SUA TEST REVIEW EXAM QUESTIONS
AND ANSWERS
Cash disbursements journal - ANSWER-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 - ANSWER-Depreciation of fixed assets used during the year was
estimated to be $2,000. Where would this information be recorded first?
remittances prelist form. - ANSWER-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 - ANSWER-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 - ANSWER-What is a payroll
journal?
Depreciation recorded annually - ANSWER-Which of the following transactions
would be recorded in the general journal?
Purchase order, purchases journal, general ledger - ANSWER-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. - ANSWER-The purpose of a bank reconciliation is to:
accounts receivable - subsidiary ledger. - ANSWER-If you received a request from a
customer who wanted to know how much they owed, you would go to the:
Cash sale - ANSWER-Which of the following transactions would not be recorded in
the sales journal?
general ledger. - ANSWER-Financial statements are prepared from numbers in the:
bill of lading. - ANSWER-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 - ANSWER-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. - ANSWER-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. - ANSWER-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. - ANSWER-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:
Liability for federal income taxes withheld - ANSWER-Which financial statement
balance is not affected by a year-end payroll accrual?
Display activity (cash receipts and sales) for each individual account - ANSWER-
Which, if any, of the following is not a reason for preparing an accounts receivable
aged trial balance?
Prepaid expense - ANSWER-Which of the following accounts is not closed to
Income Summary at year-end?
Prior month's bank statement - ANSWER-Which of the following documents and
records is not required to prepare a reconciliation?
Preparation of financial statements - ANSWER-Which step in the accounting process
directly precedes the preparation of closing entries?
bill of lading. - ANSWER-An auditor has as his or her objective determining that
sales transactions are recorded in the proper period. The document he or she will be
most interested in is the:
Sales discounts - ANSWER-In determining cost of goods sold under the periodic
inventory method, which account is not affected?
sales invoice. - ANSWER-When processing the payment from a customer on an
accounts receivable, the accountant needs at his disposal all of the following except
the:
Vendor invoice - ANSWER-Which of the following documents originates outside the
company?
Unemployment taxes - ANSWER-Which of the following is not withheld from an
employee's paycheck?
AND ANSWERS
Cash disbursements journal - ANSWER-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 - ANSWER-Depreciation of fixed assets used during the year was
estimated to be $2,000. Where would this information be recorded first?
remittances prelist form. - ANSWER-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 - ANSWER-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 - ANSWER-What is a payroll
journal?
Depreciation recorded annually - ANSWER-Which of the following transactions
would be recorded in the general journal?
Purchase order, purchases journal, general ledger - ANSWER-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. - ANSWER-The purpose of a bank reconciliation is to:
accounts receivable - subsidiary ledger. - ANSWER-If you received a request from a
customer who wanted to know how much they owed, you would go to the:
Cash sale - ANSWER-Which of the following transactions would not be recorded in
the sales journal?
general ledger. - ANSWER-Financial statements are prepared from numbers in the:
bill of lading. - ANSWER-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 - ANSWER-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. - ANSWER-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. - ANSWER-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. - ANSWER-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:
Liability for federal income taxes withheld - ANSWER-Which financial statement
balance is not affected by a year-end payroll accrual?
Display activity (cash receipts and sales) for each individual account - ANSWER-
Which, if any, of the following is not a reason for preparing an accounts receivable
aged trial balance?
Prepaid expense - ANSWER-Which of the following accounts is not closed to
Income Summary at year-end?
Prior month's bank statement - ANSWER-Which of the following documents and
records is not required to prepare a reconciliation?
Preparation of financial statements - ANSWER-Which step in the accounting process
directly precedes the preparation of closing entries?
bill of lading. - ANSWER-An auditor has as his or her objective determining that
sales transactions are recorded in the proper period. The document he or she will be
most interested in is the:
Sales discounts - ANSWER-In determining cost of goods sold under the periodic
inventory method, which account is not affected?
sales invoice. - ANSWER-When processing the payment from a customer on an
accounts receivable, the accountant needs at his disposal all of the following except
the:
Vendor invoice - ANSWER-Which of the following documents originates outside the
company?
Unemployment taxes - ANSWER-Which of the following is not withheld from an
employee's paycheck?
