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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