All of the following are external users of accounting information except ....

A) Banks B) Taxing authorities C) Regulatory agencies D)Company officers E) Labor unions

Which of the following can be reported in the income statement?

A) Raw Materials B) Sales Revenue C) Account receivable D) Bank E) Capital

Which of the following explanations related to the adjusted trial balance is wrong?

A) This is sufficient for the preparation of financial statements.

B) It gives us the chance of checking the equality of debits and credits.

C) This is the trial balance prepared before the adjusting entries.

D) This is the trial balance prepared before the adjusting entries.

E) This is prepared by using the ledger accounts recorded during the adjustmer

The Income Statement shows:

A) The cash coming in and out of the business during a period of time

B) The financial position of the business

C) The value of the business

D) The financial performance of the business

E) None of them

Which of the following equations properly represents a derivation of the fundamental accounting equation?

A) None of them B) Assets + liabilities = owner's equity. C) Assets - liabilities = owner's equity D) Cash = assets E) Assets = owner's equity.

Which of the following is a kind of merchandising company? A) Hotel B) Bakery C) Bank D) Bookstore E) Hospital

Which of the following would not be included on a balance sheet? A) Cash B) Accounts payable C) None of them D) Domestic Sales E) Accounts receivable

Financial transactions are initially recorded in the -----

A) Ledger B) Trial Balance O C) Statement of Cash Flows D) Income Statement E) Journal

Which of the following is a liability?

A) Issued shares of the company B) Unpaid electricity expense C) Depreciation on machinery D) Salaries paid to employees E) The vehicle that the company purchases

A credit balance on a ledger account indicates: A) a liability or revenue O B) a liability or an expense C) none of them OD) an asset or an expense E) an amount owing to the organization

On June 10, ABC Corporation sold the motorbike, the total value is $ 35,000, payment will be done by notes. A) Debit to Notes Receivable and a credit to Domestic Sales B) Debit to Customers and a credit to Domestic Sales C) Debit to Customers and a credit to Other Sales D) Debit to Notes Receivable and a credit to Export Sales OE) Debit to Notes Receivable and a credit to Special Revenues

Manufacturing costs are also known as product costs. Which of the following best describes those costs which are considered to be manufacturing costs? A) None of them B) Direct materials, direct labor, and factory overhead. C) Direct materials and direct labor only. D) Direct labor and factory overhead. E) Direct materials, direct labor, factory overhead, and administrative overhead.

Which of the following is true regarding the Income Statement? A) The Income Statement reports revenues, expenses, and liabi B) The Income Statement reports the financial position of a busir C) The Income Statement only reports revenue for which cash D) All of them E) The Income Statement is sometimes called the statement of open

The last step in the accounting cycle is:

A) None of them B) Making adjustment entries C) Preparing balance sheet D) Preparing a post-closing trial balancE) Preparing income statement

The left side of an account is referred to as the .. A) Chart side B) Ledger side C) Foot side D) Credit side E) Debit side

[ ABC Co. operates in the field of nano-technology. For the development of new material, the company spent 6,000,000 TL. Which account will be debited in this transaction? A) Trademarks B) Amortization Expense C) Research and Development Expenses D) Natural Resources E) Copyrights

The collection of accounts payable is recorded by a A) Debit to Cash and a credit to Accounts Payable B) None of them C) Credit to Accounts Receivable and a debit to Cash D) Debit to Accounts Receivable and a credit to Cash E) Debit to Accounts Payable and a credit to Cash

Which of the following is a liability?

A) Cash B) Debtors C) None of them O D) Creditors E) Equipment 15 22