NOCTI Accounting Review

Expense accounts normally have a debit balance.

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

A detailed listing of all accounts is called

A debit increases a liability account

What is the accounting equation?

What accounting form identifies a net loss or net gain?

How many owners are in a proprietorship?

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

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

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