Seçmeli Ara Sınav - Accountıng I

Soru 1:

Which of the following is not true for closing entries?

A) Includes transferring the balances of the revenue and expense accounts to Income summary account. B) Includes transferring Income Summary account’s balance to Capital account. C) If revenues exceeds expenses then profit occurs. D) Profit and loss are transferred to the capital account. E) In order to close revenue accounts, the revenue account must be credited.

Soru 2:

Current liabilities are the short-term liabilities. What are examples of current liabilities?

A) Accrued expenses. B) Customer deposits. C) Accounts payable, Sales taxes payable, Payroll taxes payable, Income taxes payable. Interest payable, Bank account overdrafts. D) The Debt Account andRevenues and Expenses of company. E) Profit / Loss of a company.

Soru 3:

What are the main purpose of adjusting entries in accounting?

A) The main purpose of adjusting entries is to update the accounts to conform with the accrual concept. At the end of the accounting period, some income and expenses may have not been recorded, taken up or updated; hence, there is a need to update the accounts. B) Adjusting Entries are not necessary every time financial statements are prepared. C) Basic categories of adjusting entries are result of physical events. D) The main purpose of adjusting entries is deferred expenses (prepaid expenses) on income statement. E) The main purpose of adjusting entries is deferred expenses (prepaid expenses) on balance sheet.

Soru 4:

Which of the following is not one of the asset accounts of firms?

A) Cash B) Account receivables C) Notes receivables D) Unpaid expenses E) Equipment

Soru 5:

Which one of the following describes an early payment of future liability?

A) Accounts Receivable B) Accounts Payable C) Notes Receivable D) Equipment, Furniture, and Fixtures E) Prepaid Expenses

Soru 6:

What is deferred revenue?

A) Deferred revenue, also known a sort of revenue, refers to payments a company already received for products or services in the past. B) Delivery of the good or service to the customer, but the deferred revenue is not reclassified as an asset. C) In deferred revenue, revenue is recognized before the cash is received. D) Deferred revenue, also known as unearned revenue, refers to advance payments a company receives for products or services that are to be delivered or performed in the future. E) The deferred revenue is an expense and decrease in owner’s equity that results from operations.

Soru 7:

"Under double-entry system, debit and credit procedure is used ........." Which of the following statements appropriately completes the sentence above?

A) to increase the owner’s equity while owner’s withdrawals and expenses decrease the owner’s equity B) to decrease liabilities or owner’s equity following the the total of the investment within the firm C) to use appropriate accounts instead of using only minus procedure at the end of the year D) to keep the accounting equation in balance by using appropriate accounts instead of using plus and minus procedure. E) to increase liabilities or owner’s equity because they are on opposite sides of the equality.

Soru 8:

Which of the following is true for assets?

A) Normally show credit balance B) Increase by crediting C) Assets increase on right side by debiting D) Assets= Liabilities + Owner's Equity E) Distributions and expenses act like liabilities on Dr/Cr Rules.

Soru 9:

Which of the following is not among liabilities?

A) Accounts payable B) Notes payable C) Accrued liabilities D) Prepaid expenses E) Unearned revenue

Soru 10:

Which one of following describes an advance from a costumer?

A) Accrued Liabilities B) Unearned Revenue C) Prepaid Expenses D) Notes Receivable E) Accounts Receivable

Soru 11:

................. of an asset is the depreciable asset’s cost minus the asset’s accumulated depreciation. What should the gap is filled with?

A) Accumulated Depreciation B) Book Value C) Straight-line depreciation method D) Residual value E) Useful life

Soru 12:

Which is the effect of repayment of a debt on accounts?

A) Increase in both cash and debt. B) Decrease in both cash and debt. C) Increase in both cash and capital. D) Decrease in both cash and equity. E) Increase in cash and decrease in debts.

Soru 13:

Rent Interest Insurance Which of the expenses above can be considered as examples of prepaid expenses?

A) Only I B) Only II C) I and II D) II and III E) I, II and III

Soru 14:

Which of the following is an acceptable statement of the basic accounting equation?

A) Assets = Liabilities + Owner’s equity B) Assets = Liabilities – Owner’s equity C) Assets – Liabilities = Owner’s equity – Expenses D) Assets – Owner’s equity = Liabilities – Receivable E) Assets = Owner’s euity – Revenues + Expenses

Soru 15:

What is the final stage of the accounting process?

A) The final stage of the accounting process is posting to the Ledger B) The final stage of the accounting process is recording in the Journals. C) Regulation of Financial Accounting and Reporting. D) In the accounting cycle, the last step is to prepare a post-closing trial balance. It is prepared to test the equality of debits and credits after closing entries are made. E) The final stage of the accounting processes is the Financial Statements.

Soru 16:

Which of the below states that assets are recorded at their cost?

A) Relevance B) Faithful representation C) The fair value principle D) Materiality E) The historical cost principle

Soru 17:

….. is often defined as a book of accounts.

A) A ledger B) Trial balance C) Debit D) Credit E) Statement

Soru 18:

What is faithful representation?

A) It states that assets are recorded at their cost. B) It states that assets and liabilities are reported at their fair value. C) It means the factuality of financial statements. D) It is the universally accepted accounting principle that all material matters are to be disclosed. E) It refers the impact capacity of financial information on the decisions of information users.

Soru 19:

What is the purpose of the closing process in accounting?

A) In the balance sheet, which is in the closing stage, owner’s equity shows the owners’ investments, profit and loss of the period. B) The purpose of the closing entry is to bring to the companies their benefit from current liabilities for financing its current assets. C) Thepurpose of the closingentry,assets are reported according to their liquidity in the balance sheet. D) The purpose of the closing entry is to bring the temporary account balances to zero on the general ledger, including revenue, expense and dividend accounts. All income statement balances are eventually transferred to retained earnings. E) The purpose of the closing entryis toprepare statement of owner’s equity reports the changes in the capital throughout the period caused by the owner’s capital investments or withdrawals, net profit or loss.

Soru 20:

I. Cash basis II. Accrual basis III. Record basis Which of the above is/are the basis of accounting?

A) Only I B) Only II C) I and II D) II and III E) I, II and III