Final Sınavı - Accountıng I - sinavahazirlan.com

Soru 1:

Which of the following shows the investments done by the owner/owners and the result of the operations of the company which is either profit or loss?

A) Owner’s equity B) Capital account C) Revenue account D) Expense account E) Daily transactions

Soru 2:

Which of the following shows the calculation of accounts receivable turnover ratio?

A) Net credit sales is multiplied by net accounts receivable. B) Net credit sales is divided by net accounts receivable. C) Net credit sales minus net accounts receivable. D) Net credit sales is added to net accounts receivable. E) Net credit sales is divided by 365 days.

Soru 3:

Which of the followings states that a company must perform strictly proper accounting only for significant items?

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

Soru 4:

Which inventory cost flow method is generally forbidden in hyper-inflationary economies?

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

Soru 5:

The objectives can be categorized into four groups. Reporting objectives are about the reliability of reports. Operation objective state the efficiency and effectiveness of the business’ activities. An internal control should design and implement to achieve some objectives. Which of the statements above are true about these objectives?

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

Soru 6:

Pressure, opportunity and rationalization are the components of _________.

A) fraud triangle B) Error triangle C) Fallacy triangle D) Trick triangle E) Delusion triangle

Soru 7:

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

A) The incomes for the uncollectible account is matched against sales in the same period in which sales were made. B) At the last of accounting year, forecasted uncollectible receivables are notcredited to Allowance for Doubtful Debts Account C) Recognized uncollectible receivables are debited to Allowance for Doubtful Debts Account D) Companies do not make necessary adjustments at the end of its accounting year E) Bad Debts Expenses are not recorded in the company’s income statement as an operating expense

Soru 8:

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

A) Bad debt expense B) Allowance method C) The direct write-off method D) Cash discounts E) Cash realizable value

Soru 9:

Which of the following is not amongst the dispositions of notes receivable?

A) Honor of Notes Receivable B) Dishonor of Notes Receivable C) Sale of Notes Receivable D) Realizable Value Receviable E) None of them

Soru 10:

Which of the followings is the main purpose of “Aging of accounts receivable” ?

A) To analyze customer balances with respect to the length of time they have not been paid. B) To show the credit sales price. C) To encourage the customer to make their payment earlier. D) To show the losses incurred due to uncollectible receivables. E) To record the written-off uncollectible account receivables.

Soru 11:

Which of the following reports the cost of goods, materials and other components of manufacturing process used for the inventory produced and available for sale.

A) Raw materials inventory B) Work in process inventory C) Finished goods inventory D) Service inventory E) Operational inventory

Soru 12:

How is the measure of a company's competence to pay current liabilities from cash and equivalents called?

A) Cash Ratio B) cybersecurity C) transaction D) online banking E) a petty cash fund

Soru 13:

Which of the following is the basic difference between fraud and error?

A) Creating misstatement B) Intention C) Causing injury or damage D) Accounting process E) The parties involved

Soru 14:

What happens when Cost of Goods Sold (COGS) is deducted from sales revenue?

A) Gross profit is calculated. Gross profit evaluates the company’s profitability in terms of selling activities. B) Multiple-step income statement is preferred. C) Cost is taken from inventory account in balance sheet and recognized as an expense (cost of goods sold) in the income statement. D) Companies use “Purchase” account to record their purchases of inventories. E) Freight cost is not included in the cost of goods.

Soru 15:

Which of the followings 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) Disclosure Principle B) Consistency Principle C) Materiality Concept D) Conservatism E) Perpetual Inventory System

Soru 16:

"Specific identification method ______" Which of the following appropriately completes the statement above?

A) allocates the cost of goods available for sale on the basis of the weighted average unit cost incurred. B) assumes that the company uses perpetual inventory system as an accounting system C) is determined by dividing the cost of goods available for sale by the number of units available. D) is an inventory costing method based on the specific cost of particular units of inventory. E) is an inventory costing method based on the weighted average cost per unit of inventory that is calculated after each purchase

Soru 17:

Based on COSO framework, which of the following is not a compenent of internal control?

A) Control environment B) Risk Assessment C) Control Activities D) Monitoring Activities E) Accountability Activities

Soru 18:

"This is a measure of a company’s ability to pay current liabilities from cash and cash equivalents" What is described above?

A) Cash B) Budget C) Cash Ratio D) Receipt E) Internal Control

Soru 19:

It can be applied to all types of business The framework has a principle-based approach It facilitates risk assessment Which of the statements above are true for COSO Framework?

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

Soru 20:

In which case is the transportation cost covered by the purchase cost?

A) Delivery expense B) FOB shipping point C) FOB destination point D) Sales Revenue E) Merhandise inventory