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NOCTI Exam - Accounting Practice Questions
with 100% Verified Answers 2026
Statement of Account - ANSWER The business form sent
monthly to each charge customer is known as
petty cash fund - ANSWER make payments requiring a small
amount of cash
A Statement of Owner's Equity - ANSWER 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 - ANSWER endorsed
Journalizing - ANSWER The process of recording transactions in
the journal is called
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Balance Sheet - ANSWER A(n) _____________ describes a
company's financial position (types and amounts of assets,
liabilities, and equity) at a point in time.
Outstanding - ANSWER 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 - ANSWER the excess of revenue over total
expenses.
Corporation - ANSWER 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 - ANSWER The equation
that expresses the relationship between the accounting
elements in a simple mathematical form:
Assets - ANSWER An item with money value owned by a
business
NOCTI Exam - Accounting Practice Questions
with 100% Verified Answers 2026
Statement of Account - ANSWER The business form sent
monthly to each charge customer is known as
petty cash fund - ANSWER make payments requiring a small
amount of cash
A Statement of Owner's Equity - ANSWER 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 - ANSWER endorsed
Journalizing - ANSWER The process of recording transactions in
the journal is called
, 2|Page
Balance Sheet - ANSWER A(n) _____________ describes a
company's financial position (types and amounts of assets,
liabilities, and equity) at a point in time.
Outstanding - ANSWER 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 - ANSWER the excess of revenue over total
expenses.
Corporation - ANSWER 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 - ANSWER The equation
that expresses the relationship between the accounting
elements in a simple mathematical form:
Assets - ANSWER An item with money value owned by a
business
