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Accounting Function Review
Test Description: Accounting function review activity
Instructions: Answer all questions to get your test result.
1) 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
2) If Liabilities = $56,400 and Owner’s Equity = $34,350,
A
22050
B
120000
C
90,750
D
95000
3) If Assets = $85,000 and Owner’s Equity = $ 14,600, what is the value of Liabilities?
A
99600
B
120000
C
90000
D
$70,400
4) When you charge a customer $50 for a service, the $50 is called a(n):
A
Expense
B
Asset
C
Liability
D
revenue
5) 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
Owner's Equity
C
An asset
D
revenue
6) If Assets = $28,000 and Liabilities = $ 18,500, what is Owner’s Equity?
A
46500
B
9500
C
9000
D
2000
7) What is the Income Statement Equation
A
Assets = Owner's Equity + Liabilities
B
Total Revenue + Total Expenses
C
Assets = Owner's Equity * Liabilities
D
Total Revenue – Total Expenses
8) If Revenue = $50,000 and Expenses = $ 30,500, what is the company's income
A
200000
B
19500
C
80500
D
19000
9) If Income $50,000 and Expenses = $ 20,000, what is the company's revenue?
A
25,000
B
70,000
C
20,000
D
50,000
10) If Income $10,000 and Revenue= $ 100,000, what is the company's expenses?
A
95,000
B
100,000
C
90,000
D
10,000
11) What is the formula for Gross Pay?
A
Gross Pay - Total Deductions
B
Revenue - Expenses
C
Hourly Rate + Hours Worked
D
Hourly Rate x Hours Worked
12) 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
800
D
48.50
13) 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
1700
B
1000
C
1635
D
1730
14) 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
15) 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
1,000
B
1,500
C
2,500
D
2,000
*select an answer for all questions
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