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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. Financial information is always summarized and reported at the end of a

2. Chief Executive Officer

3. When you sell merchandise on account, you record it in the

4. The form to file interest income or interest paid is

5. Last in, first out

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

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

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

9. Anytime you receive cash, you record it in the

10. First in, last in

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

12. A is the source document for cash received from sales

13. A summary of an employee's payroll data is maintained in a/an

14. When the customer owes money it is called

15. A purchase of merchandise with cash

16. Aid to the poor

17. A form that shows interest owed or received

18. Adjusting entries are recorded in the general ledger

19. Anytime you pay out cash, you record it in the

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

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

22. Copying debits and credits from a journal to a ledger is a process known as

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

24. One feature of a computerized accounting system is that a is unnecessary

25. Chief Financial Officer

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