Seçmeli Ara Sınav - Accountıng I

Soru 1:

Which of the following is a set of principles and rules that companies follow when they prepare and publish their financial statements, providing a standardized way of describing the company’s financial performance?

A) International Accounting Standards Board (IASB) B) The Financial Accounting Standards Board (FASB) C) International Financial Reporting Standards (IFRS) D) International Standards on Auditing (ISA) E) Generally Accepted Auditing Standards (GAAS)

Soru 2:

Which of the following is not subject to depreciation?

A) buildings B) land C) furtniture D) trucks E) machinery

Soru 3:

......................... a list of all the accounts with their adjusted balances. What is the financial statement described above?

A) Trial balance B) Balance sheet C) İncome statement D) Cash flow statement E) Adjusted trial balance

Soru 4:

Which of the following stages in accounting cycle includes "opening the accounts for the new fiscal year"?

A) Beginning of the period activities B) During the period activities C) End of the period activities D) Completing period activities E) Post closing period activities

Soru 5:

Revenue recognition principle dictates that .............

A) revenue is recognized after the cash is received B) revenue is recognized before the cash is received C) you record the expenses at the same time with the revenues related withthese expenses D) revenue is recognized when it is earned not the cash is received E) revenue is recognized when the cash is paid

Soru 6:

The company must calculate the results of its operations. The company must ascertain the term’s profit or loss. The revenue accounts and expense accounts have to be closed. Which of the statement/statements above is a reason for closing process?

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

Soru 7:

…….are economic resources that are expected to benefit the business in the future.

A) Liabilities B) Funds C) Assets D) Revenues E) Owner’s equities

Soru 8:

I. The assets II. Liabilities III. The changes in the capital throughout a period IV. The owner's equity in a specific date Which of the things above does the balance sheet report?

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

Soru 9:

Which of the following is not the data needed for adjusting entries?

A) Office supplies on hand B) Companies' equipments C) Payment deposits D) Accrued salary expense E) Accrued service revenue

Soru 10:

Which financial statement show at a specific date?

A) Statement of cash flows B) İncome statement C) Balance Sheet D) Owner’s equity statement E) Both A and B

Soru 11:

Which one of the following describes the cost of assets consumed or services used during the revenue earning process.

A) Revenue B) Profit C) Loss D) Liability E) Expense

Soru 12:

Which of the following is incorrect information about journal and journalizing?

A) The journal is the main book which includes the original entries of company’s transactions. B) Journal is referred to as a book of original entry. C) In a journal entry, credits are intended and listed second. D) In a journal entry, credits are always entered first. E) Entering transaction data in the journal is known as journalizing.

Soru 13:

................... includes analyzing of each transaction in terms of its effect on the items of the accounting equation.

A) Dual effect B) External transaction C) Internal transaction D) Basic Accounting Equation E) Identification of transaction

Soru 14:

Which of the following is the definition of "revenue"?

A) Revenue is recognition of the sales before the payment is done. B) Revenue is the dictation that revenue is recognized when it is in cash. C) Revenue is the gross decrease in owner’s equity that results from operations. D) Revenue is the cost of assets consumed or services used during the revenue earning process. E) Revenue is the gross increase in owner’s equity from delivering goods or services to customers and clients.

Soru 15:

10 There are three main steps which occur repeatedly in the recording process : I. Equal debits and credits have been recorded for all transactions. II. Transfer the journal information to the appropriate accounts in the ledger. III. Prove that the company has recorded all transactions correct. IV. Enter the transaction information in a journal. V. Analyze each transaction for its effects on the accounts. Which is the last step?

A) I B) II C) III D) IV E) V

Soru 16:

Which of the following is not true for "basic accounting equation"?

A) Assets must always equal the sum of liabilities and owner’s equity B) The order and position of the assets, liabilities, and owner’s equity in the equation does not reflect a random situation C) The logic of equation is not related to the background of using debits and credits in recording process D) Assets are always showed on the left side of the equation E) Liabilities and owner’s equity are always showed on the right side of the equation

Soru 17:

Which option shows the basic accounting equation?

A) Assets = Liabilities + Owner's Equity B) Liabilities = Assets + Owner's Equity C) Owner's Equity = Liabilities + Assets D) Assets = Owner's Equity x Liabilities E) Liabilities = Assets x Owner's Equity

Soru 18:

Whihc of the following is a true statement for "historical cost principle"?

A) Historical cost principle refers the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction B) Historical cost principles are the main factors used in determining which measurement principle to apply. C) Historical cost principle states that assets and liabilities are reported at their fair value. D) Historical cost principle refers to the valuation of assets and liabilities in accounting process. E) Assets are recorded at their cost when acquired by the company and this value stays same over the time

Soru 19:

The main book which includes the original entries of company’s transactions.

A) Debit B) Ledger C) T-Account D) Journal E) Recording

Soru 20:

I. identifying II. recording III. communicating financial transactions Which of the above are among the activities that an accounting system includes?

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