NOCTI Accounting Review

Expense accounts normally have a debit balance.

• True

• False

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

• Assets

• Liabilities

• Revenues

• Expenses

A detailed listing of all accounts is called

• general journal

• chart of accounts

• general ledger

• balance sheet

A debit increases a liability account

• True

• False

What is the accounting equation?

• A + L = OE

• A - L = OE

• A = L + OE

• A = L - OE

What accounting form identifies a net loss or net gain?

• balance sheet

• statement of owner's equity

• trial balance

• income statement

How many owners are in a proprietorship?

• 1

• 2

• 3

• 4

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

• merchandise inventory

• sales

• sales on account

• expense

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

• deposit slip

• debit card

• check

• check stub

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

• bank statement

• deposit slip

• time card

• payroll register