Accountıng I Ara 14. Deneme Sınavı
Toplam 9 Soru1.Soru
Measurement refers the valuation of assets and liabilities in accounting process. Standards generally use one of two main principles in measurement: ….
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Net fair value principle or Carrying value principle |
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Historical cost principle or Fair value principle |
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Equivalence value principle or Nominal value principle |
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Saving value principle or Historical cost principle |
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Fair Value principle or Nominal value principle |
Historical cost principle or Fair value principle
2.Soru
…. is an information system which provides financial information about the entity for decision makers
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Bookkeeping |
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Accounting |
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Identifying |
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Information users |
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Honestly |
Accounting
3.Soru
"Accounting standards are .........."
Which of the following appropriately completes the definition above?
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not-for-profit, public interest organizations established to develop a single set of high-quality, understandable, enforceable and globally accepted accounting standards |
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the humanly devised rules, procedures and norms to judge one’s action |
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the possibility of making a mistake in classifying or measurement of financial transactions |
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a set of principles and rules that companies follow when they prepare and publish their financial statements |
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a common set of standards used by accountants in United States. |
Accounting standards are a set of principles and rules that companies follow when they prepare and publish their financial statements, providing a standardized way of describing the company’s financial performance.
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4.Soru
"An individual accounting tool that shows the increases and decreases in a specific asset,
liability, or owner’s equity item during a specified period." describes which one of the following?
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Account |
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Balance |
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Income statement |
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Asset |
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Equity |
An account is an individual accounting tool that shows the increases and decreases in a specific asset, liability, or owner’s equity item during a specified period.
5.Soru
________ dictates that revenue is recognized when it is earned not the cash is received.
Which of the following completes the statement above?
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The time-period concept |
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Revenue recognition principle |
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Deferred revenue concept |
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Matching principle |
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Deferred expense concept |
Revenue recognition principle dictates that revenue is recognized when it is earned not the cash is received. The correct answer is B.
6.Soru
Which of the following is the internal users of accounting?
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Managers |
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Investors |
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Governement |
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Customers |
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Suppliers |
External Users There are several types of external users and they can be individuals or organizations outside a company such as investors, creditors, taxing authorities, government, customers, suppliers etc. Managers of a company who plan, organize, and run the business are the most important group of internal users.
7.Soru
Which of the following is not one of the types of adjustment?
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Prepaid expenses |
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Unearned revenues |
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Accrued expenses |
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Accrued revenues |
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Earned revenues |
Adjusting entries are important in order to prepare correct and up-to-date financial reports. There are two basic categories of adjusting entries. These are deferrals and accruals. In a deferral adjustment, cash will be paid before an expense is incurred or the cash will be received before the revenue is earned. Accruals adjustments are the opposite of deferrals. An accrual records an expense before the cash is paid, or it records the revenue before the cash is received. The two basic categories of adjustments can be divided into four different types as follows:
1. Deferred (Prepaid) Expenses
2. Deferred (Unearned) Revenues
3. Accrued Expenses
4. Accrued Revenues
8.Soru
Which of the following statements is correct?
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Accounting is based on either the cash basis or the accrual basis |
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In accrual basis accounting, companies record revenues when they receive the cash and they record expenses when the cash is paid |
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In cash basis accounting, companies record revenues when they perform services and record expenses when they are incurred |
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The time-period concept assumes that limited economic life of a company will be divided into irregular intervals |
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Accounting periods may only be monthly or yearly |
Accounting is based on either the cash basis or the accrual basis. In cash basis accounting, companies record revenues when they receive the cash and they record expenses when the cash is paid. In accrual basis accounting, companies record revenues when they perform services (rather than when they receive cash) and record expenses when they are incurred (rather than when paid). The time-period concept assumes that unlimited economic life of a company will be divided into regular intervals and that financial statements will be prepared for specific periods such as a month, quarter, or year. Accounting periods may be monthly, quarterly, semiannually or yearly.
9.Soru
What is Journal and its importance?
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Journal is a book in which the transactions are recorded last of all, as and when they take place |
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The Importance of Keeping a Journal in Accounting. A journal entry is the record of a balance-sheet transaction entered into a journal. |
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Accounting process starts with the identification of financial transactions of a business. These books of accounts are called journal. The journal is an important book under the double-entry system. Journal is the first book of systematic record of the financial transactions of the business. |
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A journal is a detailed account that records the general ledger of the financial transactions of a business, to be used for future reconciling of and transfer to other official accounting records. |
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In accounting and bookkeeping, a journal is a record of financial transactions of assets in order by one year. |
The journal is the main book which includes the original entries of company’s transactions. Transactions are recorded in chronological order (following the order in which they occurred) by applying debit and credit procedure. In other words, journal entries include debit and credit effects of each transaction.