NOCTI ACCOUNTING PRACTICE QUESTIONS WITH 100% SOLVED ANSWERS GRADE A+ ASSURED 2025

Statement of Account - Correct Ans-The business form sent monthly to each charge customer is known as petty cash fund - Correct Ans-make payments requiring a small amount of cash A Statement of Owner's Equity - Correct 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 - Correct Ans-endorsed Journalizing - Correct Ans-The process of recording transactions in the journal is called Balance Sheet - Correct Ans-A(n) _____________ describes a company's financial position (types and amounts of assets, liabilities, and equity) at a point in time. Outstanding - Correct 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 - Correct Ans-the excess of revenue over total expenses. Corporation - Correct 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 - Correct Ans-The equation that expresses the relationship between the accounting elements in a simple mathematical form: Assets - Correct Ans-An item with money value owned by a business Gross Profit - Correct Ans-The profit before subtracting the expenses of doing business is called Creditor - Correct Ans-Which of the following is the term for a person or business to which the company owes money An Income Statement: - Correct Ans-Describes a company's revenues and expenses along with the resulting net income or loss over a period of time due to earnings activities. Depreciation - Correct Ans-is an allocation process in which the cost of a long term-asset (except land) is divided over the periods in which the asset is used in the production of the business's revenue. Sales Tax - Correct Ans-A tax on the retail price of goods sold, collected by the merchant and paid to the governmental body that levies the tax is called Ledger - Correct Ans-used to keep a running balance of all accounts of the company. variable - Correct Ans-Costs that vary in total directly with the level of output are referred to as Index each of the following names. Then, decide which one should be filed last. - Correct Ans-Prime Minister, Commonwealth of Great Britain State of Georgia Motor Vehicle and Transportation Dept. Grayslake (Illinois) City Clerk's Office ***Green Bay Packers columns - Correct Ans-Letters running horizontally across the top of a worksheet (e.g., A, B,...IV) are used to identify the worksheet A basic principle in developing a computer database is that - Correct Ans-Once a data item is correctly entered it will be ready for user access quorum - Correct Ans-The required number of voting members who must be present to transact business at a business meeting is called the critical listening - Correct Ans-Once the listener has gained a basic understanding of the information being presented, evaluating the logic and validity of that information leads the listener to Self-actualization - Correct Ans-Maslow identified the highest-level human need as The most cost effective storage equipment when comparing cost per filing inch is - Correct Ans-High-density open-faced shelving teleconference - Correct Ans-A formal meeting set up so that business executives from different geographic regions can meet through telephone communications is called macro - Correct Ans-When using productivity programs, tasks that are performed repeatedly can be automated through the creation of a/an Copy notation - Correct Ans-A copy of a business letter is being sent to one or more persons, and the recipient of the letter needs to be informed. Which one of the following is added to the letter to show this? Table structure - Correct Ans-In a database management program, what must be created so the database fields can be specified? When you create a list of people who will be attending a meeting, which one of the following word processing features will be helpful in developing this list? - Correct Ans-Numbering The indirect object of a sentence identifies - Correct Ans-The receiver of the action is taking place When quantities of a business form need to be readily available to more than one department or division within the firm, the forms are referred to as - Correct Ans-Stock forms The primary objective of a data conference is to permit participants to - Correct Ans-have simultaneous access to a document for review and editing Define troubleshooting - Correct Ans-inadequate interface with other organization and department systems Liabilities recorded through year-end (or monthly) adjusting entries are called - Correct Ans-Accruals The file folders by the lateral file need to be sorted and arranged alphabetically. The phrase by the lateral file is a/an - Correct Ans-Prepositional phrase The parliamentarian responsibility is to ensure that the meeting is conducted so that - Correct Ans-the basic principles of parliamentary procedures are followed An electronic presentation slide can be introduced from the top or bottom of the screen, the left or right side of the screen, and with or without sound. This feature is called the slide - Correct Ans-transition LIFO - Correct Ans-The inventory pricing method that assumes the units left in ending inventory are made up of the units purchases first is Alphanumeric code - Correct Ans-The Library of Congress system catalogs books with one or two alphabetic letters and a series of numbers for sub-categories. This code is a/an A telephone message with a telephone number but a missing area code - Correct Ans-Is of little value to the receiver of the message