Accounting Review Game Question Preview (ID: 26555)


Accounting Review. TEACHERS: click here for quick copy question ID numbers.

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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