Final Sınavı - Accountıng I - sinavahazirlan.com

Soru 1:

Blue Company sold 100 units of piano to a customer for cash On May 20. Sales price of a piano is 8.00 TL. Which of the following is true about the accounting record to be made according to this information?

A) Sales Revenue 800 TL debit B) Account Receivable 800 TL debit C) Cash 800 TL credit D) Sales Revenue 800 TL credit E) Account Payable 800 TL credit

Soru 2:

I. Units purchased and cost amounts II. Units sold and sales and cost amounts III. The quantity of merchandise inventory on hand and its cost. Perpetual Inventory System achieves better control over the inventory by recording which of the information above?

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

Soru 3:

The ending inventory of Sky is 45.000. If beginning inventory was 75.000 and goods available totaled 130.000, the cost of goods sold is....

A) 65 B) 70 C) 75 D) 80 E) 85

Soru 4:

In the ABC Company, the owner contributed 20,000 TL cash to establish the company as capital, which of the following is one of the accounts involved in this transaction?

A) Cash B) Accounts Payable C) Unearned Revenue D) Equipment E) Revenues

Soru 5:

Which of the following describes a plan and a system of control procedures designed and implemented by the management and the board of directors?

A) Internal control B) External control C) Internal audit D) External audit E) Independent audit

Soru 6:

Which of the following is the last step of the first round of operating cycle for a merchandising company?

A) Selling inventories to costumers B) Purchasing inventories C) Hosting inventories D) Collecting cash from costumers E) Receiving inventories

Soru 7:

According to which principle of the following the revenue is recognized after the cash is received.

A) Deferred revenue B) Accured revenue C) Matching principle D) Recognition principle E) Time period concept

Soru 8:

When are uncollectible account receivables written-off?

A) When the company cannot credit Account Receivable and making an offsetting debit to Allowance for Doubtful Debts account. B) When particular account receivable is categorized as an asset in the records C) Whenever a company becomes sure that a particular customer will not be able to repay and hence that account receivable would be uncollectible. D) When the Allowance for Doubtful Debts account is not debited instead of the Uncollectible Accounts Expense account. E) When the forecasted expense of credit losses is not debited to the uncollectible accounts receivable

Soru 9:

Which of the following is a category of "receivables"?

A) Cost receivables B) Accounts receivables C) Loan receivables D) Cash receivables E) Creditted receivables

Soru 10:

Which one is the equation of "Purchase cost inventory – Purchase returns and allowances – Purchase discounts + Freight in"

A) Cost of Goods Sold B) Merchandise Inventory C) Purchase Discount D) Net Cost of Inventory Purchased E) Sales Revenue

Soru 11:

Which of the following based on the specific cost of particular units of inventory.

A) Specific Identification Method B) Average Cost Method C) First-In, First-Out (FIFO) Method D) Last-In, First-Out (LIFO) Method E) Total Cost Method

Soru 12:

If the shipment type is FOB destination,which of the following party is responsible for the transportation?

A) The Buyer B) The Seller C) The Carrier D) The Bank E) The Warrantor

Soru 13:

Which of the following is true for company using a periodic inventory system?

A) They have inexpensive inventories and manuel accounting systems. B) They continuously update the inventory account. C) The purchases of inventories are directly debited to inventory account D) The cost of inventories are credited when they are sold. E) They have continuous control over inventories.

Soru 14:

From the perspective of liquidity, non-current assets’ convertibility into cash must be over how many months?

A) 1 B) 3 C) 6 D) 12 E) 24

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) Trade Discounts B) Sales Returns and Allowances C) Cash Discounts D) Sales Revenue E) Deferred Delay Charges

Soru 16:

How is inventory classified in the financial statements?

A) Asset B) Liability C) Revenue D) Expense E) Contra account

Soru 17:

What should be created so as to empower the environment of the business against the cybersecurity attacks and fraud?

A) Culture B) Society C) Courts D) Education E) Government

Soru 18:

"When the company sells its goods or services on cash basis, ............." Which of the following statement appropriately completes the sentence above?

A) account receivables account is debited B) the company does not have to debit accounts receivables C) cash account is not debited D) there would be no need to consider for accounts receivables E) the sales revenue account is not credited

Soru 19:

Where is the Purchased merchandise inventory is recorded at the time of purchase?

A) in the Merchandise Inventory account B) in the commercial invoice C) in the beginning inventory D) in the ending inventory E) in the purchases account

Soru 20:

Which of the following is one of the main accounting issues with respect to the accounting of receivables?

A) Recognition of sales on hand B) Validation of accounts receivable C) Disposition of accounts receivable D) Proposing a new receivable E) Expansion of receivables