Deneme Sınavı Soruları

Cash 650.000 debit

Merchandise İnventory 720.000 credit

Merchandise İnventory 650.000 debit

Cash 720.000 credit

Account Payable 720.000 credit

Perpetual Inventory System

Inventory Cost Flow

Specific Identification Method

FIFO

LIFO

To reduce the amount of accounts receivables.

To show the credit sales price.

To encourage the customer to make their payment earlier.

To show the losses incurred due to uncollectible receivables.

To record the written-off uncollectible account receivables.

Income statement

Cash discounts

Bad debt expense

Trade discounts

Sales allowances

Control activities

Control environment

Information and communication

Risk assessment

Monitoring activities

365 days

31.5  days

41.4 days

121 days

15.6 days

Mobile banking

View your transactions

Cheaper system

Transfer money between accounts

Syncing with your money applications

It is a method of approximating the flow of inventory costs in a business that is used to determine the amount of cost of goods sold

It is a method of calculating the Cost of Ending Inventory and Cost of Goods Sold once at the end of an accounting period

It is an inventory system of tracking and recording inventory and cost of goods sold on a continual basis

It is an alternative way of calculating real time balances of Inventory Account and the Cost of Goods Sold Account.

It is a system of determining the quantity of inventory on hand only periodically.

Average Cost Method

Inventory Cost Flow

Specific Identification Method

Weighted average cost per unit

Conservatism

reports the cost of goods, materials and other components of manufacturing
process used for the inventory which are still in production process

reports the cost of goods and materials on hand to be used in production.

reports the cost of goods, materials and other components of manufacturing
process used for the inventory produced and available for sale.

reports the cost of goods, materials and other components of manufacturing
process which have already finished

reports goods which are not used in the services of companies providing facilities as inventories or stocks 

Perpetual Inventory System

Average Cost Method

Inventory Cost Flow

Specific Identification Method

Periodic Inventory System

to understand accounting and reporting inventories.

to enable investors and creditors make wise decisions about the company.

to determine the value of merchandise inventory on hand.

to use a specific identification costing method.

to determine ending inventory and cost of goods sold.

Only I

Only II

I and II

II and III

I, II and III

It is the main tool to answer the questions asked by external users.

Creditors use it to evaluate the risks of lending money.

Investors buy or sell stocks based on information derived from managerial accounting.

It is used to produce internal reports to help internal users in their decision making process.

It is used to analyze the company’s ability to fulfill its obligations.

The time-period concept  

Revenue recognition principle 

Deferred revenue concept

Matching principle 

Deferred expense concept

Time Period Concept

The Revenue Recognition Principle

Matching Principle

Expense Recognition Principle

Cash basis accounting

Adjusting Entries

Revenues

Expenses

Contributions by owner(s)

Residual equity

Distributions to owner(s)

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

Salary payable

Accounts receivable

Supplies

Capital

Equipment