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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
owner's equity
C
net worth
D
liability
3) Money owed by the business
A
owner's equity
B
assets
C
liability
D
net worth
4) Office Furniture is an example of what?
A
gross pay
B
liabilities
C
assets
D
net worth
5) Mortgage Payable is an example of what?
A
assets
B
gross pay
C
liability
D
pay check
6) The net worth of the business
A
payables
B
owner's equity
C
assets
D
liabilities
7) Income Statement
A
Net Income = Total Revenue – Total Expenses
B
Owner’s Equity = Assets - Liability
C
assets = revenue
D
Assets = Liability / Equity
8) Gross Pay
A
Hourly Rate x Hours Worked
B
Assets = Liability / Equity
C
Net Income = Total Revenue – Total Expenses
D
Owner’s Equity = Assets - Liability
9) Net Pay
A
Hourly Rate x Hours Worked
B
Owner’s Equity = Assets - Liability
C
Gross Pay - Total Deductions
D
Net Income = Total Revenue – Total Expenses
10) Assets = 500K Liabilities = 200K What is the Owner's Equity?
A
700K
B
300K
C
100K
D
200K
*select an answer for all questions
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