Deneme Sınavı Soruları

Investors

Creditors

Managers

Governments

Suppliers

not-for-profit, public interest organizations established to develop a single set of high-quality, understandable, enforceable and globally accepted accounting standards

the humanly devised rules, procedures and norms to judge one’s action
as right or wrong, honest or dishonest and fair or not fair

the possibility of making a mistake in classifying or measurement of financial transactions

a set of principles and rules that companies follow when they prepare and publish their financial statements

a common set of standards used by accountants in United States.

Examples of non-current assets include short-term deposits.

Examples of non-current assets include investments in other companies, intellectual property (e.g. patents), and property, plant and equipment. 

Best examples of non-current assets include accounts receivable.

Examples of non-current assets include raw materials.

Examples of non-current assets include finished goods / inventory.

Historical cost principle refers the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

Historical cost principles are the main factors used in determining which measurement principle to apply.

Historical cost principle states that assets and liabilities are reported at their fair value.

Historical cost principle refers to the valuation of assets and liabilities in accounting process.

Assets are recorded at their cost when acquired by the company and this value stays same over the time 

5,000

6,000

7,000

8,000

10,000

Statement of owner’s equity

Income statement

Balance sheet

Adjusted Trial Balance

Post-Closing Trial Balance

Adjusted trial balance 

Liquidity

Balance sheet

Income statement

Classified Balance Sheet

Capital

Unearned Revenue

Prepaid expenses

Land

Cash

Depreciation

Valuation

Registration

Measurement

Elimination

I,II and III

I, II and IV

I, III and IV

II,III and IV

I, II, III and IV

Unearned revenue

Expenses

Owner’s Capital

Prepaid expenses

Notes receivable

In the balance sheet, which is in the closing stage, owner’s equity shows the owners’ investments, profit and loss of the period.

The purpose of the closing entry is to bring to the companies their benefit from current liabilities for financing its current assets.

The purpose of the closing entry, assets are reported according to their liquidity in the balance sheet.

The purpose of the closing entry is to bring the temporary account balances to zero on the general ledger, including revenue, expense and dividend accounts. All income statement balances are eventually transferred to retained earnings.

The purpose of the closing entryis toprepare statement of owner’s equity reports the changes in the capital throughout the period caused by the owner’s capital investments or withdrawals, net profit or loss.

owner’s equity statement

income statement

balance sheet

statement of cash flows

financial transactions

Matching is expense that is recognized after cash is paid.

Matching is expense that is recognized before cash will be paid.

An accounting rule that says revenues must be assigned to the accounting period in which the goods were sold or the services performed.

An accounting rule that says revenues must be assigned to the accounting period in which the goods will be   sold or the services will be performed in the future.

 As a matching principle, revenues recognition means that you will record the revenues.

Depreciable amount

Depreciation expense

Depreciation

Residual value 

Useful life

Cash basis accounting

Accrual basis accounting

Balance basis accounting

Cost basis accounting

Advance basis accounting

Debitting is the act of delaying the unpaid sales within the accpunts of a firm.

Debitting refers to the act of making an entry on the right side of an account and when credit amount exceeds debits.

Debiting refers to the act of making an entry on the left side of an account and when debit amount exceeds credits.

Debitting represents the both sides of the account, right and left

Debitting is the act of borrowing money from the banks for future investments.

Assets

Expenses

Both A and B

Liabilities

Revenues

Revenue is recognition of the sales before the payment is done.

Revenue is the dictation that revenue is recognized when it is in cash.

Revenue is the gross decrease in owner’s equity that results from operations.

Revenue is the cost of assets consumed or services used during the revenue earning process.

Revenue is the gross increase in owner’s equity from delivering goods or services to customers and clients.

Revenue recognition principle

Time period concept

Matching principle

Social responsibility principle

Prudence principle