Deneme Sınavı Soruları

Journal is a book in which the transactions are recorded last of all, as and when they take place

The Importance of Keeping a Journal in Accounting. A journal entry is the record of a balance-sheet  transaction entered into a journal.

Accounting process starts with the identification of financial transactions of a business. These books of accounts are called journal. The journal is an important book under the double-entry system. Journal is the first book of systematic record of the financial transactions of the business.

A journal is a detailed account that records the general ledger of  the financial transactions of a business, to be used for future reconciling of and transfer to other official accounting records.

In accounting and bookkeeping, a journal is a record of financial transactions of assets  in order by one year.

What it would cost to replace the asset

Selling price

Historical cost

Fair value

Relevance

Deferred (Prepaid) Expenses

Deferred (Unearned) Revenues 

Accrued Assets

Accrued Expenses 

Accrued Revenues

Only I

I and II

I and III

II and III

II and IV

İnventory

Account Payable

Account Receivable

Retained Earnings

All of the above

Monthly trial balance

Adjusted trial balance

Closing entries

Post-closing trial balance

Preparing unadjusted trial balance at the end of the period

companies record revenues when they receive the cash and they record expenses when the cash is paid

companies record revenues when they receive the cash and they do not record expenses. 

companies avoid recording revenues in case they may receive the payment in cash cash

companies receive the cash but do not record expenses in the accounting book.

companies record all types of payment only if they are made in cash

Investors

Creditors

Managers

Customers

Suppliers

Sole proprietorship

Partnership

Customer

Corporation 

Regulatory

The date of transaction

Explanation of the transaction

Debit amount

Credit amount

Estimated sale figures

Revenues are recorded when services are performed.

Revenues are recorded when expenses are incurred.

Expenses are recorded before the cash is paid.

Revenues are recorded when cash is received.

Expenses are recorded when they are incurred.

Investments

Liabilities

Revenues

Assets

Owner's Equity

Straight-line depreciation method.

Matching Principle

Revenue recognition principle

The time-period concept

The accumulated depreciation account

assets

liabilities

owner's equity

cash

transaction

I and II

I and III

Only II

Onlay III

I, II and III

Account balance

Balance sheet

Credit balance

Debit balance

Trial balance

Contributions by owner(s)

Distributions to owner(s)

Expenses.

Creditor(s)

Revenues

Cash

Accounts Receivable

Notes Receivable

Prepaid Expenses

Buildings

Debiting

T-balance

Crediting

Asseting

Revenuening 

Cash value

Current value

Book value

Nominal value

Market value