NOCTI EXAM - ACCOUNTING PRACTICE
EXAM 2026 UPDATE QUESTIONS AND
CORRECT VERIFIED ANSWERS ALREADY
GRADED A+ (BRAND NEW VISION)
Statement of Account - ANS-The business form sent monthly to each charge
customer is known as
petty cash fund - ANS-make payments requiring a small amount of cash
A Statement of Owner's Equity - ANS-Explains changes in equity from net income
(or loss) and from any owner investments and withdrawals over a period of time.
When preparing a bank deposit, the first task will be to see that all checks are properly -
ANS-endorsed
Journalizing - ANS-The process of recording transactions in the journal is called
Outstanding - ANS-A(n) _____________ describes a company's financial position
(types and amounts of assets, liabilities, and equity) at a point in time.
Balance Sheet -
ANS-A(n) ____________ check is a check that was recorded in the checkbook but
does not appear on the bank statement because it did not reach the bank's
accounting department in time to be included on the statement.
Net Income is - ANS-the excess of revenue over total expenses.
Corporation - ANS-A form of business organization owned by investors or
stockholders that has a separate legal existence from its owners is a
Assets = Liabilities + Owner's Equity - ANS-The equation that expresses the
relationship between the accounting elements in a simple mathematical form:
Assets - ANS-An item with money value owned by a business
Gross Profit - ANS-The profit before subtracting the expenses of doing business is
called
EXAM 2026 UPDATE QUESTIONS AND
CORRECT VERIFIED ANSWERS ALREADY
GRADED A+ (BRAND NEW VISION)
Statement of Account - ANS-The business form sent monthly to each charge
customer is known as
petty cash fund - ANS-make payments requiring a small amount of cash
A Statement of Owner's Equity - ANS-Explains changes in equity from net income
(or loss) and from any owner investments and withdrawals over a period of time.
When preparing a bank deposit, the first task will be to see that all checks are properly -
ANS-endorsed
Journalizing - ANS-The process of recording transactions in the journal is called
Outstanding - ANS-A(n) _____________ describes a company's financial position
(types and amounts of assets, liabilities, and equity) at a point in time.
Balance Sheet -
ANS-A(n) ____________ check is a check that was recorded in the checkbook but
does not appear on the bank statement because it did not reach the bank's
accounting department in time to be included on the statement.
Net Income is - ANS-the excess of revenue over total expenses.
Corporation - ANS-A form of business organization owned by investors or
stockholders that has a separate legal existence from its owners is a
Assets = Liabilities + Owner's Equity - ANS-The equation that expresses the
relationship between the accounting elements in a simple mathematical form:
Assets - ANS-An item with money value owned by a business
Gross Profit - ANS-The profit before subtracting the expenses of doing business is
called
