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

The external auditor

The controller

Salesman

The treasurer

Management 

Increasing company's account receivables

Keeping the accounts of sold goods

Ensuring bank credits

Providing maximum profit from sales

Enabling the company to maintain competitiveness.

Disclosure Principle

Consistency Principle

Materiality Concept

Conservatism

Perpetual Inventory System

Payee

Voucher

Cash budget

Petty cash fund

Cash flow

Service companies

Manufacturing companies

Merchandising companies

Retailer

Whole seller

Beginning Inventory

Ending Inventory

Value-Added Tax

Purchases

Cost of Goods Sold

Cash flow statement

Cash budget

Cash invoice

Liquidity document

Current asset

It is an unintentional misrepresentation of some items.

Employees trying to steal money is a type of fraud.

Managers can make false and misleading entries in the books.

Frauds may deceiving investors and creditors.

Fraud Triangle has three components: pressure, opportunity, and rationalization.

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.

Hospital

Law firm

Factory

Hotel

Greengrocery

Service companies

Manufacturing companies

Merchandising companies

Retailer

Whole seller

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.

It is an organization that stands apart as a separate economic unit.

It assumes that the business entity will remain in operation forever.

Financial transactions can only be recorded if the transaction data can be expressed in terms of money.

The monetary unit assumption causes any decrease in the quality of financial information.

It requires that the financial transactions of the entity should be recorded separately from the economic activities of its owner and all other economic entities.

Unearned revenue

Expenses

Owner’s Capital

Prepaid expenses

Notes receivable

Every adjusting entry for accrued expenses debits an expense account, increasing expenses on the income statement and reducing net income, and credits a payable account, decreasing liabilities on the balance sheet.

Because of adjustingentry for accrued expenses debits an expense account, decreasing expenses on the income statement.

So, in adjusting entry, asset will be created as a debit and revenue as a credit. companies not increase both assets and revenues by making adjusting entries.

The amount of such an accrued but unpaid item at the end of the accounting period is both an expense and a liability.

The term 'accrued' means to increase or accumulate. When a company accrues expenses, this means that its portion of paid bills is increasing.

Receipts

Financial statements

Payroll statements

Waybills

Invoices

In the balance sheet, which is in the closing stage, owner’s equity shows the owners’ investments, profit and loss of the period.

The purpose of the closing entry is to bring to the companies their benefit from current liabilities for financing its current assets.

The purpose of the closing entry, assets are reported according to their liquidity in the balance sheet.

The purpose of the closing entry is to bring the temporary account balances to zero on the general ledger, including revenue, expense and dividend accounts. All income statement balances are eventually transferred to retained earnings.

The purpose of the closing entryis toprepare statement of owner’s equity reports the changes in the capital throughout the period caused by the owner’s capital investments or withdrawals, net profit or loss.

The assets acquired to be used in business ‘s operations for more than 12 months and receivables of which due dates are more than 12 months

The measure of how quickly and easily an account can be converted into cash

The assets that will be converted into cash, sold, consumed or received within 12 months or within the business’s operating cycle, and the cash and cash equivalents.

The report that shows the assets, liabilities and the owner’s equity in a specific date.

The changes in the capital throughout the period caused by the owner’s capital investments or withdrawals, net profit or loss.

Balance sheet

Adjusted trial balance

Income statement

Cash flow statement

General ledger