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Accounting NOCTI study guide Questions with
100% Verified Answers 2026
Copying debits and credits from a journal to a ledger is a
process known as - ANSWER Posting
Beginning inventory is $36,000, ending inventory is $17,000,
purchases are $75,000, sales are $110,000, and selling expenses
are $24,000. What is the cost of goods sold? - ANSWER $94,000
When posting all the adjusting entries from page 8 of a general
journal, the correct posting reference in the ledger accounts
would be - ANSWER J8
The three basic graph forms are the line graph the circle (or pie)
graph and the _________ graph. - ANSWER Bar
A W-2 form is a/an - ANSWER annual statement of earnings and
tax deductions
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A purchase of merchandise with cash - ANSWER increases an
asset
The two accounts used to adjust the merchandise inventory are
Income Summary and - ANSWER Merchandise Inventory
Methods of estimating bad debts include aged accounts
receivable, the total of uncollected accounts receivable, and
taking a percentage of - ANSWER net sales
An inventory method that shows a change in the amounts on
hand as the changes occur is called a __________ inventory. -
ANSWER perpetual
The amount of liabilities compared to stockholder's equity is
known as the - ANSWER debt to equity ratio
Adjusting entries are recorded in the general ledger - ANSWER
at the end of the fiscal period
Accounting NOCTI study guide Questions with
100% Verified Answers 2026
Copying debits and credits from a journal to a ledger is a
process known as - ANSWER Posting
Beginning inventory is $36,000, ending inventory is $17,000,
purchases are $75,000, sales are $110,000, and selling expenses
are $24,000. What is the cost of goods sold? - ANSWER $94,000
When posting all the adjusting entries from page 8 of a general
journal, the correct posting reference in the ledger accounts
would be - ANSWER J8
The three basic graph forms are the line graph the circle (or pie)
graph and the _________ graph. - ANSWER Bar
A W-2 form is a/an - ANSWER annual statement of earnings and
tax deductions
, 2|Page
A purchase of merchandise with cash - ANSWER increases an
asset
The two accounts used to adjust the merchandise inventory are
Income Summary and - ANSWER Merchandise Inventory
Methods of estimating bad debts include aged accounts
receivable, the total of uncollected accounts receivable, and
taking a percentage of - ANSWER net sales
An inventory method that shows a change in the amounts on
hand as the changes occur is called a __________ inventory. -
ANSWER perpetual
The amount of liabilities compared to stockholder's equity is
known as the - ANSWER debt to equity ratio
Adjusting entries are recorded in the general ledger - ANSWER
at the end of the fiscal period
