Question

6. The status of the accounts related to the movements of commercial goods as of the end of the period (K), which traces its trade goods according to the intermittent inventory method, is as follows:

153 Trade Goods Hs. the remainder of the debt is 40,000.

600 Domestic Sales Hs. the remainder of the receivable is 60,000.

As a result of the counting and valuation at the end of the period, it was determined that the end of period goods were 5,000.- TL. Accordingly, which account and how much will be debited in the inventory record of commercial goods to be made at the end of the period?

     a) 153 Trade Goods Acc., 35.000.-

     b) 621 Sat. Commercial property. Cost Hs., 35.000.-

     c) 600 Domestic Sales Acc., 60.000.-

     d) 621 Commercial Trade Sold. Goods. Hs., 40.000.-

7. Which of the following is a method used to track stocks?

a) First In, First Out Method (FIFO)

b) Average Evnater Method

c) Continuous Inventory Method

d) Moving Inventory Method

8. The entity paid TL 1,000.- to the contracted lawyer to cover the fees and expenses of lawsuits. Which of the following accounts will be debited in the relevant accounting record?

     a) 196 Personnel Advances

b) 381 Expense Accruals

c) 770 General Administrative Expenses

d) 195 Business Advances

e) 100 Cash

9. The rest of the cash account in the establishment is 80.000.-TL, and the amount determined in the cash count is 81.300.-TL. The reason for the difference could not be determined and decided to record it for investigation. Accordingly, which of the following accounts is correct for the registration?

a) Counting and Tes. Surplus Hs. 1,300 Borrower

b) Counting and Tes. Lack of Hs deficits 1,300

c) Counting and Tes. Deficiencies Hs creditors 1,300

d) Counting and Tes. Excess Hs creditor 1,300

10. The depreciation of an asset's depreciation is systematically distributed over its useful life. Which of the following should come to the empty place in the sentence?

a) Distribution

b) Valuation

c) Amortization

d) Depreciation

e) Depreciation Expense

11. With which value are stocks monitored and valued?

   a) Purchase Price b) Cost Price

   c) Nominal price d) Actual Value

12. The enterprise has furnished the heating system to the building it has rented for 20.000.- TL + 18% VAT and issued a check for its total amount in return. Which account will be debited in the journal entry of the transaction?

      a) Buildings Hs b) Goodwill

      c) Rights d) Special Costs

 I know we are allowed to ask 1 question per post but I don't have any option right now. Sorry for not obeying the rules

Answer 1

Hi

Answer is highlighted in yellow: Solution: a) First In, First Out Method (FIFO) Answer: 7) Explanation: It is a standardized method of tracking stocks. According to this method, inventory comes first is sold first. This is how inventory is tracked.