Accounting 1 NOCTI - Basic Exam Review

A general journal page is complete when ____.

When cash is paid for an expense, the expense account is ____.

a business activity that changes assets, liabilities, or owner's equity

When cash is received on account, the balance of the ____.

a form for recording transactions in chronological order

When opening a new page in an accounts receivable ledger, ____.

This form shows total year's earnings and amounts withheld for taxes for an employee

an increase in owner's equity resulting from the operation of a business

an additional journal entry, used to correct an incorrect journal entry

Social security and Medicare taxes are paid by ____.

A business form ordering a bank to pay cash from a bank account is a ____.

A sale with an agreement that the merchandise will be paid for at a later date is a

Adjusting entries are recorded in the general ledger at the ________ of the fiscal period.

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

The total earnings subject to federal unemployment tax is referred to as ____.

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

a signature or stamp on the back of a check transferring ownership

the length of time for which a business summarizes and reports financial information

the process of preparing a batch report of credit card sales from a point-of-sale terminal

Double-entry accounting assures that ____.

a business from which merchandise is purchased or supplies or other assets are bought

how many owners are in a proprietorship

A journal entry consists of ____.

All employees must report their withholding allowances on a ____.

the amount total after the value of all liabilities is subtracted from the value of all assets

changes recorded on a work sheet to update general ledger accounts at the end of fiscal period

a decrease in owner's equity resulting from the operation of a business

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

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

Check which are guaranteed by the issuing bank are _________ checks.

Employers must pay payroll taxes for ____.

each unit of ownership in a corporation

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

Transactions are recorded in a journal in order by ____.

To record the payment of federal unemployment tax, the account debited is ____.

When a semimonthly payroll is paid, the credit to Cash is equal to the ____.

A memorandum is prepared when ____.

the period covered by a salary payment

a business paper from which information is obtained for a journal entry

An account number in the journal's Post. Ref. column shows ____.

a report of credit card sales produced by a point-of-sale terminal

accounts used to accumulate information from one fiscal period to the next

The recording of debit and credit parts of a transaction is ____.

The ledger that contains all accounts needed to prepare financial statements is the ____.

a bank card that automatically deducts the amount of a purchase from checking account

A direct deposit made to an employee's checking or savings account is also known as a/an

an agreement between a buyer and a seller about payment for merchandise

An increase in revenue resulting from a sale on account should be recorded ____.

a financial statement that reports assets, liabilities, and owner's equity on a specific date

total shares of ownership in a corporation