Deneme Sınavı Soruları

Seperation of duties

Hiring competent, reliable, and ethical personnel

Monitoring and audits

Assignment of responsibilities

Documentation

I

I and II

II and III

I and III

I, II and III

Periodic inventory system is used by the companies with inexpensive inventories and manual accounting systems.

Companies may prepare either single-step or multiple-step income statement.

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

Expenses should be recorded in the period in which they generate revenues

Accounting for purchases and sales differs between the periodic and perpetual inventory systems.

Specific Identification Method

Average Cost Method

First-In, First-Out (FIFO) Method

Last-In, First-Out (LIFO) Method

Total Cost Method

Current value

Book value

Market value

Fair value

Cash realizable value

Raw Materials Inventory

Continuous good inventory

Semi-finished good inventory

Storage inventory

Components inventory

Leasing

Factoring

Forfaiting

Swap

Option

COGS 

Purchases

Net purchases

Purchase returns

Accounts payable

Mobile banking

View your transactions

Cheaper system

Transfer money between accounts

Syncing with your money applications

Factoring

Arising

Marketing

Collecting

Factor

Ensuring that business information is accurate

Making sure that employees comply with laws

Knowing that assets are safeguarded and used for business purposes

Showing that facts are misrepresented

Being able to know that regulations are complied with

Factoring

Average collection period

Credit

Credit card

Debit card

Accounts receivables

Arise receivable

Long term receivable

Short term receivable

Balance receivable

Owner’s equity statement

Balance sheet

Statement of cash flows

Transaction statement

Balance sheet

Statement of owner’s equity

Income statement

Net statement

Profit statement

Investments

Liabilities

Revenues

Assets

Owner's Equity

Both financial statements belong to a certain date

Both statements cover a certain period

Net profit item in both tables

Both statements show assets and resources

Show both revenues and expenses in both statements

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.

Deferred expenses 

Deferred revenues 

Accrued expenses 

Accrued revenues

Depreciable amount 

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