A bank statement reconciliation is

an account audit used to bring a bank statement and checkbook into agreement

a statement that specifies the amount and account that funds are being deposited into

a summary of all financial transactions in an account that occur over a period of time

a summary of the financial balances of a company

A company had $3,000 in credit card sales during the day. The company is charged a 3 percent discount rate on credit card deposits. The entry to record the credit card sales is

debit Cash $2,910; debit Credit Card Expense $90; credit Sales $3,000

debit Cash $2,910; credit Sales $2,910

debit Cash $3,000; credit Sales $2,910; credit Credit Card Expense $90

debit Cash $3,000; credit Sales $3,000

The Balance Sheet section of the worksheet includes A.B.C.D.

beginning merchandise inventory

merchandise purchased during the period

Worksheet trial balance columns A.B.C.D.

prove ledger amounts are posted correctly

calculate net income for the income statement

do not include accounts for the balance sheet

prove that all amounts were journalized correctly

Which of these is a violation of a company’s business ethics policy? A..B..C..D.

An employee shares confidential company information with personal friends

An employee reports publicly required information

An employee compares health compensation plans

An employee uses personal property for his or her own leisure

n accounting, use a spreadsheet to

communicate with another network

input data into database software

A merchandise inventory determined by keeping a continuous record of increases, decreases, and balance on hand is a ____.

gross profit method of estimating inventory

weighted-average inventory costing method

A periodic inventory normally is taken ____.

only when a stock shortage is suspected

The entry to establish a $200.00 petty cash fund is ____.

debit Petty Cash, $200.00; credit Cash, $200.00

debit Cash, $200.00; credit Petty Cash, $200.00

debit Miscellaneous Expense, $200.00; credit Cash, $200.00

debit Petty Cash, $200.00; credit Miscellaneous Expense, $200.00

The amount of goods on hand for sale to customers is ____.

the balance of the Purchases account

the balance of the Sales account

A work sheet is used to ____.

plan adjustments and summarize information necessary to prepare financial statements

plan adjustments and post entries to the ledger

plan adjustments and journalize entries from source documents

none of the answers are correct

What is the formula for calculating book value?

Original Cost - Accumulated Depreciation = Ending Book Value

Original Cost + Accumulated Depreciation = Ending Book Value

Original Cost x Accumulated Depreciation = Ending Book Value

Original Cost / Accumulated Depreciation = Ending Book Value

An income statement for a business that carries inventory has three main sections for ____.

revenue, cost of merchandise sold, and expenses

assets, liabilities, and owner's equity

revenue, expenses, and inventory

owner's equity, share of net income, and drawing

Cost of merchandise sold is found by the following formula:

beginning merchandise inventory + purchases - ending inventory

beginning merchandise inventory - purchases + ending inventory

beginning merchandise inventory + gross profit on sales

beginning merchandise inventory - expenses

One way to increase gross profit on sales is to ____.

increase cost of merchandise sold

NOCTI Basic Accounting Quiz

Authored by Nancy O'Rourke

Life Skills

10th - 12th Grade

Used 58+ times

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70 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Susan opened a business and invested $5,000 in cash and a computer worth $2,500. These investments will increase

assets by $5,000

assets by $7,500

liabilities by $5,000

liabilities by $7,500

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The appropriate entry for receiving money from a customer is to

decrease Revenue

decrease Sales

increase Cash

increase Accounts Payable

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The journal entry to record cash investment by the owner is to debit Cash and credit

Accounts Receivable

Drawing

Capital

Expense

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jason invested $15,000 cash to start his business. How does 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

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Journalizing is a process in which

source documents are analyzed for debit and credit entries

debits and credits are copied from a journal to a ledger

a receivable is sold at a discounted value for cash

account balances are carried to a trial balance

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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 is the balance in Accounts Receivable after she records the receipt of this check?
A.B.C.D.

$3,455

$5,145

$8,600

$12,055

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The controlling account summarizes all of the accounts from a _____ account.
A.B.C.D.

subsidiary

special

general

contra

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NOCTI Basic Accounting Quiz

Susan opened a business and invested $5,000 in cash and a computer worth $2,500. These investments will increase

The appropriate entry for receiving money from a customer is to

The journal entry to record cash investment by the owner is to debit Cash and credit

Jason invested $15,000 cash to start his business. How does this transaction impact the basic accounting equation?

Journalizing is a process in which

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 is the balance in Accounts Receivable after she records the receipt of this check?
A.B.C.D.

The controlling account summarizes all of the accounts from a _____ account.
A.B.C.D.

An employee earns a commission of 7 percent of total sales. This week, the employee’s total sales are $2,345. What was the commission earned for the week?
A.B.C.D.

An employee works 38 hours per week, is paid $8.50 per hour, and is paid every 2 weeks. What is the gross pay the employee will receive each pay period?

Regular hours times regular rate is the calculation for ____ earnings.

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Life Skills

NOCTI Basic Accounting Quiz

Susan opened a business and invested $5,000 in cash and a computer worth $2,500. These investments will increase

The appropriate entry for receiving money from a customer is to

The journal entry to record cash investment by the owner is to debit Cash and credit

Jason invested $15,000 cash to start his business. How does this transaction impact the basic accounting equation?

Journalizing is a process in which

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 is the balance in Accounts Receivable after she records the receipt of this check?A.B.C.D.

The controlling account summarizes all of the accounts from a _____ account.A.B.C.D.

An employee earns a commission of 7 percent of total sales. This week, the employee’s total sales are $2,345. What was the commission earned for the week?A.B.C.D.

An employee works 38 hours per week, is paid $8.50 per hour, and is paid every 2 weeks. What is the gross pay the employee will receive each pay period?

Regular hours times regular rate is the calculation for ____ earnings.

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Life Skills

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 is the balance in Accounts Receivable after she records the receipt of this check?
A.B.C.D.

The controlling account summarizes all of the accounts from a _____ account.
A.B.C.D.

An employee earns a commission of 7 percent of total sales. This week, the employee’s total sales are $2,345. What was the commission earned for the week?
A.B.C.D.