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Introduction to Business Dersi 7. Ünite Sorularla Öğrenelim

Accounting And Financial Analysis

1. Soru

What is ''Accounting'' ?

Cevap

Accounting is an information system that provides reports to decision makers
about the economic activities and condition of a business.


2. Soru

What is ''accounting system'' ?

Cevap

The method used to record and summarize the accounting data into reports is called an accounting system


3. Soru

What are the elements of ''Accounting System Process''?

Cevap

Inputs Accounting Documents,

Processing,

Outputs.


4. Soru

What is ''Bookkeeping''?

Cevap

Bookkeeping is the recording of a firm’s financial transactions which usually involves only the recording of budgetary events.


5. Soru

Who are Internal users of accounting information?

Cevap

Internal users of accounting information are managers who plan, organize, and run a business.


6. Soru

Who are the External users?

Cevap

External users are individuals and organizations outside a company who needs financial information about the company.


7. Soru

What is the function of ''Financial accounting''?

Cevap

Financial accounting measures and records business transactions and provides financial statements that are based on generally accepted accounting principles (GAAP)


8. Soru

Describe ''Managerial accounting''?

Cevap

Managerial accounting uses both financial accounting and estimated data
to aid management in running day-today operations and in planning future
operations


9. Soru

What are the main purposes of managerial accounting information?
 

Cevap

The main purposes of managerial accounting information that is used within a business:

• Planning

• Decision Making

• Decision Making


10. Soru

What is the function of Managerial Accounting in terms of Focus and emphasis compared to Financial Accounting ?

Cevap

• Future-oriented.
• Emphasizes decisions affecting the future (budget for 2018 prepared in 2017)


11. Soru

What does a private accountant work for?

Cevap

A private accountant works for a business firm in any position not included in public accounting.


12. Soru

Who are Certified Public Accountants (CPAs)?

Cevap

Certified Public Accountants (CPAs) are licensed professional accountants who serve the general public.


13. Soru

Why are Ethical considerations important to accounting?

Cevap

Ethical considerations are important to accounting because users of accounting information must depend on the good faith of people involved in accounting activities.


14. Soru

What is an accounting system?

Cevap

An accounting system is the composition of methods and procedures for collecting, classifying, summarizing, and reporting the financial and operating information of a business.


15. Soru

How is the accounting cycle?

Cevap

The accounting cycle is a set of steps that are repeated in the same order every period to keep track of what happened in the business and to report the financial effect of those transactions.


16. Soru

What is ''The accounting equation''?

Cevap

The accounting equation is the formula used to capture the company’s financial position at any point in time. Left side of the equation always equals the right side of the equation.


17. Soru

What are the basic steps in the recording process?

Cevap

There are three basic steps in the recording process:

1. Analyze each transaction for its effects on
the accounts,
2. Enter the transaction information in a
journal,
3. Transfer the journal information to the
appropriate accounts in the ledger


18. Soru

What are the most important financial statements ?

Cevap

The most important financial statements are the balance sheet, the income statement, and the cash flows statement.


19. Soru

A classified balance sheet groups together similar assets and similar liabilities, using a number of standard classifications and sections.What do the Liabilities and Owners’ (Stockholders’) Equity consist?

Cevap

 -Current liabilities
 -Non-Current (Long-term) liabilities
 -Owners’(Stockholders’) equity


20. Soru

What is the operating cycle of a business?

Cevap

The operating cycle of a business is the time between buying and/or creating a product or service and receiving the cash on its sale.


21. Soru

What does ''owners’ equity'' consist?

Cevap

Owners’ equity consists of contributed capital, retained earnings and, other reserves.


22. Soru

What are ''Revenues''?

Cevap

Revenues are increases in owners’ equity resulting from selling goods, rendering services, or performing other business activities.


23. Soru

What is ''Net income''?

Cevap

Net income is the final figure, or “bottom line,” of an income statement.


24. Soru

What does ''Liquidity'' refer to?

Cevap

Liquidity refers to a firm’s ability to meet shortterm obligations.


25. Soru

What is Net working capital (NWC)?

Cevap

Net working capital (NWC) is the excess of the current assets of a business over its current liabilities.


26. Soru

What does the average collection period (ACP) measure?

Cevap

The average collection period (ACP) measures the average number of days it
takes for the company to collect revenue from its credit sales.


27. Soru

What does ''financial leverage'' represent?

Cevap

Financial leverage represents the degree to which a firm uses borrowed funds to
finance its assets.


28. Soru

What does ''net profit margin'' measure?

Cevap

Net profit margin measures profitability after consideration of all revenues and
expenses, including interest, taxes, and nonoperating items.


29. Soru

What does ''return on equity (ROE)'' show?

Cevap

Return on equity (ROE) shows how much net income the company earned for each dollar invested by the owners


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