SUA EXAM QUESTIONS AND ANSWERS 2026
Which of the following documents originates outside the company? - Answers - Vendor
Invoice
The trial balance worksheet does NOT provide information sufficient to (blank) -
Answers - Trail balance worksheet is sufficient for all purposes.
1. prepare a statement of retained earnings
2. Compute net income
3. Prepare balance sheet
Which step in the accounting process directly precedes the preparation of closing
entries? - Answers - preparation of financial statements
Which of the following accounts is NOT closed to Income Summary at year-end -
Answers - prepaid expense
Financial Statements are prepared from numbers in the - Answers - General Ledger
The general journal is used to: - Answers - post all accounting entries not posted in
other individual journals
Where is the total net pay from the payroll journal posted? - Answers - General Ledger
Why is the periodic inventory method used instead of the perpetual method for some
companies - Answers - The record keeping costs are lower
What is the first step performed after checks are received in the mail room at Waren
Sports Supply? - Answers - a cash receipts prelist is prepared
At Waren Sports Supply, which of the following is the correct order for document
preparation and entry recording in the sales and cash receipts cycle? - Answers -
customer order, bill of lading, sales invoice, entry in sales and accounts receivable
subsidiary ledgers
The purchases journal is used to record: - Answers - all vendor invoices on account
In order to maintain controls over cash receipts at Waren Sports Supply, the cash
receipts journal is initialed after which of the following events? - Answers - the validated
deposit slip and cash prelist are agreed to the cash receipts journal for each entry
In order to maintain controls over cash receipts, cash is typically deposited _____, while
a bank reconciliation is performed _____. - Answers - daily, monthly
Which of the following documents originates outside the company? - Answers - Vendor
Invoice
The trial balance worksheet does NOT provide information sufficient to (blank) -
Answers - Trail balance worksheet is sufficient for all purposes.
1. prepare a statement of retained earnings
2. Compute net income
3. Prepare balance sheet
Which step in the accounting process directly precedes the preparation of closing
entries? - Answers - preparation of financial statements
Which of the following accounts is NOT closed to Income Summary at year-end -
Answers - prepaid expense
Financial Statements are prepared from numbers in the - Answers - General Ledger
The general journal is used to: - Answers - post all accounting entries not posted in
other individual journals
Where is the total net pay from the payroll journal posted? - Answers - General Ledger
Why is the periodic inventory method used instead of the perpetual method for some
companies - Answers - The record keeping costs are lower
What is the first step performed after checks are received in the mail room at Waren
Sports Supply? - Answers - a cash receipts prelist is prepared
At Waren Sports Supply, which of the following is the correct order for document
preparation and entry recording in the sales and cash receipts cycle? - Answers -
customer order, bill of lading, sales invoice, entry in sales and accounts receivable
subsidiary ledgers
The purchases journal is used to record: - Answers - all vendor invoices on account
In order to maintain controls over cash receipts at Waren Sports Supply, the cash
receipts journal is initialed after which of the following events? - Answers - the validated
deposit slip and cash prelist are agreed to the cash receipts journal for each entry
In order to maintain controls over cash receipts, cash is typically deposited _____, while
a bank reconciliation is performed _____. - Answers - daily, monthly
