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Accounting Review Game
Test Description: Accounting review
Instructions: Answer all questions to get your test result.
1) Accounting Equation
A
Owner’s Equity = Assets - Liability
B
Assets = Liability + Equity
C
Owner’s Equity = Assets + Liability
2) Anything of Value owned by the Business
A
assest
B
net worth
C
liability
D
owner's equity
3) Money owed by the business
A
liability
B
owner's equity
C
net worth
D
assets
4) Office Furniture is an example of what?
A
liabilities
B
gross pay
C
assets
D
net worth
5) Mortgage Payable is an example of what?
A
assets
B
pay check
C
gross pay
D
liability
6) The net worth of the business
A
assets
B
liabilities
C
owner's equity
D
payables
7) Income Statement
A
Assets = Liability / Equity
B
Net Income = Total Revenue – Total Expenses
C
Owner’s Equity = Assets - Liability
D
assets = revenue
8) Gross Pay
A
Hourly Rate x Hours Worked
B
Net Income = Total Revenue – Total Expenses
C
Assets = Liability / Equity
D
Owner’s Equity = Assets - Liability
9) Net Pay
A
Gross Pay - Total Deductions
B
Hourly Rate x Hours Worked
C
Owner’s Equity = Assets - Liability
D
Net Income = Total Revenue – Total Expenses
10) Assets = 500K Liabilities = 200K What is the Owner's Equity?
A
200K
B
100K
C
700K
D
300K
*select an answer for all questions
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