Deneme Sınavı Soruları

Identify the accounts and the account types (asset, liability, or equity)

Decide whether each account  decreases and then trying to increase via  the rules of debits and credits

Record the transaction in the journal

Determine whether the accounting equation is in balance

Post the journal entry to the ledger

Balance sheet

Income statement

Statement of owner’s equity

Cash flow statement

Adjusted trial balance

Owner's equity, current liabilities, non current liabilities

Non current liabilities, current liabilities, owner's equity

Current liabilities, non current liabilities, owner's equity

Current liabilities, owner's equity, non current liabilities 

Owner's equity, non current liabilities, current liabilities

Time period concept

Revenue recognition principle

Matching principle

Social responsibility concept

Identification principle

As an owner’s equity, accrued liabilities occur in one period, and you pay the expense in the next period. You enter an accrued liability into your books at the end of an accounting period. 

Revenues causes Owner's Equity to increase, and expenses cause Owner's Equity to decrease.  When the company incurs electricity charges, the company's Liabilities increase and Owner's Equity decreases. If the company pays for ads to appear in this week's newspaper, Assets decrease and Owner's Equity decreases.

Owner’s Equity Accounts are, an accrued expense is an accounting expense recognized in the books before it is paid for. You owe interest on an outstanding loan and haven't been billed by the end of the accounting period. 

It can be considered an accrued payroll, taxes on employee wages are due in the next period.

In Owner's Equity, that are are commonly accrued include: Interest on loans, for which no lender invoice has yet been received.

200.000

220.000

225.000

240.000

250.000

The shape of the account resembles the letter H.

T-accounts have a title and include five sides

Debit represents the right side of an account. 

Credit represents the left side of an account.

Each account has a space for recording increases in the amount of the item.

Cash basis accounting

Accrual basis accounting

Cost basis accounting

Profit basis accounting

Loss basis accounting

Only I

I and II

II and III

I and III

I, II and III

Accounts Payable

Notes Payable

Accrued Liabilities

Unearned Revenue

Earned Revenue

12,000 liras of revenue will be posted to Income Summary account.

3,000 liras of expense will be posted to credit side of Income Summary account.

15,000 liras of revenue will be posted to debit side of Income Summary account.

The company has a loss of 3000 liras.

12,000 liras of profit is transferred to Capital account.

Dual effect

Income statement

Owner’s equity statement

Balance sheet 

Statement of cash flows

I, II, III

III, IV, V

II, IV, V

I, III, V

II, III, V

A chart of accounts is a created list of the account names used by an  organization to define each class of items.

A chart of accounts is used to organize a company’s accounts

Chart of accounts is simply a list of account names that a company uses in its general ledger for recording various business transactions

It provides guidance to accountants or other relevant persons in using specific account names

A chart of accounts does not record transactions within a firm

Liquidity

Maturity

Equity

Asset

Liability

The steps in accounting cycles briefly:

• Opening entries based on opening balance sheet
• Posting opening entries to ledger accounts
• Analyzing and journalizing daily transactions
• Posting daily transactions to accounts
• Preparing monthly trial balances
• Preparing unadjusted trial balance at the end of the period
• Adjusting entries
• Preparing adjusted trial balance
• Preparing financial statements
• Closing entries
• Preparing post-closing trial balance

The accounting cycle is often described as a process that includes the following-steps: identifying, collecting and analyzing documents and transactions.

The accounting cycle is often described as a process that includes the following-steps: posting the journalized amounts to accounts in the general and subsidiary ledgers

The accounting cycle is often described as a process that includes the following-steps, preparing an unadjusted trial balance.

An accounting cycle includes three main stages of activities;

• beginning of the period activities
• during the period activities
• end of the period activities

The main purpose of adjusting entries is to update the accounts to conform with the accrual concept. At the end of the accounting period, some income and expenses may have not been recorded, taken up or updated; hence, there is a need to update the accounts.

Adjusting Entries are not necessary every time financial statements are prepared.

Basic categories of adjusting entries are result of physical events.

The main purpose of adjusting entries is deferred expenses (prepaid expenses) on income statement.

The main purpose of adjusting entries is deferred expenses (prepaid expenses) on balance sheet.

Bookkeeping

Accounting 

Identifying

Information users

Honestly

Service revenue

Advertisement Expense

Depreciation Expense

Income summary

Salaries-Wages Expense

Identifying includes selecting financial transactions.

Recording  includes selecting financial transactions.

Recording includes preparing financial reports.

Communicatinginc ludes recording, classifying, and summarizing.

Indentifyinh includes preparing financial reports.