NEW
Font size
S
M
L
XL
WorksheetsAccountic Basic NOCTI Sample Questions (Set 2)
Total questions: 15
Worksheet time: 11mins
Name
Class
Date
1.
A direct deposit made to an employee's checking or savings account is also known as a/an
a)
ATM
b)
FICA
c)
EIN
d)
EFT (electronic funds transfer)
2.
Checks that are paid by the bank and then removed from the depositor's account are called ________ checks.
a)
cashier's
b)
cancelled checks
c)
refund
d)
outstanding
3.
A company had $3,000 in credit card sales during the day. The company charged a 3 percent discount rate on credit card deposits. The entry to record the credit card sales is
a)
debit cash $2,910; debit credit card expense $90; credit sales $3,000
b)
debit Cash $2,910; and credit Sales $2,910
c)
debit Cash $3,000; and credit Sales $2,910; credit Credit Card Expense $90
d)
debit Cash $3,000; and credit Sales $3,000
4.
A check is a/an
a)
a certificate documenting the shareholder's ownership in the corporation
b)
document signed by a borrower promissing to repay a loan
c)
official document prepared by the carrier duly accepting the goods for shipment
d)
signed statement ordering a bank to pay cash from funds deposited in that bank
5.
An endorsed check must have an authorized ________ on the back of the check.
a)
embossment
b)
thumb print
c)
signature
d)
bank stamp
6.
A bank statement reconciliation is
a)
a statement that specifies the amount and account the funds are being deposited into.
b)
a summary of all financial transactions occuring over a period of time on an account
c)
a summary of the financial balances of a company
d)
an account audit used to bring information on a bank statement and a checkbook into agreement
7.
A purchase of a computer with cash
a)
is a shift in assets
b)
increases a liability
c)
decreases an asset
d)
increases an asset
8.
During one accounting period, a corporation's beginning inventory was $17,000 and they purchased $85,000 of merchandise. The cost of the goods sold for that period was $94,000 and sales were $110,000. What is the merchandise inventory amount on the financial statement?
a)
8,000
b)
16,000
c)
86,000
d)
110,000
9.
The two accounts used to adjust the merchandise inventory are Income Summary and
a)
Merchandise Inventory
b)
Beginning Merchandise Inventory
c)
Ending Merchandise Inventory
d)
Total Merchandise Inventory
10.
Sales tax is applied at the rate of 6.5 percent. The entry record, cash sales of merchandise for $100, requires a credit to the Sales Tax Payable account for
a)
0.65
b)
6.5
c)
35
d)
650
11.
Adjusting entries are recorded in the general ledger
a)
at the beginning of the fiscal period
b)
at the end of the fiscal period
c)
at the midpoint of the fiscal period
d)
continuously throughout the fiscal period
12.
The procedure for transferring information from a journal entry to a ledger account is ____.
a)
posting
b)
journalizing
c)
file maintenance
d)
none of the above
13.
Posting references in a journal are ____.
a)
not necessary
b)
the first item recorded when posting
c)
always placed in an account's Post. Ref. column
d)
none of the above
14.
The report that shows total year's earnings and amounts withheld for taxes for an employee is prepared on Form ____.
a)
W-2
b)
W-3
c)
W-4
d)
W-5
15.
An employee works 25 hours per week, is paid $10.50 per hour, and is paid weekly. What is the gross pay the employee will receive each pay period?
a)
250
b)
625.8
c)
262.50
d)
2,650
Reset
