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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
Assets = Owner's Equity + Liabilities
B
Owner's Equity = Assets - Liabilities
C
Assets = Owner's Equity * Liabilities
D
Owner's Equity = Assets + Liabilities
2) If Liabilities = $56,400 and Owner’s Equity = $34,350,
A
90,750
B
120000
C
95000
D
22050
3) If Assets = $85,000 and Owner’s Equity = $ 14,600, what is the value of Liabilities?
A
99600
B
$70,400
C
90000
D
120000
4) When you charge a customer $50 for a service, the $50 is called a(n):
A
Asset
B
Expense
C
revenue
D
Liability
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
revenue
B
A liability
C
An asset
D
Owner's Equity
6) If Assets = $28,000 and Liabilities = $ 18,500, what is Owner’s Equity?
A
9000
B
46500
C
9500
D
2000
7) What is the Income Statement Equation
A
Total Revenue + Total Expenses
B
Assets = Owner's Equity + Liabilities
C
Total Revenue – Total Expenses
D
Assets = Owner's Equity * Liabilities
8) If Revenue = $50,000 and Expenses = $ 30,500, what is the company's income
A
19500
B
80500
C
200000
D
19000
9) 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
10) If Income $10,000 and Revenue= $ 100,000, what is the company's expenses?
A
95,000
B
10,000
C
90,000
D
100,000
11) What is the formula for Gross Pay?
A
Hourly Rate x Hours Worked
B
Gross Pay - Total Deductions
C
Hourly Rate + Hours Worked
D
Revenue - Expenses
12) What is Sydney's Gross pay if she worked 40 hours (a week) and a pay rate of 8.25
A
48.50
B
300
C
800
D
330
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
1730
B
1635
C
1700
D
1000
14) What is the formula for Net Pay?
A
Gross Pay * Total Deductions
B
Hourly Rate + Hours Worked
C
Gross Pay - Total Deductions
D
Hourly Rate x Hours Worked
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
2,500
C
2,000
D
1,500
*select an answer for all questions
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