NOCTI Accounting Review

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

• bank statement

• deposit slip

• time card

• payroll register

This fund makes payments requiring a small amount of cash

• payment fund

• deposit fund

• check fund

• petty cash fund

This is the safest form of endorsement

• Blank

• Special

• Restrictive

A form of business organization owned by investors or stockholders that has a separate legal existence from its owners

• partnership

• corporation

• sole proprietorship

The original deposit slip

• accompanies the money to the bank

• stays with the company's records

• is mailed to the bank after the deposit is made

• remains in the ledger

What accounting form identifies a net loss or net gain?

• balance sheet

• statement of owner's equity

• trial balance

• income statement

When making T accounts for payroll, Salaries Expense is

• debited

• credited

The process of recording transactions in the journal is called

• Posting

• Copying

• Journalizing

• Balancing

__________ is the excess of revenue over total expenses.

• Liabilities

• Assets

• Loss

• Income

Expense accounts normally have a debit balance.

• True

• False