Accountıng I Final 20. Deneme Sınavı
Toplam 20 Soru1.Soru
Blue Company sold 100 units of piano to a customer for cash On May 20. Sales price of a piano is 8.00 TL. Which of the following is true about the accounting record to be made according to this information?
Sales Revenue 800 TL debit |
Account Receivable 800 TL debit |
Cash 800 TL credit |
Sales Revenue 800 TL credit |
Account Payable 800 TL credit |
According to the information given in the question, cash account is debit 800 TL. Sales income account is credited as 800 TL.
2.Soru
I. Units purchased and cost amounts
II. Units sold and sales and cost amounts
III. The quantity of merchandise inventory on hand and its cost.
Perpetual Inventory System achieves better control over the inventory by recording which of the information above?
Only I |
I and II |
II and III |
I and III |
I, II and III |
Perpetual Inventory System achieves better control over the inventory by recording the following information:
• Units purchased and cost amounts
• Units sold and sales and cost amounts
• The quantity of merchandise inventory on hand and its cost. The correct choice is E.
3.Soru
The ending inventory of Sky is 45.000. If beginning inventory was 75.000 and goods available totaled 130.000, the cost of goods sold is....
65 |
70 |
75 |
80 |
85 |
The cost of goods sold is (130.000-45.000)=85.000 TL
4.Soru
In the ABC Company, the owner contributed 20,000 TL cash to establish the company as capital, which of the following is one of the accounts involved in this transaction?
Cash |
Accounts Payable |
Unearned Revenue |
Equipment |
Revenues |
In thsi transaction; two accounts involved are Cash and Owner’s Capital.
5.Soru
Which of the following describes a plan and a system of control procedures designed and implemented by the management and the board of directors?
Internal control |
External control |
Internal audit |
External audit |
Independent audit |
Internal control can be defined as a plan and a system of control procedures designed and implemented by the management and the board of directors.
6.Soru
Which of the following is the last step of the first round of operating cycle for a merchandising company?
Selling inventories to costumers |
Purchasing inventories |
Hosting inventories |
Collecting cash from costumers |
Receiving inventories |
The operating cycle of a merchandising company starts with the purchase of inventories from a producer or an individual, called a vendor. Then these inventories are sold to customers, either in cash or on account. When the cash is collected from customers, the operating cycle ends the first round.
7.Soru
According to which principle of the following the revenue is recognized after the cash is received.
Deferred revenue |
Accured revenue |
Matching principle |
Recognition principle |
Time period concept |
If cash is received in advance, a liability account will be used as a correspondence to cash account, a liability account called deferred revenue is used as a correspondence to cash account.
8.Soru
When are uncollectible account receivables written-off?
When the company cannot credit Account Receivable and making an offsetting debit to Allowance for Doubtful Debts account. |
When particular account receivable is categorized as an asset in the records |
Whenever a company becomes sure that a particular customer will not be able to repay and hence that account receivable would be uncollectible. |
When the Allowance for Doubtful Debts account is not debited instead of the Uncollectible Accounts Expense account. |
When the forecasted expense of credit losses is not debited to the uncollectible accounts receivable |
One important issue regarding allowances is how to record the written-off uncollectible account receivables. Whenever a company becomes sure that a particular customer will not be able to repay and hence that account receivable would be uncollectible, then that particular account receivable will no longer be categorized as an asset, so it has to be written off from the books. This write-off means to deduct the receivables balance of that specific customer’s account to nil. The company credit Account Receivable and making an offsetting debit to Allowance for Doubtful Debts account. C is the right answer.
9.Soru
Which of the following is a category of "receivables"?
Cost receivables |
Accounts receivables |
Loan receivables |
Cash receivables |
Creditted receivables |
Generally, receivables are classified into three main categories: (1) accounts receivables, (2) notes receivables, and (3) other receivables. Receivables can be also classified as current (short-term) and non-current (long-term) receivables with respect to their maturity structures. Receivables that are expected to be collected in less than one or exactly in one year (or operating period) are presented as current asset in the balance sheet. Receivables that are expected to be collected in more than one year (or longer than the operating period) are presented as non-current asset in the balance sheet. B is the right answer.
10.Soru
Which one is the equation of "Purchase cost inventory – Purchase returns and allowances – Purchase discounts + Freight in"
Cost of Goods Sold |
Merchandise Inventory |
Purchase Discount |
Net Cost of Inventory Purchased |
Sales Revenue |
Net Cost of Inventory Purchased = Purchase cost inventory – Purchase returns and allowances – Purchase discounts + Freight in
11.Soru
Which of the following based on the specific cost of particular units of inventory.
Specific Identification Method |
Average Cost Method |
First-In, First-Out (FIFO) Method |
Last-In, First-Out (LIFO) Method |
Total Cost Method |
The specific identification method uses the specific cost of each inventory unit to determine ending
inventory and cost of goods sold.
12.Soru
If the shipment type is FOB destination,which of the following party is responsible for the transportation?
The Buyer |
The Seller |
The Carrier |
The Bank |
The Warrantor |
If the shipment type is FOB destination, transportation is under the seller’s responsibility. Freight cost is not included in the cost of goods; therefore, this type of shipment is called “freight out”. The freight cost is recognized as delivery expense, in the accounting records of the seller.
13.Soru
Which of the following is true for company using a periodic inventory system?
They have inexpensive inventories and manuel accounting systems. |
They continuously update the inventory account. |
The purchases of inventories are directly debited to inventory account |
The cost of inventories are credited when they are sold. |
They have continuous control over inventories. |
Periodic inventory system is used by the companies with inexpensive inventories and manual accounting systems. However, with the increased use of technology in all areas of businesses, this system is preferred less day-by-day. The other information is true for companies using perpetual inventory system.
14.Soru
From the perspective of liquidity, non-current assets’ convertibility into cash must be over how many months?
1 |
3 |
6 |
12 |
24 |
Non-current assets include the assets acquired to be used in business ‘s operations for more than 12 months and receivables of which due dates are more than 12 months. From the perspective of liquidity, non-current assets’ convertibility into cash must be over 12 months.
15.Soru
Which of the following reduces the amount of accounts receivables since the customer delivers back the goods or the company waives a portion of its claim due to product defects?
Trade Discounts |
Sales Returns and Allowances |
Cash Discounts |
Sales Revenue |
Deferred Delay Charges |
Sales returns and allowances reduce the amount of accounts receivables since the customer delivers back the goods or the company waives a portion of its claim due to product defects.
16.Soru
How is inventory classified in the financial statements?
Asset |
Liability |
Revenue |
Expense |
Contra account |
Inventories are included in assets in the balance sheet.
17.Soru
What should be created so as to empower the environment of the business against the cybersecurity attacks and fraud?
Culture |
Society |
Courts |
Education |
Government |
Creating a culture against to the cybersecurity attacks and fraud is very important to strengthen the control environment of the business.
18.Soru
"When the company sells its goods or services on cash basis, ............." Which of the following statement appropriately completes the sentence above?
account receivables account is debited |
the company does not have to debit accounts receivables |
cash account is not debited |
there would be no need to consider for accounts receivables |
the sales revenue account is not credited |
When the company sells its goods or services on cash basis, there would be no need to consider for accounts receivables. In such a case, cash account is debited; the sales revenue account is credited. As we have mentioned before, if the company sells its goods and services on credit, then it has to debit accounts receivables.Cash account is debited and sales revenue is credited. This basic sales transaction has cash and income increasing effect.
19.Soru
Where is the Purchased merchandise inventory is recorded at the time of purchase?
in the Merchandise Inventory account |
in the commercial invoice |
in the beginning inventory |
in the ending inventory |
in the purchases account |
Purchased merchandise inventory is recorded in the Merchandise Inventory account at the time of purchase weather on cash or on account.
20.Soru
Which of the following is one of the main accounting issues with respect to the accounting of receivables?
Recognition of sales on hand |
Validation of accounts receivable |
Disposition of accounts receivable |
Proposing a new receivable |
Expansion of receivables |
There are three main accounting issues with respect to the accounting of
receivables. They are:
1. Recognition of accounts receivable
2. Valuation of accounts receivable
3. Disposition of accounts receivable
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