WorksheetsAccountic Basic NOCTI Sample Questions (Set 1)
Total questions: 12
Worksheet time: 9mins
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
An employee earns a commission of 7 percent of total sales. This week the employee's total sales were $2,345. What was the commission earned for this week?
$164.15
$1,641.50
$2,509.15
$2,180.85
The tax that is paid by employers to provide temporary relief for individuals who are out of work is called ______ tax.
income
unemployment
sales
FICA
