NOCTI Review 2

Front

In accounting, use a spreadsheet to

Back

process and manage data

Front

Assets, withdrawals, and _____ have normal debit balances.

Back

expenses

Front

Susan opened a business and invested $5,000 in cash and a computer worth $2,500. These investments will increase

Back

assets by $7,500

Front

The appropriate entry for receiving money from a customer is to

Back

increase cash

Front

The journal entry to record cash investment by the owner is to debit Cash and credit _____________

Back

Capital

Front

Jason invested $15,000 cash to start his business. How does this transaction impact the basic accounting equation?

Back

increase owner's equity by $15,000

Front

Journalizing is a process in which

Back

source documents are analyzed for debit and credit entries

Front

An endorsed check must have an authorized ______ on the back of the check.

Back

signature

Front

A purchase of a computer with cash

Back

is a shift in assets

Front

The tax that is paid by employers to provide temporary relief for individuals who are out of work is called ______________ tax.

Back

unemployment