# Accounting Function Review: Question Preview (ID: 26565)

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What is the accounting equation? |
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a) Owner's Equity = Assets - Liabilities | b) Owner's Equity = Assets + Liabilities | c) Assets = Owner's Equity + Liabilities | d) Assets = Owner's Equity * Liabilities | |

If Liabilities = $56,400 and Owner’s Equity = $34,350, |
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a) 90,750 | b) 22050 | c) 95000 | d) 120000 | |

If Assets = $85,000 and Owner’s Equity = $ 14,600, what is the value of Liabilities? |
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a) $70,400 | b) 120000 | c) 99600 | d) 90000 | |

When you charge a customer $50 for a service, the $50 is called a(n): |
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a) revenue | b) Expense | c) Liability | d) Asset | |

If XYZ Corp. pays $800 in September for office supplies that are to be used for the next three months, what category of account does the $800 purchase fall into? |
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a) A liability | b) revenue | c) Owner's Equity | d) An asset | |

If Assets = $28,000 and Liabilities = $ 18,500, what is Owner’s Equity? |
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a) 46500 | b) 9500 | c) 9000 | d) 2000 | |

What is the Income Statement Equation |
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a) Total Revenue + Total Expenses | b) Assets = Owner's Equity + Liabilities | c) Assets = Owner's Equity * Liabilities | d) Total Revenue – Total Expenses | |

If Revenue = $50,000 and Expenses = $ 30,500, what is the company's income |
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a) 80500 | b) 19500 | c) 19000 | d) 200000 | |

If Income $50,000 and Expenses = $ 20,000, what is the company's revenue? |
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a) 70,000 | b) 50,000 | c) 20,000 | d) 25,000 | |

If Income $10,000 and Revenue= $ 100,000, what is the company's expenses? |
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a) 95,000 | b) 10,000 | c) 100,000 | d) 90,000 | |

What is the formula for Gross Pay? |
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a) Hourly Rate x Hours Worked | b) Gross Pay - Total Deductions | c) Revenue - Expenses | d) Hourly Rate + Hours Worked | |

What is Sydney's Gross pay if she worked 40 hours (a week) and a pay rate of 8.25 |
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a) 330 | b) 300 | c) 48.50 | d) 800 | |

Corde' is the Lead Accounts Manager for Foot Locker Corporate Office. What is Corde's Gross pay if he worked 60 hours (a week) and a pay rate of 27.25 |
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a) 1730 | b) 1635 | c) 1700 | d) 1000 | |

What is the formula for Net Pay? |
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a) Gross Pay - Total Deductions | b) Hourly Rate x Hours Worked | c) Hourly Rate + Hours Worked | d) Gross Pay * Total Deductions | |

Kayln is the Financial Analysis at SAS. What is Kalyn's Net Pay if her Gross Pay = 5,000 but her deductions = 2,500 |
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a) 2,000 | b) 2,500 | c) 1,000 | d) 1,500 | |

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