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Accounting 1 Dersi 1. Ünite Sorularla Öğrenelim

Accounting And Business Environment

1. Soru

How can we define accounting?

Cevap

Accounting is an information system which provides financial information about the entity for decision makers.


2. Soru

What are the three kinds of basic activities of accounting system?

Cevap

This system includes three kinds of basic activities which are identifying, recording and communicating of the financial transactions of an entity to interested users.


3. Soru

What kind of activities are involved in the process of identifying the financial transactions?

Cevap

The sale of a table by a furniture shop, the payment of wages or the provisions for services are the examples of financial transactions. Once these kinds of financial transactions are realized and identified in Turkish Liras or in another currency, these events are recorded to provide the history of financial activities of the organization.


4. Soru

What is recording in accounting process?

Cevap

Recording is a systematic way of keeping chronological diary of events measured in monetary unit.


5. Soru

What does communicating include in accounting process?

Cevap

Communicating includes preparing financial reports.


6. Soru

What is bookkeeping in accounting process?

Cevap

Bookkeeping is an activity or occupation of keeping records of the financial transactions.


7. Soru

What is the difference between bookkkeeping and recording in accounting process?

Cevap

Bookkeeping is an accounting action that usually refers only keeping of the chronological diary of financial transactions while the concept of recording includes classifying and measuring as well.


8. Soru

Why is it important to understand the needs of information users?

Cevap

You should understand the needs of users because information users focus on different financial information according to their relevant decision making issues.


9. Soru

What are the two main groups of information users?

Cevap

Two main groups of information users are internal users and external users. We can also classify accounting as Managerial Accounting and Financial Accounting according to this classification of information users.


10. Soru

Who are internal information users?

Cevap

Managers of a company who plan, organize, and run the business are the most important group of internal users.


11. Soru

Who are the primary external users

Cevap

The primary external users are investors and creditors.


12. Soru

What is the role of fnancial accounting for external information users?

Cevap

Financial accounting is the main tool to answer the questions asked by external users. In other words, financial accounting provides information about the business entity to external information users.


13. Soru

How can we define ethics?

Cevap

Ethics are the humanly devised rules, procedures and norms to judge one’s action as right or wrong, honest or dishonest and fair or not fair.


14. Soru

What do we mean by accounting standards?

Cevap

Accounting standards are a set of principles companies follow when they prepare and publish their financial statements, providing a standardized way of describing the company’s financial performance.


15. Soru

What does measurement refer to?

Cevap

Measurement refers to the valuation of assets and liabilities in accounting process.


16. Soru

What does relevance refer to?

Cevap

Relevance refers the impact capacity of financial information on the decisions of information users.


17. Soru

What is the requirement of the monetary unit assumption?

Cevap

The monetary unit assumption requires that financial transactions can only be recorded if the transaction data can be expressed in money terms.


18. Soru

What does the economic entity assumption require?

Cevap

The economic entity assumption requires that the financial transactions of the entity should be recorded separately from the economic activities of its owner and all other economic entities.


19. Soru

What is the definition of basic accounting equation?

Cevap

The basic accounting equation provides the underlying framework for recording and summarizing the financial transactions of a business entity. It shows the relationship among assets, liabilities, and owner’s equity. Assets are on the left side of the equality while liabilities and owner’s equity are on the right side of the equality.


20. Soru

What do we mean by assets?

Cevap

Assets are economic resources that are expected to benefit the business in the future.


21. Soru

What do we mean by liabilities?

Cevap

Liabilities are debts that are owed to creditors.
Liabilities are claims of creditors against to assets of the company


22. Soru

What is revenue?

Cevap

Revenue is the gross inflow of economic benefits during the period arising from the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants. In other words, revenues are earnings that result from delivering goods or services to customers.


23. Soru

What does identification of transaction include?

Cevap

Identification of transaction includes analyzing of each transaction in terms of its effect on the items of the accounting equation, identifying the specific items affected and determining the amount of the change in each item.


24. Soru

What does dual effect mean?

Cevap

Each transaction has two aspects and both of them will affect the statement of financial position. So, each transaction has a dual effect on the accounting equation. Dual effect means that at least two items must be affected by a transaction and accounting equation has to remain in balance after making the changes in accounting equation.


25. Soru

What do we mean by financial statements?

Cevap

Financial statements are the business documents that are used to communicate financial information needed in decision making process.


26. Soru

What is statement of cash flows?

Cevap

Statement of cash flows is a financial statement that shows the change in cash position of the company over an accounting period.


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