NOCTI Accounting Review Exam Questions And Answers | Updated 2026

NOCTI Accounting Review Exam Questions And Answers | Updated 2026 trial balance - answer-proves the accuracy of posting dividends - answer-what a corporation pays to its stockholders Income Summary and Merchandise Inventory - answer-the two accounts used to adjust merchandise inventory declaration or cash dividend - answer-debit to retained earnings and credit to dividends payable if a debit is incorrectly written as a credit, the trial balance is out of balance by... - answer-double the incorrect amount What are adjusting entries written as? - answer-J__ (page #) What are the three types of graphs? - answer-circle (pie), line, and bar graph W-2 - answer-annual statement of earnings and tax reductions How do you estimate bad debts? - answer-aged accounts receivable, total of uncollected accounts receivable, and taking the percentage of net sales perpetual inventory - answer-as you go physical inventory - answer-all inventory counted at onceperiodical inventory - answer-inventory done periodical adjusting entries are recorded.... - answer-at the end of the fiscal period EFT - answer-direct deposit made to an employers savings account source document for notes payable - answer-promissory note batching out - answer-process of preparing a batch report of credit card sales from the point-of-sales terminal audit trial - answer-always on CD or disk; system that traces the flow of transactions from beginning to end Sarbanes Oxley Act - answer-legislation to protect shareholders and the general public from accounting errors; improves accuracy of corporate disclosures amoritization - answer-process of allocating the cost of an intangible asset over time; refers to the repayment of loan principles over time Enterprise Resource Planning System (ERP) - answer-the integrated management of core business processes; often in real time and medicated by software and technology Fair Labor Standards Act - answer-FLSA; Generally Accepted Accounting Principles - answer-GAAP; rules generally accepted by accountants Federal Deposit Insurance Corporation - answer-FDIC; owned by the US; sells insurance to depository institutionsNational Credit Union Administration - answer-NCUA; government backed organization that regulates credit unions Chartered Financial Analyst Institute - answer-CFAI; the professional organization that regulates all chartered financial analysts Commodity Futures Trading Commission - answer-CFTC; the government body that regulates derivative trading Internal Revenue Service - answer-IRS; handles all taxation issues other than actually determining tax rates (W-3s sent to them) Financial Accounting Standards Board - answer-FASB; nonprofit that creates the GAAP Government Accounting Standards Board - answer-GASB; nonprofit that regulates the accounting of state and local government Financial Industry Regulatory Authority - answer-FINRA; NONgovernmental organization that's in charge of enforcing regulations among its members Financial Accounting Foundation - answer-FAF; organization that provides oversight over other professional bodies including AICPA, CFAI, and GASB Securities and Exchange Commission - answer-SEC; sets standards for corporate public financial reporting, the rules for investment, and the regulations for securities exchanges. Office of the Comptroller of Currency - answer-OCC; part of the US treasury; regulates all national commercial banks American Institute of Certified Public Accountants - answer-AICPA; professional organization that regulates all CPAs (certified public accountants)