Aof Panel

Soru 1

I.Last-in, First-out (LIFO) is just the opposite of FIFO

II.The cost of goods sold is based on the most recent purchases

III.This method is also used in hyperinflationary economies

Which one/ones is/are correct about Last-In, First-Out (LIFO) Method?

Soru 2

Which one is determined by dividing the cost of goods available for sale by the number of units available?

Soru 3

Which principle holds the idea that companies should use the same accounting methods and procedures in each accounting period?

Soru 4

Which of the following measures number of times a company sells average level of merchandise inventory during a period?

Soru 5

Which of the following shows the calculation for inventory turnover ratio?

Soru 6

Which of the following shows the calculation for Days' Sales Inventory?

Soru 7

According to which method, does ending inventory come from the oldest costs (beginning inventory and earliest purchases) of the period?

Soru 8

In which method, is the cost of goods sold based on the oldest purchases?

Soru 9

Which method is based on the specific cost of particular units of inventory?

Soru 10

Which of the following is the calculation of ending inventory?

Soru 11

According to conservatism, which of the following is not true?

Soru 12

Perpetual inventory system tracks and records inventory and costs of goods sold on a/an _________ basis.

Which of the following completes the sentence above?

Soru 13

Inventories are assets;

I. Held for sale in the ordinary course of business;

II. Use in the process of production for such sale

III. In the form of materials or supplies to be consumed in the production process or in
the rendering of the services.

Which of the following statements are correct?

Soru 14

I. Raw Materials Inventory

II. Work in Process Inventory

III. Finished Goods Inventory

Which of the inventory types is/are among the inventory accounts in financial statements of manufacturing companies?

Soru 15

In accordance with the.................. principle holds that companies should use the same accounting methods and procedures in each accounting period, so that the information provided will help investors and creditors to compare a company’s financial statements from one period to the next.

Which of the following terms should fill the blank?

Soru 16

The ..................... principle holds that a company should report enough information for financial statement users to understand methods and procedures used for each component of the financial statements to make wise decisions about the company
by providing additional information.

Which of the following terms fills the blank correctly?

Soru 17

A company must perform strictly proper accounting only for items that are significant
to the business’s financial situation according to the ............... concept requirements.

which of the following terms fills the blank correctly?

Soru 18

A business should report the least favorable figures in the financial statements when
two or more possible options are presented according to the ..................... concept
requirements.

Which of the following statements fills the blank correctly?

Soru 19

I. Units purchased and cost amounts

II. Units sold and sales and cost amounts

III. The quantity of merchandise inventory on hand and its cost.

Perpetual Inventory System achieves better control over the inventory by recording which of the information above?

Soru 20

In the .......................... method, the company knows exactly which item was sold and exactly what the item cost.

Which of the following items fills the blank correctly?

MUHASEBE I