Accountic Basic NOCTI Sample Questions (Set 1)

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

• Assets by $5,000

• Assets by $7,500

• Liabilities by $5,000

• Liabilities by $7,500

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

• Accounts Receivable

• Drawings

• Capital

• Expense

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

• There is no impact to the accounting equation

• Increase owner’s equity by $15,000

• Increase liabilities by $15,000

• Increase accounts payable by $15,000

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 will be the balance in Accounts Receivable after she records the receipt of this check?

• $3,455

• $5,145

• $8,600

• $12,055

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

• Journalizing

• Posting

• Factoring

• accruing

When posting the adjusting entries from page 8 of general journal, the correct posting reference in the ledger accounts would be

• Page 8

• GJ8

• PR-8

• J-8

To prove the accuracy of posting, an accountant uses the

• Trial balance

• Closing entries

• Final balance

• Confirmed entries

A controlling account is a/an

• Account that records the amount owed from various companies in exchange for goods and/or services

• Account that records transactions which are settled on a cash basis

• Special ledger containing only charge customers

• Account in a general ledger that summarizes all of the individual accounts from a subsidiary ledger

An employee works 38 hours per week, is paid $8.50 per hour, and is paid biweekly. What is the gross pay the employee will receive each pay period?

• $323.00

• $482.00

• $646.00

• $725.00

A W-2 form is a/an

• Annual statement of earnings and tax deductions

• Withholding certificate for tax purposes

• Transmittal of wage and tax statements

• Employment eligibility verification