Seçmeli Ara Sınav - Accountıng I

Soru 1:

Which one of the following is "the definition of the process by which companies produce their financial statements for a specific period of time"?

A) Income statement B) Balance sheet C) Closing entries D) Accounting cycle E) Adjusting entries

Soru 2:

Star Inc., has 200.000 TL in revenues, 25.000 in expenses. According to this information, Star Inc. which of the following is the change in stockholders’ equity?

A) +125.000 B) +150.000 C) +175.000 D) -150.000 E) -125.000

Soru 3:

Which depreciation method allocates an equal amount of depreciation for each period?

A) Straight-Line Depreciation Method B) Double Declining Balance Depreciation Method C) Units of Production Depreciation Method D) Sum-of-the-Years-Digits Depreciation Method E) Single Declining Balance Depreciation Method

Soru 4:

Which of the following is not one of the basic activities in accounting?

A) Identifying the financial transactions B) Recording the financial transactions C) Communicating to decision makers about transactions D) Preparing financial statements E) Communicating with banks for funding

Soru 5:

Which of the followings refers to the situation when revenue is recognized before the cash is received?

A) Revenue recognition principle B) Expense C) Periodicity concept D) Deferred revenue E) Accrued revenue

Soru 6:

Which one of the following describes entering an amount on the left side of an account?

A) Balancing B) Crediting C) Debiting D) Writing E) Clearing

Soru 7:

A company has raw materials which will be consumed within 10 months. In which section of the balance sheet should the company report this?

A) Owner’s equity B) Current assets C) Non-current assets D) Non-current liabilities E) Current liabilities

Soru 8:

Which of the following is not among the common accounting periods?

A) weekly B) monthly C) quarterly D) semiannually E) yearly

Soru 9:

A debit entry to an account....

A) increases owner’s equity. B) increases liabilities. C) Both A and B D) increases assets. E) Both A and D

Soru 10:

Which of the following is not one of the steps in journalizing and posting process?

A) Identifying the accounts and the account types B) Deciding whether each account increases or decreases C) Recording the transaction in the journal. D) Ignoring the balance in the accounting equation E) Posting the journal entry to the ledger

Soru 11:

What is the activity of keeping records of the financial transactions called?

A) Economic transaction B) Accounting C) Bookkeeping D) Financial statement E) Classifying

Soru 12:

Which of the following statements is wrong?

A) Crediting refers to the act of making an entry on the right side of an account B) Debit and credit effects vary due to the types of accounts C) In a double-entry system, equal debits and credits are made in the accounts for each transaction D) Assets, distributions, and expenses increase by crediting (on right side) and normally show credit balance E) There are three main steps which occur repeatedly in the recording process: Analyzing, journalizing and posting

Soru 13:

Which of the following includes the assets that will be converted into cash, sold, consumed or received within 12 months?

A) Current assets B) Non-current assets C) Current liabilities D) Non-current liabilities E) Owner's equity

Soru 14:

Which of the following is not one of the parties that the accounting numbers are prepared for?

A) Owners B) Managers C) Employees D) Creditors E) Suppliers

Soru 15:

The company has 15,000 liras of revenues and 3,000 liras of expenses. Which of the following statement is TRUE about this company's closing process?

A) 12,000 liras of revenue will be posted to Income Summary account. B) 3,000 liras of expense will be posted to credit side of Income Summary account. C) 15,000 liras of revenue will be posted to debit side of Income Summary account. D) The company has a loss of 3000 liras. E) 12,000 liras of profit is transferred to Capital account.

Soru 16:

At the end of the each month which one is prepared by the company?

A) Monthly trial balance B) Adjusted trial balance C) Closing entries D) Post-closing trial balance E) Preparing unadjusted trial balance at the end of the period

Soru 17:

Which is NOT TRUE about trial balance ?

A) It is a list of all ledger accounts with their balances at a point in time. B) It proves the mathematical equality of debits and credits after posting. C) Owner's equity is summarized last. D) It is seen by company insiders and outsiders. E) It is generally prepared on the last day of the accounting period.

Soru 18:

Which of the following described "The cost of assets consumed or services used during the revenue earning process"?

A) Expense B) Revenue C) Cost D) Income E) Cash

Soru 19:

Which of the following are the functions of accounting?

A) Identification and Recording B) Recording and Communicating C) Communicating D) Identification, Recording and Communicating E) Identification and Communicating

Soru 20:

.......... refers to the valuation (determination of the monetary amount subject to recording) of assets and liabilities in accounting process.

A) Ethics B) Faithful representation C) The rightness D) Measurement E) Relevance