Business 001 - Introduction to Business » Fall 2020 » Accounting Quiz

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Question #1
Mario's Cost of Goods Sold for the period April 1st to April 30th was
A.   $525
B.   $550
C.   $500
D.   $575
Question #2
Mario's Gross Profit for the period April 1st to April 30th was
A.   $2,000
B.   $1,900
C.   $2,200
D.   $1,500
Question #3
Mario's Advertising Expense for the period April 1st to April 30th was
A.   $100
B.   $110
C.   $200
D.   $150
Question #4
Mario's Gas for Van Expense for the period April 1st to April 30th was
A.   $80
B.   $200
C.   $100
D.   $150
Question #5
Mario's Salary Expense for the period April 1st to April 30th was
A.   $200
B.   $220
C.   $280
D.   $250
Question #6
Mario's Rent Expense for the period April 1st to April 30th was
A.   $140
B.   $100
C.   $150
D.   $180
Question #7
Mario's Supplies Expense for the period April 1st to April 30th was
A.   $100
B.   $140
C.   $170
D.   $150
Question #8
Mario's Tax Expense for the period April 1st to April 30th was
A.   $115
B.   $120
C.   $100
D.   $110
Question #9
Mario's Wage Expense for the period April 1st to April 30th was
A.   $150
B.   $220
C.   $200
D.   $250
Question #10
Mario's Total Expenses (indirect) for the period April 1st to April 30th was
A.   $1000
B.   $1125
C.   $1400
D.   $1500
Question #11
Mario's Net Profit for the period April 1st to April 30th was
A.   $700
B.   $875
C.   $725
D.   $775
Question #12
Mario's total Cash balance (on his Balance Sheet) on April 30th was
A.   $275
B.   $250
C.   $200
D.   $300
Question #13
Mario's total Accounts Receivable balance (on his Balance Sheet) on April 30th was
A.   $500
B.   $350
C.   $450
D.   $800
Question #14
Mario's total Asset balance (on his Balance Sheet) on April 30th was
A.   $5,550
B.   $5,850
C.   $6,550
D.   $5,900
Question #15
Mario's total Accounts Payable balance (on his Balance Sheet) on April 30th was
A.   $75
B.   $95
C.   $85
D.   $55
Question #16
Mario's total Liabilities balance (on his Balance Sheet) on April 30th was
A.   $4,750
B.   $4,575
C.   $4,500
D.   $4,975
Question #17
Mario's total Net Equity balance (on his Balance Sheet) on April 30th was
A.   $1,275
B.   $1,450
C.   $1,750
D.   $1.250
Question #18
Forensic Accountants make inferences from independent evidence.
A.   FALSE
B.   TRUE
Question #19
The purpose of (GAAP), also known as generally accepted accounting principles, is to provide reliable, consistent, and unbiased information to decision makers and accountants by following guidelines or standards, .
A.   TRUE
B.   FALSE
Question #20
The purpose of the Balance Sheet is to show the business's Net Worth by subtracting what it owes from what it owns.
A.   TRUE
B.   FALSE

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