Accounting Function Review: Question Preview (ID: 26565)

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What is the accounting equation?
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,
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?
a) $70,400 b) 120000 c) 99600 d) 90000
When you charge a customer $50 for a service, the $50 is called a(n):
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?
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?
a) 46500 b) 9500 c) 9000 d) 2000
What is the Income Statement Equation
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
a) 80500 b) 19500 c) 19000 d) 200000
If Income $50,000 and Expenses = $ 20,000, what is the company's revenue?
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?
a) 95,000 b) 10,000 c) 100,000 d) 90,000
What is the formula for Gross Pay?
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
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
a) 1730 b) 1635 c) 1700 d) 1000
What is the formula for Net Pay?
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
a) 2,000 b) 2,500 c) 1,000 d) 1,500
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