SUA Test Review with Accurate
sales order - ANS-A document prepared in the sales department of most firms for
recording the description, quantity and related information for goods purchased by their
customers is called a:
remittance advice. - ANS-A document that accompanies the bill mailed to the customer
and can be returned to the seller with the cash payment is called a(n):
payroll journal. - ANS-A place where gross pay, withholdings, and net pay are recorded
for all employees. The amounts are normally totaled and posted to the general ledger
monthly. The above is called a(n):
voucher. - ANS-A document frequently used by organizations to establish a formal
means of recording and controlling acquisitions. It is the basis not only for recording
acquisitions in the journal but also for making cash disbursements. This document is
called a(n):
cash receipts journal. - ANS-When a company receives a check in the mail in payment
of an account receivable, the first recording of information about the collection is in the:
vendor invoice. - ANS-A document that indicates such things as the description and
quantity of goods and services received, the price including freight, the cash discount
terms and the date of billing. It is an essential document because it specifies the amount
of money owed for an acquisition. This document is a:
credit memo. - ANS-A document indicating a reduction in the amount due from a
customer because of returned goods or an allowance granted is called a(n):
bill of lading. - ANS-A document prepared at the time of shipment indicating the
description of the merchandise, the quantity shipped and other relevant data. It is a
written contract of the receipt and shipment of goods between the seller and the carrier.
This document is a:
Purchase order, receiving report, vendor invoice - ANS-An auditor wants to verify that
for a given inventory acquisition, (1) the merchandise was ordered by the company, (2)
the merchandise was delivered to the company, and (3) a bill for the merchandise was
received. The auditor should look at which documents?
, Form 941. - ANS-A document used to report to the federal government income taxes
(federal income taxes and F.I.C.A.) withheld from wages of employees is called a(n):
accounts receivable subsidiary ledger. - ANS-When a customer of a company inquires
about the amount which the customer owes the company, the clerk handling the
question would go to the:
perpetual inventory records. - ANS-If a manager wanted to know how many units of
product "Q" had been sold during the current year, the information would be obtained
from:
Cash disbursements journal - ANS-Your company purchased merchandise from the "X"
Corporation. As the "gopher" person in your company, you picked up the merchandise
as you delivered the order to buy. You paid for the merchandise instantly with one of
your company's checks. Where would this transaction be recorded first by your
company?
General journal - ANS-Depreciation of fixed assets used during the year was estimated
to be $2,000. Where would this information be recorded first?
remittances prelist form. - ANS-The clerk who opens mail is assigned responsibility for
preparing a document which identifies all cash collections received in the mail for a
given day. This document is called a(n):
Chart of accounts - ANS-A client's accounting records are unfamiliar to a new auditor.
Where would a new auditor go to learn the names and numbers of the accounts being
debited and credited in the transactions?
A special journal where payroll hours, dollars and deductions are accumulated for
subsequent posting to the general ledger accounts - ANS-What is a payroll journal?
Depreciation recorded annually - ANS-Which of the following transactions would be
recorded in the general journal?
Purchase order, purchases journal, general ledger - ANS-What is the normal sequence
of recording a transaction where inventory was acquired?
identify the differences between the bank balance per bank statement and our balance
per books. - ANS-The purpose of a bank reconciliation is to:
accounts receivable - subsidiary ledger. - ANS-If you received a request from a
customer who wanted to know how much they owed, you would go to the:
Cash sale - ANS-Which of the following transactions would not be recorded in the sales
journal?
sales order - ANS-A document prepared in the sales department of most firms for
recording the description, quantity and related information for goods purchased by their
customers is called a:
remittance advice. - ANS-A document that accompanies the bill mailed to the customer
and can be returned to the seller with the cash payment is called a(n):
payroll journal. - ANS-A place where gross pay, withholdings, and net pay are recorded
for all employees. The amounts are normally totaled and posted to the general ledger
monthly. The above is called a(n):
voucher. - ANS-A document frequently used by organizations to establish a formal
means of recording and controlling acquisitions. It is the basis not only for recording
acquisitions in the journal but also for making cash disbursements. This document is
called a(n):
cash receipts journal. - ANS-When a company receives a check in the mail in payment
of an account receivable, the first recording of information about the collection is in the:
vendor invoice. - ANS-A document that indicates such things as the description and
quantity of goods and services received, the price including freight, the cash discount
terms and the date of billing. It is an essential document because it specifies the amount
of money owed for an acquisition. This document is a:
credit memo. - ANS-A document indicating a reduction in the amount due from a
customer because of returned goods or an allowance granted is called a(n):
bill of lading. - ANS-A document prepared at the time of shipment indicating the
description of the merchandise, the quantity shipped and other relevant data. It is a
written contract of the receipt and shipment of goods between the seller and the carrier.
This document is a:
Purchase order, receiving report, vendor invoice - ANS-An auditor wants to verify that
for a given inventory acquisition, (1) the merchandise was ordered by the company, (2)
the merchandise was delivered to the company, and (3) a bill for the merchandise was
received. The auditor should look at which documents?
, Form 941. - ANS-A document used to report to the federal government income taxes
(federal income taxes and F.I.C.A.) withheld from wages of employees is called a(n):
accounts receivable subsidiary ledger. - ANS-When a customer of a company inquires
about the amount which the customer owes the company, the clerk handling the
question would go to the:
perpetual inventory records. - ANS-If a manager wanted to know how many units of
product "Q" had been sold during the current year, the information would be obtained
from:
Cash disbursements journal - ANS-Your company purchased merchandise from the "X"
Corporation. As the "gopher" person in your company, you picked up the merchandise
as you delivered the order to buy. You paid for the merchandise instantly with one of
your company's checks. Where would this transaction be recorded first by your
company?
General journal - ANS-Depreciation of fixed assets used during the year was estimated
to be $2,000. Where would this information be recorded first?
remittances prelist form. - ANS-The clerk who opens mail is assigned responsibility for
preparing a document which identifies all cash collections received in the mail for a
given day. This document is called a(n):
Chart of accounts - ANS-A client's accounting records are unfamiliar to a new auditor.
Where would a new auditor go to learn the names and numbers of the accounts being
debited and credited in the transactions?
A special journal where payroll hours, dollars and deductions are accumulated for
subsequent posting to the general ledger accounts - ANS-What is a payroll journal?
Depreciation recorded annually - ANS-Which of the following transactions would be
recorded in the general journal?
Purchase order, purchases journal, general ledger - ANS-What is the normal sequence
of recording a transaction where inventory was acquired?
identify the differences between the bank balance per bank statement and our balance
per books. - ANS-The purpose of a bank reconciliation is to:
accounts receivable - subsidiary ledger. - ANS-If you received a request from a
customer who wanted to know how much they owed, you would go to the:
Cash sale - ANS-Which of the following transactions would not be recorded in the sales
journal?
