2018–2019 Vize (Ara Sınav) Çıkmış Soruları

In the basic accounting equation, assets must always equal the sum of liabilities and owner’s equity.

In the basic accounting equation, assets must always be higher than the sum of liabilities and owner’s equity.

In the basic accounting equation, assets must always equal the sum of liabilities.

In the basic accounting equation, assets must always be lower than the sum of liabilities and owner’s equity.

In the basic accounting equation, owner’s equity must always equal the sum of liabilities and assets.

The reasons for changes in cash position of the company over an accounting period.

The profit or loss for the accounting period.

The financial position of an organization at a particular instant in time – normally at the end of an accounting period.

The revenues and expenses and resulting net income or loss of a company for a specific period of time.

Cash inflows and outflows for a specific period of time.

Assets = Liabilities + Contributions – Distributions + Revenues – Expenses

Assets + Owner’s Equity = Liabilities + Contributions – Distributions + Revenues – Expenses

Assets + Liabilities = Owner’s Equity + Revenues – Expenses

Assets – Distributions – Expenses = Liabilities + Contributions + Revenues

Assets – Liabilities – Owner’s Equity =
Liabilities + Contributions – Distributions

Posting

Crediting

Journalizing

Bookkeeping

Debiting

Owner’s Capital account

Cash account

Service Revenue account

Accounts Payable account

Interest Revenue account

Journal

The balance sheet

Ledger

The trial balance

Assets

In November 1, 2018, The owner of the company buys equipment for his personal needs at 30.000 TL on credit.

In November 1, 2018, Owner invested 30.000 TL equipment on credit.

In November 1, 2018, Company purchases supplies, paying cash of 30.000 TL.

In November 1, 2018, The company rented equipment on account (credit), agreeing to pay 30.000 TL within 60 days.

In November 1, 2018, Company purchases equipment on account (credit), agreeing to pay 30.000 TL cash in the future.

Matching principle

Internal accounting principle

Adjusting entries principle

Managerial accounting principle

Revenue recognition principle

Adjusted trial balance

Deferred expenses

Prepaid expenses

Deferred (Unearned) Revenues

Accrued Expenses

Residual value of an asset

Office Building account

Book Value of an asset

Depreciation Expense account

Accumulated Depreciation Account

Financial accounts

Adjusted Trial Balance

Trial Balance

Balance Sheet

Uniform Chart of Accounts

in a trial balance

to the appropriate contra accounts

in the journal

in the accounting equation

in the adjusted trial balance

Income summary account has a debit balance in the post-closing trial balance

Owner’s capital account have no balance in post-closing trial balance

Post-closing trial balance includes the accounts that only have debit balances

Revenue and expense accounts have no balances in the post-closing trial balance

After the preperation of post-closing trial balance adjustment process is conducted

Expense accounts’ balances are posted to the credit side of Income Summary account

Income Summary account holds the balances of asset accounts

Income Summary account is used when only the company has a profit

Revenue accounts’ balances are posted to the credit side of Income Summary account

Income Summary account is reported under the assets

Rent Expense account is debited, Income Summary account is credited

Income Summary account is debited, Rent Expense account is credited

Rent Expense account is credited, Capital Account is debited

Capital account is credited, Income Summay account is credited

Rent Expense account is debited, Cash account is credited

Owner’s equity

Short term liabilities

Non-current assets

Current assets

Long term liabilities

Machinery

Land

Building

Cash

Long-term receivables

the accounting books

the language of business

the reporting tool of business

the diary of business

the documents of business

Cost accounting

External accounting

Managerial accounting

Financial accounting

Cash accounting

The going concern assumption

Sole proprietorship assumption

The economic entity assumption

Faithful representation assumption

Relevance assumption