Accountıng I Ara 17. Deneme Sınavı
Toplam 20 Soru1.Soru
The accounting equation can be expressed as......
Assets+Liabilities=Owners’ Equity |
Assets=Liabilities+Owners’ Equity |
Assets=Liabilities-Owners’ Equity |
Owners’ Equity x Liabilities=Assets |
Owners’ Equity+Assets=Liabilities |
The correct answer is B. The basic accounting equation consists of assets = liabilities + owner's equity.
2.Soru
On January 15, 2018, AB Cleaning performs 3,000 TL of cleaning service for its client. The client pays 1,500 TL in cash and states that the rest of this amount will be paid in following days of January. Which of the following account is used in this transaction?
Accounts Receivable |
Unearned Revenue |
Prepaid Expenses |
Accounts Payable |
Banks |
The asset ‘Cash’ increases 1.500 TL and asset ‘Accounts Receivable’ increases 1,500 TL revenue account ‘Service Revenue’ increases 3,000 TL.
3.Soru
Which of the following terms refers to the total assets of an entity, minus its total liabilities?
assets |
liabilities |
owner's equity |
cash |
transaction |
Owner’s equity is the total assets of an entity, minus its total liabilities.
The correct answer is C.
4.Soru
Which one is the first step in accounting cycle?
Preparing balance sheet |
Preparing income statement |
Opening entries based on opening balance sheet |
Making closing entries |
Preparing post-closing trial balance |
The steps in accounting cycles briefly are:
• Opening entries based on opening balance sheet
• Posting opening entries to ledger accounts
• Analyzing and journalizing daily transactions
• Posting daily transactions to accounts
• Preparing monthly trial balances
• Preparing unadjusted trial balance at the end of the period
• Adjusting entries
• Preparing adjusted trial balance
• Preparing financial statements
• Closing entries
• Preparing post-closing trial balance
5.Soru
Which of the following is not true for "chart of accounts"?
A chart of accounts is a created list of the account names used by an organization to define each class of items. |
A chart of accounts is used to organize a company’s accounts |
Chart of accounts is simply a list of account names that a company uses in its general ledger for recording various business transactions |
It provides guidance to accountants or other relevant persons in using specific account names |
A chart of accounts does not record transactions within a firm |
A chart of accounts is a created list of the account names used by an organization to define each class of items. A chart of accounts is used to organize a company’s accounts. Chart of accounts is simply a list of account names that a company uses in its general ledger for recording various business transactions. It provides guidance to accountants or other relevant persons in using specific account names while recording transactions.
6.Soru
What is the full cycle of accounting?
The steps in accounting cycles briefly:
|
The accounting cycle is often described as a process that includes the following-steps: identifying, collecting and analyzing documents and transactions. |
The accounting cycle is often described as a process that includes the following-steps: posting the journalized amounts to accounts in the general and subsidiary ledgers |
The accounting cycle is often described as a process that includes the following-steps, preparing an unadjusted trial balance. |
An accounting cycle includes three main stages of activities;
|
As the end of the period comes, adjusting entries are made to ensure the assets, liabilities and owner’s equity. After the adjustment transactions, adjusted trial balance is prepared, and financial statements are prepared afterwards. After the preparation of financial statements, the company journalizes and posts the closing entries. The final step of the accounting cycle is preparing the post-closing trial balance. Now, let’s summarize the steps in accounting cycles briefly:
- Opening entries based on opening balance sheet
- Posting opening entries to ledger accounts
- Analyzing and journalizing daily transactions
- Posting daily transactions to accounts
- Preparing monthly trial balances
- Preparing unadjusted trial balance at the end of the period
- Adjusting entries
- Preparing adjusted trial balance
- Preparing financial statements
- Closing entries
- Preparing post-closing trial balance
7.Soru
What is the matching rule?
Matching is expense that is recognized after cash is paid. |
Matching is expense that is recognized before cash will be paid. |
An accounting rule that says revenues must be assigned to the accounting period in which the goods were sold or the services performed. |
An accounting rule that says revenues must be assigned to the accounting period in which the goods will be sold or the services will be performed in the future. |
As a matching principle, revenues recognition means that you will record the revenues. |
Matching Principle, also referred as Expense Recognition Principle is used to explain the relationship between expense and revenues. It means that you record the expenses at the same time with the revenues related with these expenses which are recorded regardless of the time cash is paid.
8.Soru
Which of the following means that you will record the expenses at the same time with the revenues related with these expenses are recorded?
Matching principle |
Revenue recognition principle |
Liquidity |
Adjusting process |
Accrual basis accounting |
Matching Principle (Expense recognition principle) means that you will record the expenses at the same time with the revenues related with these expenses are recorded.
9.Soru
Beginning of the period activities deal with the opening transactions of the company. After the closing entries done for the previous term, the accounts have to be opened for the new fiscal year. The opening of the accounts is based on the ______________ which is also the closing balance sheet of the ended period.
Which of the following completes the sentence above?
journal entry |
daily transaction |
opening balance sheet |
adjusting entry |
owner's equity |
Beginning of the period activities deal with the opening transactions of the company. After the closing entries done for the previous term, the accounts have to be opened for the new fiscal year. The opening of the accounts is based on the opening balance sheet which is also the closing balance sheet of the ended period. Journal entry is recorded according to the opening balance sheet and accounts are posted to the ledger. Hereby, the accounts are now ready for daily transactions, in other words, the accounts are ready for during the period transactions.
10.Soru
Which of the following is not one of the factors which increase or decrease the level of owner’s equity?
Contributions by owner(s) |
Distributions to owner(s) |
Expenses. |
Creditor(s) |
Revenues |
There are four main factors which increase or decrease the level of owner’s equity: Contributions by owner(s), distributions to owner(s), revenues and expenses. D is the right answer.
11.Soru
Revenues and expenses are reported in the ...............; assets, liabilities and owner’s equity are reported in the .................
Income statement, balance sheet |
Statement of owners equity, balance sheet |
Balance sheet, income statement |
Income statement, Statement of owners equity |
Balance sheet, Statement of owners equity |
Revenues and expenses are reported in the income statement; assets, liabilities and owner’s equity are reported in the balance sheet.
12.Soru
I. Income statement
II. Statement of owner’s equity
III. Balance sheet
Which of the above is/are (a) financial statement(s)?
I and II |
I and III |
Only II |
Onlay III |
I, II and III |
Financial statements are prepared in order;
• Income statement
• Statement of owner’s equity
• Balance sheet
13.Soru
The left side of an account is referred to as the
Ledger side |
Credit side |
Debit side |
Foot side |
Chart side |
Debit side
14.Soru
Which of the following is NOT included in Typical Liability Accounts?
Accounts Payable |
Unearned Revenue |
Cash |
Notes Payable |
Accrued Liabilities |
Cash is included in Typical Asset Accounts.
15.Soru
….. 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.
An account |
An credit |
An balance |
An Ledger |
An Journal |
An account
16.Soru
In accrued revenue, revenue is recognized ______________.
Which of the following completes the statement above?
when it is earned |
after the cash is received |
after the cash is paid |
before the cash is paid |
before the cash is received |
In accrued revenue, revenue is recognized before the cash is received.
The correct answer is E.
17.Soru
Which of the following is just before the balance sheet?
Recording in the Journals. |
Adjusted Trial Balance. |
Unadjusted Trial Balance. |
Financial Statements |
Posting to the Ledger. |
A trial balance is a list of all ledger accounts with their balances at a point in time. A trial balance summarizes the accounts by listing all the accounts with their balances—assets first, followed by liabilities, and then owner’s equity. Do not confuse the trial balance with the balance sheet! 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
............ is the measure of how quickly and easily an account can be converted into cash.
Liquidity |
Current assets |
Current liabilities |
Convertibles |
Receivables |
Liquidity is the measure of how quickly and easily an account can be converted into cash.
19.Soru
Dolphin Inc. purchased supplies for 2.500 during 2017. At year end, Dolphin had 500 of supplies left. The adjusting entry should....
credit supplies 2.000 |
credit supplies 500 |
debit supplies 2.000 |
debit supplies expense 2.000 |
credit supplies expense 2.000 |
Dolphin Inc. purchased supplies for 2.500 during 2017. At year end, Dolphin had 500 of supplies left. The adjusting entry should debit supplies expense 2.000.
20.Soru
Which of the following shows the change in cash position of the company over an accounting period?
income statement |
owner’s equity statement |
statement of cash flows |
balance sheet |
financial transactions |
Statement of cash flows is a financial statement that shows the change in cash position of the company over an accounting period.
The correct answer is C.
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