Accountıng I Final 20. Deneme Sınavı

Toplam 20 Soru
PAYLAŞ:

1.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


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


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


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


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


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


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


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


9.Soru

Which of the following is a category of "receivables"?


Cost receivables

Accounts receivables

Loan receivables

Cash receivables

Creditted receivables


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


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


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


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.


14.Soru

From the perspective of liquidity, non-current assets’ convertibility into cash must be over how many months?


1

3

6

12

24


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


16.Soru

How is inventory classified in the financial statements?


Asset

Liability

Revenue

Expense

Contra account


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


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


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


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