Final Sınavı - Accountıng I - sinavahazirlan.com

Soru 1:

Which of the followings is type of businesses in which raw materials are converted to finished goods and then sold to customers?

A) Service companies B) Manufacturing companies C) Merchandising companies D) Retailer E) Whole seller

Soru 2:

Which of the followings reduces the amount of accounts receivables since the customer delivers back the goods or the company waives a portion of its claim due to product defects?

A) Sales Returns and Allowances B) Cash (net) realizable value C) Accounts receivable D) Trade Discounts E) Cash Discounts

Soru 3:

Which inventory-related accounting principle states that a company must perform strictly proper accounting only for significant items?

A) Consistency principle B) Disclosure principle C) Conservatism D) Materiality principle E) Specific identification method

Soru 4:

Which of the following is the formula of gross profit?

A) Sales revenue - Cost of goods sold B) Operating expenses + Administrative expenses C) Operating income - Interest revenues D) Net income + Operating income E) Sales revenue - Net income

Soru 5:

Which of the following is the right definition of "factoring"?

A) Factoring measures the liquidity of accounts receivable and is calculated as net credit sales divided by net accounts receivable. B) Factoring is the business of purchasing receivables from companies upon a fee for the services performed to manage and collect receivables. C) Factoring is the average amount of time that a receivable payment is outstanding and is calculated as 365 days divided by receivable turnover ratio. D) Factoring is a trend line of the proportion of customer sales that are paid at the time of sale, noting the payment type used. E) Factoring a written agreement or a commitment to pay a particular amount ofpromised money at a particular period of time.

Soru 6:

Which of the following is accounts receivable turnover ratio ?

A) Credit Sales/ Average Account Receivable B) 365 days / Accounts Receivables Turnover C) Future Value / Interest Rate D) Future Value / Average Account Receivable E) Credit Sales/Interest Rate

Soru 7:

................is the financial statement that reports operation results of a business for a specific period of time.

A) Balance sheet B) Adjusted trial balance C) Income statement D) Statement of owner’s equity E) General Ledger

Soru 8:

Which of the following is true for "Direct write-off method"?

A) The loss amount is not charged directly to the uncollectible account expense B) The company does not estimate bad debts losses in this method. C) The company uses allowance account for the expenses based on estimates in this method D) Uncollectible receivables cannot be calculated through Direct Write-off Method. E) It is mainly used by relatively small and private companies

Soru 9:

Which of the followings is an income statement account that shows the losses incurred due to uncollectible receivables?

A) Accounts receivable B) Cash (net) realizable value C) Bad debt expense D) Percent-of-Sales E) Payee

Soru 10:

Which one of the following is "an intentional misrepresentation of facts which is, made for purpose of persuading another party to act in a way that causes injury or damage to that party"?

A) Error B) Documentation C) Fraud D) Rationalization E) Pressure

Soru 11:

Which of the following is not one of the features of "allowance method"?

A) The uncollectible amounts are anticipated B) The icome for the uncollectible account is matched against sales C) Forecasted uncollectible receivables are not credited D) Collectible receivables are debited to Allowance for Doubtful Debts Account E) Customers are expected to repay their debts

Soru 12:

"This is a document which is prepared by a bank to show the transactions that occurred in the account of a business within a month."Which option is described above?

A) Cheque B) Bank Statement C) Receipt D) Cash E) Bill

Soru 13:

"Accounts receivable arises ......." Which of the following appropriately completes the statement above?

A) before the sales revenue account is credited by banks B) when the company has to debit accounts receivables C) when another company buys the company's goods or services on cash basis D) when a company sells goods or services to its customer on credit E) when thebasic sales transaction has no cash and income increasing effect

Soru 14:

It is well known that there are five components of internal control, based on Committee of Sponsoring Organization(COSO). Which option below is not one of them?

A) Monitoring activities B) Risk assessments C) Internal Control-Integrated Framework D) Information and communication E) Control activities

Soru 15:

Which of the following reduces the amount of accounts receivables since the customer delivers back the goods or the company waives a portion of its claim due to product defects?

A) Sales Returns and Allowances B) Trade Discounts C) Cash Discounts D) Valuation of Accounts Receivables E) Disposition of Accounts Receivable

Soru 16:

Which principle holds that a company should report enough information for financial statement users to understand methods and procedures used for each component of the financial statements to make wise decisions about the company by providing additional information?

A) Perpetual Inventory System B) Conservatism C) Materiality Concept D) Disclosure Principle E) Consistency Principle

Soru 17:

Which of the following is defined as "the humanly devised rules, procedures and norms to judge one’s action as right or wrong, honest or dishonest and fair or not fair" ?

A) Ethics B) Fairness C) Honesty D) Rightness E) Transparency

Soru 18:

Which of the followings means being careful in reporting items in the financial statements?

A) Disclosure Principle B) Consistency Principle C) Materiality Concept D) Conservatism E) Perpetual Inventory System

Soru 19:

Which one is called merchandise on hand (not sold)?

A) Cost of merchandise sold B) Merchandise inventory asset C) Operating cycle D) Ending inventory E) Cost of goods sold

Soru 20:

Which of the following is incorrect information about cash and cash equivalents?

A) Cash which is the most liquid asset of a business. B) The first current asset is Cash. C) Cash equivalents which is a highly liquid investment that can be converted into cash in a short term. D) Cash Ratio = (Cash + Cash Equivalents) / Total Current Assets E) All of the assets of a business are listed on the left side of the balance sheet.