# 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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