NOCTI Accounting Review Exam Questions
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Trial balance - Answerproves the accuracy of posting
dividends - Answerwhat a corporation pays to its stockholders
Income Summary and Merchandise Inventory - Answerthe two accounts used to adjust
merchandise inv...
Trial balance - Answer✔proves the accuracy of posting
dividends - Answer✔what a corporation pays to its stockholders
Income Summary and Merchandise Inventory - Answer✔the two accounts used to adjust
merchandise inventory
declaration or cash dividend - Answer✔debit to retained earnings and credit to dividends payable
if a debit is incorrectly written as a credit, the trial balance is out of balance by... -
Answer✔double the incorrect amount
What are adjusting entries written as? - Answer✔J__ (page #)
What are the three types of graphs? - Answer✔circle (pie), line, and bar graph
W-2 - Answer✔annual statement of earnings and tax reductions
How do you estimate bad debts? - Answer✔aged accounts receivable, total of uncollected
accounts receivable, and taking the percentage of net sales
perpetual inventory - Answer✔as you go
physical inventory - Answer✔all inventory counted at once
periodical inventory - Answer✔inventory done periodical
adjusting entries are recorded.... - Answer✔at the end of the fiscal period
EFT - Answer✔direct deposit made to an employers savings account
source document for notes payable - Answer✔promissory note
batching out - Answer✔process of preparing a batch report of credit card sales from the point-of-
sales terminal
audit trial - Answer✔always on CD or disk; system that traces the flow of transactions from
beginning to end
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