Final Sınavı - Accountıng I - sinavahazirlan.com

Soru 1:

Which one states that a company must perform strictly proper accounting only for significant items?

A) Disclosure principle B) Materiality Concept C) Consistency Principle D) Conservatism E) Raw Materials Inventory

Soru 2:

Which one of the following buys merchandise inventory from producer and sells it to retailers?

A) Retailer company B) Service company C) Whole seller company D) Finished goods company E) Manufacturing company

Soru 3:

Which one of the following shows the credit sales price adjusted for returns, discounts, and allowances expected to be collected from customers?

A) Cash (net) realizable value B) Account receivables C) Non-current receivables D) Trade receivables E) Current receivable

Soru 4:

Which of the followings is not in inventory cost flow?

A) Beginning Inventory B) Ending Inventory C) Value-Added Tax D) Purchases E) Cost of Goods Sold

Soru 5:

What is the name of the system of tracking and recording inventory and costs of goods sold on a continual basis?

A) Perpetual Inventory System B) Average Cost Method C) Inventory Cost Flow D) Specific Identification Method E) Periodic Inventory System

Soru 6:

"It measures the number days that inventory is held by a company." Which option is described above?

A) Inventory Turnover Ratio B) Average Merchandise Inventory C) Days’ Sales in Inventory D) Net Realizable Value E) Lower of Cost or Market Value Method

Soru 7:

I. Recognition of accounts receivable II. Valuation of accounts receivable III. Equation of accounts receivable Which of the above is/are takes place in the main accounting issues with respect to the accounting of receivables.

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

Soru 8:

ABC Company bought 5000 glasses in August 10 on account.Price of a glass is 3 TL. When they received the glasses, the quality checks detected 50 glasses with scratches on them. Therefore, on Augut 20, ABC Company returned these 50 glasses and demanded refunding. Which of the following is true for this refunding transaction?

A) Accounts Payable account is credited 150 TL B) Cash account is credited 150 TL C) Merchandise Inventory account is credited 150 TL D) Accounts Payable account debited 500TL E) Merchandise Inventory account is debited 500 TL

Soru 9:

Suppose that Victor Company sold 200 units of bottle to a customer for cash. Sales price of a glass is 8.00 TL. According to this information, which account will be credited by Victor Company?

A) Merchandise İnventory B) Account Receivables C) Cash D) Sales Revenue E) Service Revenue

Soru 10:

In the closing process at first all revenues and expenses are closed to a pool account. Which one of the following is the name of this account?

A) Gross profit B) Income summary C) Net income D) Net sales revenue E) Income befre tax

Soru 11:

Which of the following is calculated when Cost of Goods Sold (COGS) is deducted from sales revenue?

A) Gross profit B) Expanses C) Purchases D) Revenue E) Sales

Soru 12:

_____ is the financial statement that reports operation results of a business for a specific period of time (month, quarter quarter, or year year). Which of the following fills the blank above?

A) Income statement B) Statement of owner’s equity C) Balance sheet D) Adjusted trial balance E) Owner's balance

Soru 13:

"It is is the reduction in the catalogue price or listed price of the goods." Which option is described above?

A) Cash Discounts B) Trade Discounts C) Sales returns and allowances D) Cash (net) realizable value E) Bad debt expense

Soru 14:

Which of the following statements is wrong about COSO Framework?

A) Facilitates risk assessment and deals with fraud. B) Can be applied to only one specific type of business. C) Can provide flexibility to the internal control process. D) States how components and related principles are present and functioning. E) Can help eliminate ineffective, redundant, or inefficient controls.

Soru 15:

In terms of control activities, which of the following procedure is related to the accounting process, and provides the details about financial transactions in a business?

A) Information Technology B) Hiring competent, reliable, and ethical personnel C) Assignment of responsibilities D) Separation of duties E) Documentation

Soru 16:

Operating cycle begins with the.............. and ends with ........................ Please choose the right answer which fulfills the blanks correctly.

A) the purchase of merchandise inventory, the collection of the cash from sales to customers. B) the collection of the cash from sales to customers, the purchase of merchandise inventory, C) beginning of the new year, the purchase of merchandise inventory, D) beginning of the new year, he collection of the cash from sales to customers. E) beginning of the new year, end of the year

Soru 17:

Which of the following is the business of purchasing receivables from companies upon a fee for the services performed to manage and collect receivables

A) Leasing B) Factoring C) Forfaiting D) Swap E) Option

Soru 18:

Which one of the following is the equation of "Net sales revenue – Cost of goods sold"?

A) Net income B) Income before tax C) Gross profit D) Net sales E) Cost of goods sold

Soru 19:

Which of the following is the starting transaction in the operating cycle of a merchandising company starts with

A) The purchase of inventories from a vendor. B) Raw materials are converted to finished goods. C) Raw materials are converted to work-in-process inventory. D) The cash is collected from customers. E) Inventories are sold to customers, either in cash or on account.

Soru 20:

Which of the following is incorrect information about the operating cycle?

A) Account receivables may result from the sale of inventories. B) Cash is collected by collecting account receivables from customers. C) Businesses buy inventory in cash. D) İnventories are sold to customers, either in cash or on account. E) The operating cycle starts with the sell of inventories from a producer.