1. The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the a. Statement of Cash Flows b. Statement of Financial Position (Balance Sheet) c. Income Statement d. Statement of Changes in Equity

2. The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the a. Statement of Cash Flows b. Statement of Financial Position (Balance Sheet) c. Income Statement d. Statement of Changes in Equity

3. The maturity value of a note is equal to the: a. principal minus total interest due b. principal times the interest rate c. principal plus total interest due d. face value of the note 4. Calculate the maturity value for the note as of TL120.000, 5% interest rate, 3 months. a. TL 1.500 b. TL 15.000 c. TL 121.500 d. TL 12.500

5. Gross profit is the difference between: a. Net sales and the cost of goods sold b. The cost of goods available for sale and the cost of goods sold c. Gross sales and net sales. d. Net sales and all operating expenses

6. The balance of Allowance for Uncollectible Accounts, before adjusting entry, is TL 5.000. The estimated (target) balance of the allowance account at the end of 31 December 2016 is TL 8.500. Accordingly, the adjusting entry needed to bring the balance to desired level is;

a. Allowance for uncollectible accounts 3.500 Impairment Loss 3.500 b. Impairment Loss 3.500 Allowance for uncollectible accounts 3.500 c. Allowance for uncollectible accounts 3.500 Recovery of Impairment Loss 3.500 d. Recovery of Impairment Loss 3.500 Allowance for uncollectible accounts 3.500