Business 001 - Introduction to Business » Fall 2020 » Accounting Quiz
Need help with your exam preparation?
Get Answers to this exam for $6 USD.
Get Answers to all exams in [ Business 001 - Introduction to Business ] course for $25 USD.
Existing Quiz Clients Login here
Question #1
Mario's Cost of Goods Sold for the period April 1st to April 30th was
A.
$550
B.
$500
C.
$575
D.
$525
Question #2
Mario's Gross Profit for the period April 1st to April 30th was
A.
$1,900
B.
$2,200
C.
$2,000
D.
$1,500
Question #3
Mario's Advertising Expense for the period April 1st to April 30th was
A.
$150
B.
$110
C.
$200
D.
$100
Question #4
Mario's Gas for Van Expense for the period April 1st to April 30th was
A.
$80
B.
$200
C.
$150
D.
$100
Question #5
Mario's Salary Expense for the period April 1st to April 30th was
A.
$200
B.
$280
C.
$250
D.
$220
Question #6
Mario's Rent Expense for the period April 1st to April 30th was
A.
$180
B.
$100
C.
$150
D.
$140
Question #7
Mario's Supplies Expense for the period April 1st to April 30th was
A.
$150
B.
$100
C.
$170
D.
$140
Question #8
Mario's Tax Expense for the period April 1st to April 30th was
A.
$115
B.
$100
C.
$110
D.
$120
Question #9
Mario's Wage Expense for the period April 1st to April 30th was
A.
$150
B.
$250
C.
$220
D.
$200
Question #10
Mario's Total Expenses (indirect) for the period April 1st to April 30th was
A.
$1400
B.
$1125
C.
$1500
D.
$1000
Question #11
Mario's Net Profit for the period April 1st to April 30th was
A.
$875
B.
$700
C.
$725
D.
$775
Question #12
Mario's total Cash balance (on his Balance Sheet) on April 30th was
A.
$300
B.
$250
C.
$275
D.
$200
Question #13
Mario's total Accounts Receivable balance (on his Balance Sheet) on April 30th was
A.
$800
B.
$350
C.
$450
D.
$500
Question #14
Mario's total Asset balance (on his Balance Sheet) on April 30th was
A.
$6,550
B.
$5,900
C.
$5,850
D.
$5,550
Question #15
Mario's total Accounts Payable balance (on his Balance Sheet) on April 30th was
A.
$85
B.
$95
C.
$75
D.
$55
Question #16
Mario's total Liabilities balance (on his Balance Sheet) on April 30th was
A.
$4,975
B.
$4,500
C.
$4,575
D.
$4,750
Question #17
Mario's total Net Equity balance (on his Balance Sheet) on April 30th was
A.
$1,450
B.
$1.250
C.
$1,750
D.
$1,275
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.
FALSE
B.
TRUE
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.
FALSE
B.
TRUE
Need help with your exam preparation?
Get Answers to this exam for $6 USD.
Get Answers to all exams in [ Business 001 - Introduction to Business ] course for $25 USD.
Existing Quiz Clients Login here