Deneme Sınavı Soruları

It iholds that companies should use the same accounting methods and procedures in each accounting period.

It is about that financial statements by themselves are just composed
of numbers without any additional information.

It states that a company must perform strictly proper accounting only for significant items.

It is about being careful in reporting items in the financial statements.

It is about reporting some information in your financial statements.

Cost of merchandise sold

Merchandise Inventory Asset

Ending Inventory

Inventory Available for Sale

Beginning Inventory

Consistency

Disclosure

Materiality

Conservatism

Economic Entity

Control environment

Risk assessment

Control activities

Information and communication

Monitoring activities

discounting of notes receivable

maturity date

payment

allowance for doubtful debt

interest receivable

Ending inventory = Unit cost /  Number of units on hand

Ending inventory = Unit cost - Number of units on hand

Ending inventory = Unit cost x  Number of units on hand

Ending inventory = Unit cost + Number of units on hand

Ending inventory =  Number of units on hand - Unit cost 

Consistency

Disclosure

Materiality

Conservatism

Economic Entity

The organization demonstrates a commitment to integrity and ethical values.

The organization demonstrates a commitment to attract, develop, and retain competent individuals in alignment with objectives.

The organization considers the potential for fraud in assessing risks to the achievement of objectives.

The organization selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels.

The organization obtains or generates and uses relevant, quality information to support the functioning of internal control.

Gross profit is calculated. Gross profit evaluates the company’s profitability in terms of selling activities.

Multiple-step income statement is preferred.

Cost is taken from inventory account in balance sheet and recognized as an expense (cost of goods sold) in the income statement.

Companies use “Purchase” account to record their purchases of inventories.

Freight cost is not included in the cost of goods.

Accounts receivable

Cash discounts

Trade discounts

Bad debts expense

Cash (net) realizable value

Cash discounts

Sales returns

Sales allowances

Accounts receivable

Trade discounts

Perpetual Inventory System

Conservatism

Materiality Concept

Disclosure Principle

Consistency Principle

Factoring measures the liquidity of accounts receivable and is calculated as net credit sales divided by net accounts receivable.

Factoring is the business of purchasing receivables from companies upon a fee for the services performed to manage and collect receivables.

Factoring is the average amount of time that a receivable payment is outstanding and is calculated as 365 days divided by receivable turnover ratio.

Factoring is a trend line of the proportion of customer sales that are paid at the time of sale, noting the payment type used.

Factoring a written agreement or a commitment to pay a particular amount of
promised money at a particular period of time.

Accounts receivable

Acounts payable

Notes payable

Unearned revenue

Accrued liabilities

Chart of accounts

Trial balance

Ledger

The T-Account

Accounting equation

revenue recognition principle

accrued revenue

accrued expense

deferred revenue

matching principle

equal debits and credits are made in the accounts for each transaction.

asset, liabilities and owners’ equity accounts all have normal debit balances.

a debit entry is recorded on the righ side of a T-account.

a credit entry is recorded on the left side of a T-account.

half of all the accounts have a normal credit balance.

Ethics

Intention

Honesty

Rightness

Fairness

Prepaid Expenses

Unearned Revenues

Accrued Expenses

Accrued Revenues

Unearned Expenses

Accured revenue

Deffered revenue

Accured expense

Deffered expense

Matching principle