NOCTI Basic Accounting review 1

A direct deposit made to an employee's checking or savings account is also known as a/an

• EIN

• FICA

• EFT

• ATM

Adjusting entries are recorded in the general ledger

• continuously through out the fiscal period

• at the end of the fiscal period

• at the beginning of the fiscal period

• at the midpoint of the fiscal period

Taxes that are the employer's sole responsibility are considered to be a/an

• addition to employee earnings

• deduction from capital

• expense of a business

• asset of a business

Methods of estimating bad debts include aged accounts receivable, the total of uncollected accounts receivable and taking a percentage of

• gross sales

• total liabilities

• net sales

• accounts payable

A summary of an employee's payroll data is maintained in a/an

• payroll requisition

• employee's W-4 form

• employee's earnings records

• payroll journal

Checks outstanding are

• added to the checkbook balance

• added to the bank balance

• subtracted from the bank balance

• subtracted from the checkbook balance

When checking an invoice for accuracy, the accountant must make sure that extensions and totals are

• identified

• acknowledged

• verfied

• balanced

If a journal debit entry of $150 is incorrectly posted as a credit, the trial balance will be out of balance by

• $75.00

• $50.00

• $150.00

• $300.00

Microsoft Excel is an example of __________software.

• spreadsheet

• presentation

• database

• word processing

An inventory method that shows a change in the amounts on hand as the changes occur is called a ______inventory.

• merchandise control

• sales

• perpetual

• physical