Seçmeli Ara Sınav - Accountıng I

Soru 1:

________ is a business owned and run by one person. Which of the following completes the sentence above?

A) a big company B) an anonymous company C) a corporation D) a sole proprietorship E) a partnership

Soru 2:

What are 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) Rightness B) Honesty C) Accounting standards D) Ethics E) Principles

Soru 3:

I. Decrease assets and decrease liabilities II. Increase assets and increase liabilities III. Increase liabilities and decrease stockholders’ equity IV. Increase assets and increase stockholders’ equity Which of the above numbered statements causes net income to affect the accounting equation?

A) I B) II C) III D) IV E) All of the above

Soru 4:

Which of the following is the cost of an asset, or other amount substituted for cost, less than its residual value?

A) Depreciable amount B) Depreciation C) Amortisation D) Depreciation expense E) Useful life

Soru 5:

What is the list of accounts and their balances at a given time that proves the mathematical equality of debits and credits after posting?

A) Credits B) Debits C) Trial balance D) Balance sheet E) Journalizing

Soru 6:

Which one of the following is the basis that companies record revenues when they receive the cash and they record expenses when the cash is paid.

A) Cash basis accounting B) Accrual basis accounting C) Cost basis accounting D) Profit basis accounting E) Loss basis accounting

Soru 7:

Which one is a record of all the accounts that the company uses the changes in?

A) T-Account B) Ledger C) Chart of Accounts D) Typical Asset Accounts E) Single-entry accounting

Soru 8:

Which of the followings refers to the expected value of the plant asset at the end of its useful life?

A) Usefulness B) Residual Value C) Asset Value D) Depreciation E) Depreciation Amount

Soru 9:

Which of the following information about adjusting entries is correct?

A) Adjusting entries do not debit or credit cash. B) Adjusting entries update the accounts. C) Adjusting entries are necessary every time financial statements are prepared. D) Adjusting entries are needed to measure the period’s net income or net loss. E) All of the above

Soru 10:

When steps in the accounting cycle, which of the following step is to be followed after opening entries based on opening balance sheet?

A) Posting opening entries to ledger accounts B) Analyzing and journalizing daily transactions C) Posting daily transactions to accounts D) Preparing monthly trial balances E) Preparing unadjusted trial balance at the end of the period

Soru 11:

Which of the following is the definition of "sole proprietorship"?

A) A sole proprietorship is that owners of corporation are not personally liable for the debts of the entity B) A sole proprietorship is a large company or group of companies authorized to act as a single entity and recognized as such in law. C) A sole proprietorship is a form of business where two or more people share ownership. D) A sole proprietorship is a business owned and run by one person E) A sole proprietorship is a system in which each partner still has unlimited responsibility for all business’s debt

Soru 12:

_____ is a business owned and run by one person. They are often small type businesses (e.g. auto repair shops, used-books stores etc.). Usually a small amount of capital is needed and the owner is entitled to all profits. Which option completes the sentence above best?

A) Company B) Sole proprietorship C) Corporation D) Partnership E) Business enterprise

Soru 13:

Which of the following dictates that revenue is recognized after the cash is received.

A) Accured revenue B) Deffered revenue C) Accured expense D) Deffered expense E) Matching principle

Soru 14:

Which of the followings is correct about accrual basis accounting?

A) Revenues are recorded when the cash is received. B) Expenses are recorded when they are paid. C) Expenses are recorded when cash is received. D) Revenues are recored when services are performed. E) Revenues are recorded when expenses are incurred.

Soru 15:

Which of the following dictates that revenue is recognized when it is earned not the cash is received?

A) The time-period concept B) Revenue recognition principle C) Matching principle D) Expense recognition principle E) Cash basis acoounting

Soru 16:

What is the cash accounting?

A) Companies record revenues when they receive the cash and they record expenses when the cash is paid B) Companies record revenues when they perform services (rather than when they receive cash) and record expenses when they are incurred (rather than when paid). C) Revenue is recorded when earned and expenses are recorded when consumed. D) A company should record an expense for estimated bad debts that have not yet been incurred. E) Theaccount basisofaccountingis the concept of recording revenues when earned and expenses as incurred.

Soru 17:

Which of the following is the final step of the accounting cycle?

A) Adjusting entries B) Preparing adjusted trial balance C) Preparing financial statements D) Closing entries E) Preparing post-closing trial balance

Soru 18:

Which of the following terms refers to economic resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity?

A) assets B) liabilities C) owner's equity D) cash E) transaction

Soru 19:

Which of the following is not one of the items seen in journal entry?

A) The date of transaction B) Explanation of the transaction C) Debit amount D) Credit amount E) Estimated sale figures

Soru 20:

What are the types of adjusting entries.

A) Basic categories of adjusting entries aredeferred (Prepaid) Expenses deferred (Unearned) Revenues, deffered liabilities and deffered revenues. B) Generally, there are 4 types of adjusting entries. Adjusting entries are prepared for the following: Accrued Income – income earned annd received. Accrued Expense – expenses incurred and already paid. C) Deferred (Prepaid) ExpensesDeferred (Unearned) RevenuesAccrued ExpensesAccrued Revenues D) Generally, there are 4 types of adjusting entriesare depreciable amount which are the cost , asset, other amount substituted for cost, and residual value. E) Accrued Expenses (Expense Payable) – interest and loan.