Exam 1 Study Guide | Accounting Process & Cycles | SUA | 2026/27

S U Pcket (Ex m 1) with Complete a




S olution 2026/2027 s




ccounting Proce tep : - N WER-1. Tr n ction Occur
A ss S s A S a sa s



2. Prep re Document a s



3. Record in Journ l a s



4. Po t to Ledger s s



5. Prep re Un dju ted Tri l B l nce
a a s a a a s



6. Prep re nd Po t dju ting Entriea a s A s s



7. Prep re dju ted Tri l B l nce a A s a a a



8. Prep re Fin nci l t tement a a a S a s



9. Prep re Clo ing Entrie a s s




Three Mo t Common Tr n ction Cycle / y tem : - N WER-1. le nd C h Receipt
s a sa s S s s A S Sa s a as s



2. Purch e nd C h Di bur ement as s a as s s s



3. P yroll a




P yroll Time C rd - N WER-U ed to determine gro p y owed to employee
a a A S s ss a




Cu tomer Purch e Order (include qu ntity ordered nd greed-upon price) - N WER-U ed
s as s a a a A S s



to determine qu ntitie to hip to cu tomer nd mount to bill a s s s a a




le Invoice (include tot l mount of le) - N WER-Provide inform tion to cu tomer nd for
Sa s s a a sa A S s a s a



recording le tr n ction sa s a sa s




Monthly B nk t tement - N WER-Provide inform tion to determine whether the comp ny or
a S a A S s a a



b nk h error or omi ion in recording c h receipt nd di bur ement
a as s ss s as s a s s s




Intern lly Prep red Document : - N WER-Purch e order to buy inventory; P yroll time c rd
a a s A S as a a




Extern lly Prep red Document : - N WER-Cu tomer purch e order; Vendor' invoice
a a s A S s as s




Document prep red BEFORE tr n ction occur : - N WER-1. I ue order to buy good or
s a a sa s A S ss s



ervice (Purch e Order)
s s as



2. Receive order for le of good or ervice (Cu tomer Purch e Order) a sa s s s s as




Document prep red T ME TIME tr n ction occur : - N WER-1. Receive good or ervice
s a A SA a sa s A S s s s



(Receiving report)
2. Deliver good (Bill of l ding/ hipping document) s a S

, Document prep red FTER tr n ction occur : - N WER-1. end bill for good / ervice old ( le
s a A a sa s A S S s s s s Sa s



invoice)
2. Receive bill for good / ervice purch ed (Vendor' invoice) s s s as s




Speci l Journ l - N WER- umm rize imil r, repetitive type of tr n ction uch , le , c h receipt ,
a a s A S S a s a s a sa s s as sa s as s



and purch e as s




Gener l Journ l - N WER-U ed for mo tly non-repetitive tr n ction uch error correction ,
a a A S s s a sa s s as s



dju ting entrie , nd tr n ction not ppropri te for ny peci l journ l
a s s a a sa s a a a s a a s




le Journ l Tr n ction : - N WER-1. le or other revenue
Sa s a a sa s A S Sa s



2. le return nd llow nce (m y be recorded here or in ep r te journ l)
Sa s s a a a s a s a a a




C h Receipt Journ l Tr n ction : - N WER-1. ll c h receipt
as s a a sa s A S A as s




Purch e Journ l Tr n ction : - N WER-1. ll purch e of good nd ervice except p yroll
as s a a sa s A S A as s s a s s a



2. Purch e return nd llow nce (m y be recorded here or in ep r te journ l)
as s s a a a s a s a a a




C h Di bur ement Journ l Tr n ction : - N WER-1. ll c h di bur ement m de by check except
as s s s a a sa s A S A as s s s a



p yroll
a




P yroll Journ l Tr n ction : - N WER-1. ll p yroll di bur ement (u u lly m de by check)
a a a sa s A S A a s s s s a a




ccount Receiv ble ged Tri l B l nce - N WER-Li ting of the ending b l nce in the ub idi ry
A s a A a a a A S s a a s s s a



/R ledger t pecific point in time for individu l ccount including the cu tomer
A a a s a a s s



number/n me, b l nce due, nd ging hi tory a a a a a s




*** le nd C h Receipt Cycle Tr n ction - 5 uthoriz tion /Initi ling: - N WER-1. pprov l of
Sa s a as s a sa s A a s a A S A a



credit before hipment t ke pl ce (Kr mer ign cu tomer purch e order) s a s a a s s s as



2. hipment of good (Ford ign Bill of L ding)
S s s s a



3. Determin tion of ppropri te price to ch rge for good , including term nd freight ( d m ign
a a a a s s a A a s s s



le invoice)
sa s



4. pprov l of credit to ccount receiv ble for le return nd llow nce or write-off of
A a s a s a sa s s a a a s



uncollectible ccount (Kr mer ign credit memo) a s a s s



5. Determining c h di count llowed for cu tomer ' p yment m de before di count d te as s s a s s a s a s a



(Kr mer ign credit memo)
a s s




Purch e nd C h Di bur ement Cycle ubcycle : - N WER-1. Purch e
as s a as s s s S s A S as s



2. C h Di bur ement as s s s



3. Purch e Return nd llow nce as s s a A a s



4. Provi ion for depreci tion, nd dju tment for prep id nd ccru l
s a a a s s a s a a a s




Purch e ubcycle ction /Document : - N WER-1. Requi ition good or ervice (purch e
as s S A s s A S s s s s as



requi ition) s



2. Proce purch e order (purch e order) ss as as