Accountıng I Final 1. Deneme Sınavı
Toplam 20 Soru1.Soru
Which of the following is the right formula for the calculation of each unit of inventory?
Cost per unit = Purchase returns + Purchase price – Purchase discounts – Purchase returns - Freight in |
Cost per unit = Purchase discounts- Purchase price – Purchase returns + Freight in |
Cost per unit = Purchase price – Purchase discounts – Purchase returns + Freight in |
Cost per unit = Purchase price – Purchase discounts + Purchase returns + Freight in |
Cost per unit = Purchase price – Purchase discounts – Purchase returns - Freight in |
Companies determine the number of units from perpetual inventory records backed up by a physical count. The cost of each unit of inventory is as follows:
Cost per unit = Purchase price – Purchase discounts – Purchase returns + Freight in
C is the right answer.
2.Soru
.........................................holds that companies should use the same accounting methods and procedures in each accounting period so that the information provided will help investors and creditors to compare a company’s financial statements from one period to the next.
Which should come to the dotted place according to the continuation of the sentence?
Disclosure Principle |
Consistency Principle |
Materiality Concept |
Conservatism Principle |
Perpetual Inventory Principle |
According to text dotted place should be ' Disclosure Principle'
3.Soru
Which one of the following is recognized at their fair value, which comprises of transaction costs associated with the transaction?
Sales allowances |
Cash discounts |
Trade discounts |
Valuation of accounts receivables |
Deferred Delay Charges |
Accounts receivables are recognized at their fair value, which comprises of transaction costs associated with the transaction.
4.Soru
Which of the following is an income statement account that shows the losses incurred due to uncollectible receivables?
Sales Revenue |
Sales Returns and Allowances |
Interest Income Deferred Delay Charges |
Bad Debt Expense |
Deferred Delay Charges |
Bad debt expense is an income statement account that shows the losses incurred due to uncollectible receivables.
5.Soru
What is the amount owed to a company by customers as a result of delivering goods or services?
Bad debt expense |
Accounts receivable |
Trade discounts |
Cash discounts |
Cash (net) realizable value |
Accounts receivable is the amount owed to a company by customers as a result of delivering goods or services. It occurs when a business makes sales on credit. This means that the business agrees to get cash from its customers later for goods or services delivered today. The correct answer is B.
6.Soru
Suppose that on April 15, %10 of the 100 units (each unit costs 500 TL) of baby car seats sold on credit on April 20 is returned. Which of the following accounts are used to record this transaction?
Accounts Receivable, Sales Returns and Allowances |
Cash, Sales Returns and Allowances |
Banks, Sales Returns and Allowances |
Cash, Sales Revenue |
Sales Revenue, Banks |
Sales Returns and Allowances 5.000
Accounts Receivable 5.000
7.Soru
"This is the estimated sales value minus estimated cost of completion
and minus estimated cost of sale." Which option is described above?
Lower of Cost or Market Value Method |
Net Realizable Value |
Inventory Turnover Ratio |
Days’ Sales in Inventory |
Last-In, First-Out (LIFO) Method |
Net Realizable Value is the estimated sales value minus estimated cost of completion and minus estimated cost of sale.
8.Soru
I. Recording the business transactions
II. Communicating of the financial transactions of an entity to interested users
III. Identifying business activities
IV. Growing sustainably to gain more benefits
Which of the given is among the basic activities of accounting?
I & IV |
I, II & III |
I, II & IV |
I, III & IV |
II, III & IV |
Accounting is an information system which provides financial information about the entity for decision makers. This system includes three kinds of basic activities which are identifying, recording and communicating of the financial transactions of an entity. The correct answer is B.
9.Soru
Which one of the following is an income statement account that shows the losses incurred due to uncollectible receivables?
Income statement |
Cash discounts |
Bad debt expense |
Trade discounts |
Sales allowances |
Bad debt expense is an income statement account that shows the losses incurred due to uncollectible receivables.
10.Soru
Which of the following shows the calculation for Days' Sales Inventory?
365 days divided by inventory turnover |
7 days divided by inventory turnover |
365 days divided by average merchandise inventory |
7 days multiplied by inventory turnover |
365 days multiplied by inventory turnover |
Days’ Sales in Inventory = 365 days divided by inventory turnover
The correct answer is A.
11.Soru
Which of the followings is not among the expenses of “Single-Step Income Statement”?
Salaries Expense |
Advertising Expense |
Research and Development Expenses |
Delivery Expense |
Depreciation Expense |
Research and Development Expenses are among the MULTIPLE-STEP INCOME STATEMENT
12.Soru
"This is an income statement account that shows the losses incurred due to uncollectible receivable." Which option is described above?
Allowance method or the direct write-off method |
Cash discounts |
Sales returns and allowances |
Cash (net) realizable value |
Bad debt expense |
Income statement of a firm is also affected by the uncollectible receivable amounts. The amount of expected uncollectible receivables is reported in the income statement as an expense so that profit should not be overstated. This expense is recorded in bad debts expense account and reported as bad debts expense in the income statement.
13.Soru
If the Accounts receivables is 500,000 and Allowance for doubtful debts is 20,000 what is the Cash (Net) Realizable Value of the Accounts Receivable?
520,000 |
480,000 |
2,500 |
80,000 |
5,000 |
You can use the formula Accounts receivables - (minus)Allowance for doubtful debts=Cash (Net) Realizable Value of the Accounts Receivable
14.Soru
- raw materials inventory
- work-in-process inventory
- finished goods inventor
Which of the inventory types above do manufacturing companies have?
Only I |
Only III |
I and II |
I and III |
I, II and III |
In manufacturing companies raw materials are converted to finished goods and then sold to customers. These companies have three types of inventories: (i) raw materials inventory, which includes materials and parts purchased to be used in production, (ii) work-in-process inventory, which are the products that are not completed as of the end of accounting period and (iii) finished goods inventory, which are the completed products available to be sold.
15.Soru
Which one of the following is the writer of a note, promises to pay?
Payee |
Maker |
Factor |
Promissory note |
Buyer |
Maker is the writer of a note, promises to pay.
16.Soru
Which of the following is the definition of "revenue", which is one of the factors increasing or decreasing the level of owner’s equity?
Revenues are the gross increase in owner’s equity resulting from business activities entered into for the purpose of earning income. |
Revenues are the cost of assets consumed or services rendered in the process of earning revenue |
Revenues are the gross income in owner’s equity resulting from trade business activities |
Revenues are the financial transactions of the business recorded by accountants |
Revenues are the expenses which decrease owner’s equit |
Revenue is the gross inflow of economic benefits during the period arising from the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants. In other words, revenues are earnings that result from delivering goods or services to customers. In this sense, revenues are the gross increase in owner’s equity resulting from business activities entered into for the purpose of earning income. For examples, selling goods (sales), performing services (fees), lending money (interest), leasing machine (rent) all create revenues for a given period. A is the right answer.
17.Soru
Which one is determined by dividing the cost of goods available for sale by the number of units available?
Average Cost Method |
Inventory Cost Flow |
Specific Identification Method |
Weighted average cost per unit |
Conservatism |
Average Cost Method is an inventory costing method based on the weighted average cost per unit of inventory that is calculated after each purchase. Weighted average cost per unit is determined by dividing the cost of goods available for sale by the number of units available.
18.Soru
" Some sorts of programs can control, find solutions to protect businesses’ cash and
other assets against fraud." Which notion's explanation is given above?
Cash |
Cash Budget |
Receipts |
Artificial Intelligence |
Internal Control |
Regarding with artificial intelligence, “machine learning” and “deep learning” can provide effective techniques to find some solutions to protect businesses’ cash and other assets against fraud.
19.Soru
What reports the cost of goods, materials and other components of manufacturing process used for the inventory which are still in production process?
Raw Materials Inventory |
Finished Goods Inventory |
Work in Process Inventory |
Accounting Principles |
Inventory Accounting Systems |
Work in Process Inventory reports the cost of goods, materials and other components of manufacturing process used for the inventory which are still in production process, in other words unfinished at the time financial statements are prepared.
20.Soru
Which one of the following is the business of purchasing receivables from companies upon a fee for the services performed to manage and collect receivables?
Credit cards sales |
Debit card sales |
Leasing |
Factoring |
Forfaiting |
Factoring is the business of purchasing receivables from companies upon a fee for
the services performed to manage and collect receivables.
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