Accounting Review Game: Question Preview (ID: 26555)


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Accounting Equation
a) Owner’s Equity = Assets - Liability b) Owner’s Equity = Assets + Liability c) Assets = Liability + Equity d)
Anything of Value owned by the Business
a) liability b) assest c) owner's equity d) net worth
Money owed by the business
a) liability b) assets c) owner's equity d) net worth
Office Furniture is an example of what?
a) net worth b) assets c) liabilities d) gross pay
Mortgage Payable is an example of what?
a) assets b) gross pay c) pay check d) liability
The net worth of the business
a) assets b) liabilities c) owner's equity d) payables
Income Statement
a) assets = revenue b) Owner’s Equity = Assets - Liability c) Assets = Liability / Equity d) Net Income = Total Revenue – Total Expenses
Gross Pay
a) Net Income = Total Revenue – Total Expenses b) Assets = Liability / Equity c) Hourly Rate x Hours Worked d) Owner’s Equity = Assets - Liability
Net Pay
a) Net Income = Total Revenue – Total Expenses b) Hourly Rate x Hours Worked c) Owner’s Equity = Assets - Liability d) Gross Pay - Total Deductions
Assets = 500K Liabilities = 200K What is the Owner's Equity?
a) 700K b) 100K c) 300K d) 200K
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