Accountıng I

Soru 1

Orta Zorluk

Which internal control component of the following is based on some policies and procedures which ensure that the actions taken for the achievement of the objectives are performed effectively?

A) Risk Assessment

B) Control Environment

C) Control Activities

D) Information and Communication

E) Monitoring Activities

Soru 2

Orta Zorluk

Which of the followings is the intention of “Cash discounts”?

A) To reduce the amount of accounts receivables.

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 3

Orta Zorluk

Which of the following is not among the objectives of internal control?

A) Safeguard assets

B) Employees comply with laws

C) Separation of duties

D) Provide reasonable assurance

E) Business information is accurate

Soru 4

Orta Zorluk

Which one of the following describes the unsold inventory?

A) Inventoy purchase

B) Sold inventory

C) Unsold inventory

D) Depreciation

E) Current liability

Soru 5

Orta Zorluk

Which of the following refers to the analysis of customer balances with respect to the length of time they have not been paid?

A) Cash (net) realizable value

B) Bad debt expense

C) Aging of accounts receivable

D) Percentage of receivable basis

E) Percentage of sales basis

Soru 6

Orta Zorluk

The two main inventory accounting systems are the .................. Which of the following is the right place to be left blank?

A) cash and accrual

B) returns and allowances

C) First in first out and last in firs out

D) purchase and sale

E) perpetual and periodic

Soru 7

Orta Zorluk

Which information can not be seen on a check with a QR code?

A) the trade name of the drawee bank

B) the name, surname or trade name of the owner of the check

C) the total number of the banks in which the owner of the check has check account

D) the number and amount of checks paid within the last ten years

E) the date of presentation for the last check paid

Soru 8

Orta Zorluk

......................................shows the credit sales price adjusted for returns, discounts, and allowances expected to be collected from customers. Which of the following should come to the dotted place according to the sentence?

A) Recognition of Accounts Receivable

B) Cash (net) realizable value

C) Valuation of accounts receivable

D) Disposition of accounts receivable

E) Sales receivable

Soru 9

Orta Zorluk

Most of the differences between the periodic and perpetual inventory systems are recognized by the buyers, but from the seller’s perspective, the only difference is the absence of _____ entry after each sales record. Which of the following best completes the statement above?

A) COGS

B) Purchases

C) Net purchases

D) Purchase returns

E) Accounts payable

Soru 10

Orta Zorluk

Which of the following is true for "trade discounts"?

A) Trade discounts usually decrase for a customer when a company either wants to encourage prompt payment

B) Trade discounts offer a cash discount to companies' customers if they agree to pay within a designated period.

C) Only the cost is recorded after a net of the trade discounts.

D) Trade discounts are not recorded and therefore they are not reflected in the books of accounting for both buyer and seller

E) Trade discounts increase the final sales price and are not affected by the date of payment

Soru 11

Orta Zorluk

Which one of the following is a definiton of "requires that different people should be determined for each different duty"?

A) Assignment of responsibilities

B) Seperation of duties

C) Monitoring and audits

D) Information technology

E) Documentation

Soru 12

Orta Zorluk

How sales discounts should appear in the financial statements?

A) as an addition to sales

B) as an addition to inventory

C) as a deduction from sales

D) as an operating expense

E) as an operating revenue

Soru 13

Orta Zorluk

Companies using voucher system. Cash payments should be verified, approved and recorded. Companies can use cash budget. Which of the controls above can be applied in order to achieve effective controls on cash?

A) I

B) I and II

C) II and III

D) I and III

E) I, II and III

Soru 14

Orta Zorluk

What is the explain of accounting equation?

A) Accounting equation best reflects the equity owners' residual claim on total assets after subtracting all liabilities. Assets = Shareholders' Equity + Liabilities.

B) An accounting equity is an individual accounting tool that shows the increases and decreases in a specific asset, item during a specified period.

C) An accounting equity are the basic storage units for accounting data and are used to accumulate amounts from similar financial transactions. so, an account is a summary device of accounting.

D) An Accounting equity is cash-equity. Cash equity means business’s money and any medium of exchange including paper currency, coins, certificates of deposit, and checks.

E) An Accounting equity is that companies might sell their goods and services on account and receives a promise for future collection of cash.

Soru 15

Orta Zorluk

beginning inventory + purchases - ending inventory = ? What is the formula above?

A) Inventory in hand

B) Cost of goods sold

C) Unsold inventory

D) Partial inventory

E) Perpetual inventory

Soru 16

Orta Zorluk

Which one of the following is recorded on the top of income statement?

A) Costs of goods sold

B) Sales revenue

C) Expenses

D) Gross profit

E) Income before tax

Soru 17

Orta Zorluk

Which internal control component of the following describes a set of standards, processes, and structures that provide a basis to carry control consciousness across the businesses?

A) Control environment

B) Risk assessment

C) Control activities

D) Information and communication

E) Monitoring activities

Soru 18

Orta Zorluk

Which one of the following is the last line of the income statement?

A) Income before tax

B) Gross profit

C) Net sates

D) Expenses

E) Operating income

Soru 19

Orta Zorluk

Which one of the following describes the gross increase in owner’s equity from delivering goods or services to customers and clients?

A) Expense

B) Loss

C) Cost

D) Revenue

E) Asset

Soru 20

Orta Zorluk

Which of the following statements is not true regarding “Perpetual Inventory System”?

A) Perpetual inventory system has a widespread use, because it provides high level of control over inventories.

B) In this system, companies continuously update the inventory account whenever a transaction occurs.

C) The purchases of inventories are directly debited to inventory account, while the cost of inventories are credited when they are sold.

D) In perpetual inventory system, companies use “Purchase” account to record their purchases of inventories.

E) Perpetual inventory system provides the companies opportunity to compare the amounts of inventories in accounting records stolen or wasted goods are not detected, because and in warehouses.

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