NOCTI Basic Accounting Flashcard

NOCTI Basic Accounting Flashcard

Assessment

Flashcard

Life Skills

10th - 12th Grade

Practice Problem

Medium

Created by

Wayground Content

Used 2+ times

FREE Resource

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70 questions

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1.

FLASHCARD QUESTION

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

2.

FLASHCARD QUESTION

Front

The appropriate entry for receiving money from a customer is to

Back

increase Cash

3.

FLASHCARD QUESTION

Front

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

Back

Capital

4.

FLASHCARD QUESTION

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

5.

FLASHCARD QUESTION

Front

Journalizing is a process in which

Back

source documents are analyzed for debit and credit entries

6.

FLASHCARD QUESTION

Front

Debbie has a balance of $8,600 in Accounts Receivable before receiving a check for $3,455 from a customer she had worked for last month. What is the balance in Accounts Receivable after she records the receipt of this check?

Back

$5,145

7.

FLASHCARD QUESTION

Front

The controlling account summarizes all of the accounts from a _____ account.

Back

subsidiary

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