Deneme Sınavı Soruları

Cash discounts are not reflected in the books of accounting.

Cash discounts are not recorded.

Cash discounts are not affected by the date of payment.

Cash discounts are intended to encourage the customer to make their payment earlier

Cash discounts reduce the final sales price

Factoring

Sales basis ratio

Accounts Receivable Turnover Ratio

Aging of accounts receivable ratio

Percentage of receivable basis

Service company

Manufacturing company

Financial institution

Retailer

Whole seller

Perpetual inventory system has a widespread use, because it provides high level of control over inventories.

In this system, companies continuously update the inventory account whenever a transaction occurs.

The purchases of inventories are directly debited to inventory account, while the cost of inventories are credited when they are sold.

In perpetual inventory system, companies use “Purchase” account to record their purchases of inventories.

Perpetual
inventory system provides the companies opportunity to
compare the amounts of inventories in accounting records stolen or wasted goods are not detected, because and in warehouses.

Delivery expense

FOB shipping point

FOB destination point

Sales Revenue

Merhandise inventory

Only I

I-II

I-III

II-III

I-II-III

They reduce the amount of accounts receivables.

They occur when the goods are delivered on credit.

They increase the profitability of goods. 

They result from the reduction in the catalogue price.

They are intended to encourage the customer to make their payment earlier.

calculating the maximum cost

having uninterrupted business operations

reporting value for inventories on hand

ending merchandise inventory

estimating sales values

Only I

Only II

I and II

II and III

I, II and III

It is that businesses should report the least favorable figures in the financial statements when two or more possible options are presented

It requires strictly proper accounting only for items that are significant to the business’s financial situation according to the materiality concept requirements.

It is that enough information for outsiders to make knowledgeable decisions about the company is not compulsory

It rests on a conceptual framework that identifies the objectives, characteristics, elements, and implementation of financial statements

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

Perpetual Inventory System

Specific Identification Method

Average Cost Method

First-In, First-Out (FIFO) Method

Last-In, First-Out (LIFO) Method

Aging of accounts receivable

Percentage of receivable basis

Accounts receivable turnover ratio 

Percentage of sales basis

Direct write-off method

Aging of accounts receivable

Percentage of sales basis

Direct write-off method

Dishonor of notes receivable

Sale of notes receivable

The date of transaction

Explanation of the transaction

Debit amount

Credit amount

Estimated sale figures

Investors

Managers 

Creditors

State

Customers

Current assets

Non-current assets

Current liabilities

Non-current liabilities

Owner's equity

Identifying the accounts and the account types

Deciding whether each account increases or decreases

Recording the transaction in the journal.

Ignoring the balance in the accounting equation 

Posting the journal entry to the ledger

Only I

I and II

I and III

II and III

II and IV

Cash

Account receivables

Notes receivables

Unpaid expenses

Equipment

Balance sheet

Adjusted trial balance

Income statement

Statement of owner’s equity

General Ledger