SUA Exam Questions with
Vendor Invoice - ANS-Which of the followin documents ori inates outside the company?
g g
Trail balance worksheet is sufficient for all purposes.
1. prepare a statement of retained earnin s g
2. Compute net income
3. Prepare balance sheet - ANS-The trial balance worksheet does NOT provide
information sufficient to (blank)
preparation of financial statements - ANS-Which step in the accountin process directly
g
precedes the preparation of closin entries?
g
prepaid expense - ANS-Which of the followin accounts is NOT closed to Income
g
Summary at year-end
G eneral Led er - ANS-Financial Statements are prepared from numbers in the
g
post all accountin entries not posted in other individual journals - ANS-The eneral
g g
journal is used to:
G eneral Led er - ANS-Where is the total net pay from the payroll journal posted?
g
The record keepin costs are lower - ANS-Why is the periodic inventory method used
g
instead of the perpetual method for some companies
a cash receipts prelist is prepared - ANS-What is the first step performed after checks
are received in the mail room at Waren Sports Supply?
customer order, bill of ladin , sales invoice, entry in sales and accounts receivable
g
subsidiary led ers - ANS-At Waren Sports Supply, which of the followin is the correct
g g
order for document preparation and entry recordin in the sales and cash receipts cycle?
g
all vendor invoices on account - ANS-The purchases journal is used to record:
the validated deposit slip and cash prelist are a reed to the cash receipts journal for
g
each entry - ANS-In order to maintain controls over cash receipts at Waren Sports
Supply, the cash receipts journal is initialed after which of the followin events?
g
Vendor Invoice - ANS-Which of the followin documents ori inates outside the company?
g g
Trail balance worksheet is sufficient for all purposes.
1. prepare a statement of retained earnin s g
2. Compute net income
3. Prepare balance sheet - ANS-The trial balance worksheet does NOT provide
information sufficient to (blank)
preparation of financial statements - ANS-Which step in the accountin process directly
g
precedes the preparation of closin entries?
g
prepaid expense - ANS-Which of the followin accounts is NOT closed to Income
g
Summary at year-end
G eneral Led er - ANS-Financial Statements are prepared from numbers in the
g
post all accountin entries not posted in other individual journals - ANS-The eneral
g g
journal is used to:
G eneral Led er - ANS-Where is the total net pay from the payroll journal posted?
g
The record keepin costs are lower - ANS-Why is the periodic inventory method used
g
instead of the perpetual method for some companies
a cash receipts prelist is prepared - ANS-What is the first step performed after checks
are received in the mail room at Waren Sports Supply?
customer order, bill of ladin , sales invoice, entry in sales and accounts receivable
g
subsidiary led ers - ANS-At Waren Sports Supply, which of the followin is the correct
g g
order for document preparation and entry recordin in the sales and cash receipts cycle?
g
all vendor invoices on account - ANS-The purchases journal is used to record:
the validated deposit slip and cash prelist are a reed to the cash receipts journal for
g
each entry - ANS-In order to maintain controls over cash receipts at Waren Sports
Supply, the cash receipts journal is initialed after which of the followin events?
g
