2018–2019 Final (Dönem Sonu) Çıkmış Soruları

1,000 TL

3,000 TL

2,000 TL

4,000 TL

6,000 TL

Financial situation

Profit or loss

Assets

Owner’s equity

Gross sales revenue

Accounts Receivable

Purchase

Accounts Payable

Cost of Goods Sold (COGS)

Cash

On April 18, some of the inventories sold is returned. As a result of this return, Company should cancel both of Sales Revenue and COGS accounts.

Company sold inventory to a customer on credit on April 18. Sales price is 700 TL.

Company purchased inventory from a company to sell. Cost of this purchase is 600 TL Suppose Company expect to receive the goods on April 18.

Company sold inventory to a customer for cash On April 18. Sales price of inventory is 600 TL and the cost of inventory sold is 700 TL.

Company recorded sales discount as 100 TL on April 18.

The freight-out point

FOB shipping point

FOB destination point

The contra-sales revenue point

Cash outflows point

Net sales revenue = Sales Revenue – Purchase Returns and Allowances + Sales Discounts

Net sales revenue = Sales Revenue – Cost of the Goods Sold

Net Sales Revenue = Beginning Inventory + Purchases – Ending Inventory

Net sales revenue = Sales Revenue + Sales Returns and Allowances + Sales Discounts

Net sales revenue = Sales Revenue – (Sales Returns and Allowances + Sales Discounts)

Conservatism

Disclosure Principle

Materiality Concept

Consistency Principle

Inventory Accounting Systems

Periodic Inventory System

Perpetual Inventory System

Real-time Inventory System

Accrual Inventory System

Financial Inventory System

990

858

660

1,578

3,000

Average Cost Method

First-in-First-Out (FIFO) Method

Last-in, First-out (LIFO)

Weighted Average Cost Method

Perpetual Method

COSO framework as a rule-based approach and this approach can provide flexibility to internal control process.

COSO framework can applied all the types of business.

COSO framework states how components and related principles are present and functioning.

COSO framework can applied not only in financial reporting but also all other types of reporting, operating and compliance objectives.

COSO framework provides a benefit to reduce in effective or/and inefficient controls.

I ve III

II ve III

II ve IV

I, II, III ve IV

I, II ve IV

Cash short & over

Expenses

Petty cash fund

Long-term liabilities

Current liabilities

Petty cash ticket

Bank reconciliation

Bank statement

Statement of cash flows

Cash budget

Sales can be made to a more diverse group of customers.

Revenues are increased by making sales to a wider range of customers.

Some customers do not pay, creating an expense.

Companies should consider the uncollectibility risk by making relevant arrangements in their accounting records.

The level of bad debts is often a good indicator of a company’s credit policy.

journal entry

principle control account

control account

subsidiary ledger account

revenue account

The allowance method and the liability method

The allowance method and the direct write-off method

Deferred expenses and prepaid expenses

The asset method and the sales method

The allowance method and the amortization method

Net Realizable Value of receivable is debited and Allowance for Doubtful Debts is credited.

Bad Debts Expense is debited and Accounts Receivable is credited.

Bad Debts Expense is debited and Allowance for Doubtful Debts is credited.

Accounts Receivable is debited and Bad Debt Expense is credited

Allowance for Doubtful Debts is debited and Bad Debts Expense is credited.

The asset structure statement

The balance sheet

The statement of cash flows

The income statement

Owner’s equity statement

Unearned Revenue account

Interest Payable account

Interest Revenue account

Notes Payable account

Accounts Payable account