MUHASEBE II - Deneme Sınavı - 2

The correct answer is B. In the accounting record to be made, merchandise inventories will be debited by TL 5.000 and account payable will be 5,000 TL credited.

When the first journal entry to record the purchase of equipment, equipment 100 will be debited, account payable 100 will be credited.

Sorunun doğru yanıtı D şıkkıdır. If the company cannot pay its obligations, it may go bankrupt. Therefore, liquidity is an indicator for investors showing the going concern of company and an indicator for creditors representing the probability that they will be able to collect their funds back.

The correct answer is A. In journal entry cash is debitted 500.000 TL , bank loans are credited as 500.000 TL.

The correct answer is question E.

Star company's total liabilities of the entity are 250.000 TL'dir. This total liabilities are consist of unearned revenue of 100.000 TL, Salaries payable of 150.000.

The correct answer is question E. Cash is an asset account, not a current liabilities.

The correct answer is D. Debts of more than one year are long-term liabilities.

Liability is defined as the present obligation of a company arising from past events and fulfillment of which causes the outflow of economic benefits in terms of payments of cash, transfer of assets or rendering of services.The correct answer is A.

Liabilities have three main characteristics: • They occur because of a past transaction or event. • They create a present obligation for future payment of cash or services. • They are an unavoidable obligation.

The correct answer is B.

Accounts Payable are typically short term as credit terms are usually between 30 and 90 days.The correct answer is C.

Matching principle requires the recognition of expenses in the period in which they incur to generate revenues. Therefore, as of the end of period, all expenses should be recorded independent from whether they are paid or not. When an expense incurs but is not paid yet, it should be recorded as accrued expense. In other words, accruals can be defined as liabilities for unpaid expenses. The most common examples of accrued expenses are interest payable, salaries payable, income taxes payable etc.Accruals can be defined as liabilities for unpaid expenses.The correct answer is D.

Whenever a good or service is delivered, Value Added Tax (VAT) occurs. VAT is a kind of sales tax. The tax amount is calculated from the revenue (not income as in income tax) by using VAT rates on the delivered product or service. In a sales transaction, the seller receives an amount including both the sales price and VAT. VAT is not included in revenue because the seller collects the value added tax from customers on behalf of the government. On the other hand, the seller also pays VAT to the suppliers while purchasing goods. When the goods and services are delivered, the amount of tax is recorded as VAT received, and in cases of purchases, it is VAT paid account that the amount is recorded in. At the end of each fiscal year, these two accounts on VAT are considered. If VAT received exceeds the VAT paid, this means the seller company has collected more than what it has already paid to government as VAT. Then at year-end, a liability account should be recorded: VAT Payable. Company has to pay this amount to tax office. In opposite case, where VAT paid is more than VAT received, this means that the company has paid more tax. Then, it collected from customers on behalf of government. The excess amount is recorded in an asset account; VAT Deductible. This amount represents a tax receivable from government and is carried forward to the next year in order to be deducted from VAT tax liability.The correct answer is A.

As employees work for the company, the employers incur obligations to pay as either salaries or wages. Included in these salaries and wages, there are some additional obligations that the employers have to pay on behalf of employees, such as personal income taxes, employment insurance, pension and health insurance contributions, and union dues. These items are withheld from employees’ paychecks at the end of each period. The amount of salaries or wages before any deduction is called “gross pay” and the net amount of cash that the employers receive after all deductions are made is called “net (take-home) pay.“Salaries” are monthly payments to employees whereas “wages” are the payments to employees on an hourly basis. The correct answer is B.

As employees work for the company, the employers incur obligations to pay as either salaries or wages. Included in these salaries and wages, there are some additional obligations that the employers have to pay on behalf of employees, such as personal income taxes, employment insurance, pension and health insurance contributions, and union dues. These items are withheld from employees’ paychecks at the end of each period. The amount of salaries or wages before any deduction is called “gross pay” and the net amount of cash that the employers receive after all deductions are made is called “net (take-home) pay”6. There are two types of deductions from the gross pay7: 1. Required (Mandatory) deductions, which are the withholdings, stated by laws and regulations, such as income taxes and social security premiums etc. 2. Optional (Voluntary) deductions, which the employees desire to pay additionally for special purposes, such as health insurance and pension plan payments etc. The correct answer is D.

If the existence of an obligation is dependent on the occurrence of one or more future events, the obligation is a contingent liability. In other words, the probability of occurrence determines the existence of a liability. The correct answer is A.

Liquidity, which is defined as the ability to meet short-term liabilities, is one of the most important points that all users of accounting information, especially investors and creditors, consider. If the company cannot pay its obligations, it may go bankrupt. Therefore, liquidity is an indicator for investors showing the going concern of company and an indicator for creditors representing the probability that they will be able to collect their funds back (with an interest or at least the principal amount). The correct answer is C.

In order to assess the company from these perspectives, investors and creditors generally imply ratio analysis, as well as other financial statement analysis methods. Ratios, which are calculated by dividing a financial statement item with another, help users with analyzing the company from different perspectives. Ratios (such as current ratio, acid-test ratio, operating cash flows ratio, net working capital ratio, interest coverage ratio) represent the riskiness and creditworthiness of companies to investors and creditors.The correct answer is B.