NOCTI Accounting Review

Front

Expense accounts normally have a debit balance.

Back

True

Front

The properties used in the operation or investment activities of a business are called

Back

Assets

Front

A detailed listing of all accounts is called

Back

chart of accounts

Front

A debit increases a liability account

Back

False

Front

What is the accounting equation?

Back

A = L + OE

Front

What accounting form identifies a net loss or net gain? Options: balance sheet, statement of owner's equity, trial balance, income statement

Back

income statement

Front

How many owners are in a proprietorship?

Back

1

Front

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

Back

sales on account

Front

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

Back

check

Front

A _________ is used to record the payroll information for each pay period.

Back

payroll register