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.
$500
B.
$525
C.
$550
D.
$575
Question #2
Mario's Gross Profit for the period April 1st to April 30th was
A.
$1,500
B.
$2,200
C.
$1,900
D.
$2,000
Question #3
Mario's Advertising Expense for the period April 1st to April 30th was
A.
$100
B.
$200
C.
$150
D.
$110
Question #4
Mario's Gas for Van Expense for the period April 1st to April 30th was
A.
$200
B.
$100
C.
$150
D.
$80
Question #5
Mario's Salary Expense for the period April 1st to April 30th was
A.
$200
B.
$250
C.
$280
D.
$220
Question #6
Mario's Rent Expense for the period April 1st to April 30th was
A.
$140
B.
$100
C.
$180
D.
$150
Question #7
Mario's Supplies Expense for the period April 1st to April 30th was
A.
$170
B.
$100
C.
$140
D.
$150
Question #8
Mario's Tax Expense for the period April 1st to April 30th was
A.
$120
B.
$110
C.
$100
D.
$115
Question #9
Mario's Wage Expense for the period April 1st to April 30th was
A.
$250
B.
$220
C.
$200
D.
$150
Question #10
Mario's Total Expenses (indirect) for the period April 1st to April 30th was
A.
$1125
B.
$1000
C.
$1400
D.
$1500
Question #11
Mario's Net Profit for the period April 1st to April 30th was
A.
$775
B.
$700
C.
$725
D.
$875
Question #12
Mario's total Cash balance (on his Balance Sheet) on April 30th was
A.
$200
B.
$250
C.
$300
D.
$275
Question #13
Mario's total Accounts Receivable balance (on his Balance Sheet) on April 30th was
A.
$450
B.
$800
C.
$350
D.
$500
Question #14
Mario's total Asset balance (on his Balance Sheet) on April 30th was
A.
$5,850
B.
$5,900
C.
$6,550
D.
$5,550
Question #15
Mario's total Accounts Payable balance (on his Balance Sheet) on April 30th was
A.
$95
B.
$75
C.
$85
D.
$55
Question #16
Mario's total Liabilities balance (on his Balance Sheet) on April 30th was
A.
$4,575
B.
$4,500
C.
$4,975
D.
$4,750
Question #17
Mario's total Net Equity balance (on his Balance Sheet) on April 30th was
A.
$1,450
B.
$1,750
C.
$1,275
D.
$1.250
Question #18
Forensic Accountants make inferences from independent evidence.
A.
TRUE
B.
FALSE
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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