NOCTI ACCOUNTING REVIEW
QUESTIONS & ANSWERS (GRADED
A+)
trial balance - ANSWERproves the accuracy of posting
dividends - ANSWERwhat a corporation pays to its stockholders
Income Summary and Merchandise Inventory - ANSWERthe two accounts used to
adjust merchandise inventory
Government Accounting Standards Board - ANSWERGASB; nonprofit that regulates
the accounting of state and local government
Financial Industry Regulatory Authority - ANSWERFINRA; NONgovernmental
organization that's in charge of enforcing regulations among its members
Financial Accounting Foundation - ANSWERFAF; organization that provides
oversight over other professional bodies including AICPA, CFAI, and GASB
Securities and Exchange Commission - ANSWERSEC; sets standards for corporate
public financial reporting, the rules for investment, and the regulations for securities
exchanges.
Office of the Comptroller of Currency - ANSWEROCC; part of the US treasury;
regulates all national commercial banks
How do you estimate bad debts? - ANSWERaged accounts receivable, total of
uncollected accounts receivable, and taking the percentage of net sales
perpetual inventory - ANSWERas you go
physical inventory - ANSWERall inventory counted at once
periodical inventory - ANSWERinventory done periodical
adjusting entries are recorded.... - ANSWERat the end of the fiscal period
EFT - ANSWERdirect deposit made to an employers savings account
source document for notes payable - ANSWERpromissory note
QUESTIONS & ANSWERS (GRADED
A+)
trial balance - ANSWERproves the accuracy of posting
dividends - ANSWERwhat a corporation pays to its stockholders
Income Summary and Merchandise Inventory - ANSWERthe two accounts used to
adjust merchandise inventory
Government Accounting Standards Board - ANSWERGASB; nonprofit that regulates
the accounting of state and local government
Financial Industry Regulatory Authority - ANSWERFINRA; NONgovernmental
organization that's in charge of enforcing regulations among its members
Financial Accounting Foundation - ANSWERFAF; organization that provides
oversight over other professional bodies including AICPA, CFAI, and GASB
Securities and Exchange Commission - ANSWERSEC; sets standards for corporate
public financial reporting, the rules for investment, and the regulations for securities
exchanges.
Office of the Comptroller of Currency - ANSWEROCC; part of the US treasury;
regulates all national commercial banks
How do you estimate bad debts? - ANSWERaged accounts receivable, total of
uncollected accounts receivable, and taking the percentage of net sales
perpetual inventory - ANSWERas you go
physical inventory - ANSWERall inventory counted at once
periodical inventory - ANSWERinventory done periodical
adjusting entries are recorded.... - ANSWERat the end of the fiscal period
EFT - ANSWERdirect deposit made to an employers savings account
source document for notes payable - ANSWERpromissory note
