Deneme Sınavı Soruları

Cost of merchandise sold

Merchandise inventory asset

Operating cycle

Ending inventory

Cost of goods sold

Work in Process Inventory

Raw Materials Inventory

Finished Goods Inventory

A Service Company

Accounting Principles

Cost of Goods Sold divided by Average Merchandise Inventory

Cost of Goods Bought divided by Average Merchandise Inventory

Cost of Goods Sold divided by Days' Sales Inventory

Cost of Goods Sold multiplied by Average Merchandise Inventory

Cost of Goods Sold added to Average Merchandise Inventory

Receivable

Account

Cash realizable value

Cash discount

Bad dept expense

Perpetual Inventory System

First İn First Out Method

Accrual Basis

Periodic Inventory System

Last İn First Out Method

fraud triangle

Error triangle

Fallacy triangle

Trick triangle

Delusion triangle

Accounts receivable

Cash (net) realizable value

Bad debt expense

Percent-of-Sales

Payee

Creating misstatement

Intention

Causing injury or damage

Accounting process

The parties involved

Only I

I-II

I-III

II-III

I-II-III

When the company cannot credit Account Receivable and making an offsetting debit to Allowance for Doubtful Debts account.

When particular account receivable is categorized as an asset in the records

Whenever a company becomes sure that a particular customer will not be able to repay and hence that account receivable would be uncollectible.

When the Allowance for Doubtful Debts account is not debited instead of the Uncollectible Accounts Expense account.

When the forecasted expense of credit losses is not debited to the uncollectible accounts receivable

Service companies

Manufacturing companies

Merchandising companies

Retailer

Whole seller

Only I

Only II

I and II

II and III

I, II and III

To unsold units left on hand as “Merchandise Inventory” in its financial statements.

To provide comparability of their financial statements.

To make knowledgeable decisions about the company.

To determine how frequently merchandise inventory is sold.

To measure inventory in a timely and accurate manner is critical for having uninterrupted business operations.

An asset

A liability

An owner's equity

A revenue

A net income

Ledger

Journal

Posting

Support document

Analyzing

Closing entries

Preparing financial statements

Preparing post-closing trial balance

Preparing adjusted trial balance

Adjusting entries

Includes transferring the balances of the revenue and expense accounts to Income summary account.

Includes transferring Income Summary account’s balance to Capital account.

If revenues exceeds expenses then profit occurs.

Profit and loss are transferred to the capital account.

In order to close revenue accounts, the revenue account must be credited.

The time-period concept 

Revenue recognition principle 

Deferred revenue concept

Matching Principle 

Deferred expense concept

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

Companies record revenues when they perform services (rather than when they receive cash) and record expenses when they are incurred (rather than when paid).

Revenue is recorded when earned and expenses are recorded when consumed.

A company should record an expense for estimated bad debts that have not yet been incurred.

The account basis of accounting is the concept of recording revenues when earned and expenses as incurred.

when it is earned

after the cash is received

after the cash is paid

before the cash is paid

before the cash is received