Accountıng I Ara 11. Deneme Sınavı
Toplam 20 Soru1.Soru
Which one of the following is "the definition of the process by which companies produce their financial statements for a specific period of time"?
Income statement |
Balance sheet |
Closing entries |
Accounting cycle |
Adjusting entries |
Accounting cycle can be defined as the process by which companies produce their financial statements for a specific period of time.
2.Soru
Star Inc., has 200.000 TL in revenues, 25.000 in expenses. According to this information, Star Inc. which of the following is the change in stockholders’ equity?
+125.000 |
+150.000 |
+175.000 |
-150.000 |
-125.000 |
The change in equity is determined by the difference between revenue and expense. According to the information given in the question, since the revenue is more than the expense, there is an increase of 175.000 TL. Therefore, the correct answer to the question is option C.
3.Soru
Which depreciation method allocates an equal amount of depreciation for each period?
Straight-Line Depreciation Method |
Double Declining Balance Depreciation Method |
Units of Production Depreciation Method |
Sum-of-the-Years-Digits Depreciation Method |
Single Declining Balance Depreciation Method |
The straight-line method allocates an equal amount of depreciation for each period.
4.Soru
Which of the following is not one of the basic activities in accounting?
Identifying the financial transactions |
Recording the financial transactions |
Communicating to decision makers about transactions |
Preparing financial statements |
Communicating with banks for funding |
The first step of the accounting process consists of identifying the financial transactions related with the organization. The sale of a table by a furniture shop, the payment of wages or the provisions for services are the examples of financial transactions. Once these kinds of financial transactions are realized and identified in Turkish Liras or in another currency, these events are recorded to provide the history of financial activities of the organization. Recording is a systematic way of keeping chronological diary of events measured in monetary unit. At the last step, company communicates the summarized information obtained from the records to decision makers (information users) by using standardized reports which are called financial statements. E is the right answer
5.Soru
Which of the followings refers to the situation when revenue is recognized before the cash is received?
Revenue recognition principle |
Expense |
Periodicity concept |
Deferred revenue |
Accrued revenue |
In accrued revenue, revenue is recognized before the cash is received. The correct answer is E.
6.Soru
Which one of the following describes entering an amount on the left side of an account?
Balancing |
Crediting |
Debiting |
Writing |
Clearing |
Entering an amount on the left side of an account
is called debiting.
7.Soru
A company has raw materials which will be consumed within 10 months. In which section of the balance sheet should the company report this?
Owner’s equity |
Current assets |
Non-current assets |
Non-current liabilities |
Current liabilities |
Current assets include the assets that will be converted into cash, sold, consumed or received Statement of owner’s equity reports the changes in the capital throughout the period caused by the owner’s capital investments or withdrawals, net profit or loss. Balance sheet reports the assets, liabilities and the owner’s equity in a specific date. Revenues and expenses are reported in the income statement; assets, liabilities and owner’s equity are reported in the balance sheet. This company has raw material to be consumed within 10 months.
8.Soru
Which of the following is not among the common accounting periods?
weekly |
monthly |
quarterly |
semiannually |
yearly |
Accounting periods may be monthly, quarterly, semiannually or yearly. The correct answer is A.
9.Soru
A debit entry to an account....
increases owner’s equity. |
increases liabilities. |
Both A and B |
increases assets. |
Both A and D |
A debit entry to an account increases assets. A credit entry to an account increases liabilities and owner's equity.
10.Soru
Which of the following is not one of the steps in journalizing and posting process?
Identifying the accounts and the account types |
Deciding whether each account increases or decreases |
Recording the transaction in the journal. |
Ignoring the balance in the accounting equation |
Posting the journal entry to the ledger |
The journalizing and posting process has five steps:
Step 1: Identify the accounts and the account types (asset, liability, or equity).
Step 2: Decide whether each account increases or decreases and then apply the rules of debits and credits.
Step 3: Record the transaction in the journal.
Step 4: Post the journal entry to the ledger.
Step 5: Determine whether the accounting equation is in balance
11.Soru
What is the activity of keeping records of the financial transactions called?
Economic transaction |
Accounting |
Bookkeeping |
Financial statement |
Classifying |
Bookkeeping is an activity or occupation of keeping records of the financial transactions.The accounting process includes the bookkeeping.
12.Soru
Which of the following statements is wrong?
Crediting refers to the act of making an entry on the right side of an account |
Debit and credit effects vary due to the types of accounts |
In a double-entry system, equal debits and credits are made in the accounts for each transaction |
Assets, distributions, and expenses increase by crediting (on right side) and normally show credit balance |
There are three main steps which occur repeatedly in the recording process: Analyzing, journalizing and posting |
Assets, distributions, and expenses increase by debiting (on left side) and normally show debit balance.
13.Soru
Which of the following includes the assets that will be converted into cash, sold, consumed or received within 12 months?
Current assets |
Non-current assets |
Current liabilities |
Non-current liabilities |
Owner's equity |
Current assets include the assets that will be converted into cash, sold, consumed or received within 12 months or within the business’s operating cycle, and the cash and cash equivalents.
14.Soru
Which of the following is not one of the parties that the accounting numbers are prepared for?
Owners |
Managers |
Employees |
Creditors |
Suppliers |
Who uses accounting numbers? To answer that question, the accountant must be clear for whom the information is being prepared and for what purpose the information will be used. There are likely to be various information users such as owners, managers, creditors, suppliers etc. You should understand the needs of users because information users focus on different financial information according to their relevant decision making issues. The best way of explaining the needs on financial information is to make a classification of potential users. Two main groups of information users are internal users and external users. We can also classify accounting as Managerial Accounting and Financial Accounting according to this classification of information users. C is the right answer.
15.Soru
The company has 15,000 liras of revenues and 3,000 liras of expenses.
Which of the following statement is TRUE about this company's closing process?
12,000 liras of revenue will be posted to Income Summary account. |
3,000 liras of expense will be posted to credit side of Income Summary account. |
15,000 liras of revenue will be posted to debit side of Income Summary account. |
The company has a loss of 3000 liras. |
12,000 liras of profit is transferred to Capital account. |
If the revenue exceeds expenses , then profit occurs. In this example, the revenue exceeds the expense by 10.000 liras, which means that the company has a profit of 10,000 liras. If expenses exceed revenues, then loss occurs. The balance of the Income Summary account, the 10,000 lira profit- is transferred to Capital account.
16.Soru
At the end of the each month which one is prepared by the company?
Monthly trial balance |
Adjusted trial balance |
Closing entries |
Post-closing trial balance |
Preparing unadjusted trial balance at the end of the period |
At the end of each month, monthly trial balance is prepared in order to ensure that the totals and the balances of the accounts are equal.
17.Soru
Which is NOT TRUE about trial balance?
It is a list of all ledger accounts with their balances at a point in time. |
It proves the mathematical equality of debits and credits after posting. |
Owner's equity is summarized last. |
It is seen by company insiders and outsiders. |
It is generally prepared on the last day of the accounting period. |
A trial balance is an internal document used only by company insiders. Outsiders see only the company’s financial statements, not the trial balance.
18.Soru
Which of the following described "The cost of assets consumed or services used during the revenue earning process"?
Expense |
Revenue |
Cost |
Income |
Cash |
Expense is the cost of assets consumed or services used during the revenue earning process.
19.Soru
Which of the following are the functions of accounting?
Identification and Recording |
Recording and Communicating |
Communicating |
Identification, Recording and Communicating |
Identification and Communicating |
Accounting is an information system consisting of identification, recording and communication functions. The functions of accounting are fully expressed in D.
20.Soru
.......... refers to the valuation (determination of the monetary amount subject to recording) of assets and liabilities in accounting process.
Ethics |
Faithful representation |
The rightness |
Measurement |
Relevance |
Measurement refers to the valuation (determination of the monetary amount subject to recording) of assets and liabilities in accounting process. The correct answer is D.
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