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NOCTI Accounting Review
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Avg score: 68% • Most missed: “To record a payroll debit and credit”
NOCTI Accounting Review
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25 Questions

1. Methods of estimating bad debits include aged accounts receivable, the total of uncollected accounts receivable, and taking a percentage of

2. A list of all accounts and their balances after the closing entries have been journalized and posted to the ledger

3. The business form sent monthly to each charge customer is known as a

4. A form that shows interest owed or received

5. The date when a (CD) certificate of deposit pays interest is called the

6. A is the source document for a bank service charge transaction

7. Chief Executive Officer

8. The journal entry to record cash investment by the owner would be to debit Cash and credit

9. The title of the controlling account for the accounts payable ledger is

10. Aid to the poor

11. The two accounts used to adjust the merchandise inventory are Income Summary and

12. Aid to the elderly

13. The form that is given to you every year by your employer that tells you how much your wages were and taxes paid

14. Checks outstanding are

15. A sales transaction with an agreement that the merchandise will be paid for at a later date is a

16. A is the source document for all cash payments

17. A signed statement ordering a bank to pay cash from funds already deposited in that bank is a

18. The form you fill out when you get a job that gives the employer information to write your check

19. A is the source document for a correcting entry

20. Taxes that are the employer's sole responsibility are considered to be a/an

21. The form to file income tax is

22. The form you sign that allows you to write checks in a business is called a

23. Last in, first out

24. A group of accounts

25. A promissory note is the source document for issuing a

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