Special Journals - (ANSWER)Summarize similar, repetitive types of transactions such as, sales, cash
receipts, and purchases
General Journal - (ANSWER)Used for mostly non-repetitive transactions such as error corrections,
adjusting entries, and transactions not appropriate for any special journals
Sales Journal Transactions: - (ANSWER)1. Sales or other revenue
2. Sales returns and allowances (may be recorded here or in separate journal)
Cash Receipts Journal Transactions: - (ANSWER)1. All cash receipts
Purchases Journal Transactions: - (ANSWER)1. All purchases of goods and services except payroll
2. Purchases returns and allowances (may be recorded here or in separate journal)
Cash Disbursements Journal Transactions: - (ANSWER)1. All cash disbursements made by check except
payroll
