Accounting Skills Assessment for Grade 10

Calculate the balance of the following accounts: Cash: $5,000, Accounts Receivable: $3,000, Accounts Payable: $2,000. What is the total balance?

• $4,000

• $7,000

• $5,500

• $6,000

If the total debits are $10,000 and total credits are $8,000, what is the balance?

• $2,000

• $1,000

• $5,000

• $3,000

Prepare a trial balance with the following accounts: Sales: $15,000, Expenses: $5,000, Assets: $20,000. What is the total?

• Total debits: $25,000; Total credits: $15,000.

• Total debits: $15,000; Total credits: $5,000.

• Total debits: $30,000; Total credits: $25,000.

• Total debits: $20,000; Total credits: $10,000.

Given the following data, calculate the net income: Revenue: $25,000, Cost of Goods Sold: $10,000, Operating Expenses: $5,000.

• $5,000

• $20,000

• $15,000

• $10,000

If fixed costs are $12,000 and variable costs are $3,000, what is the total cost?

• $10,000

• $15,000

• $12,500

• $18,000

Create an income statement with the following figures: Sales Revenue: $50,000, Cost of Goods Sold: $20,000, Operating Expenses: $15,000.

• Income Statement: Sales Revenue: $50,000 Cost of Goods Sold: $20,000 Gross Profit: $30,000 Operating Expenses: $15,000 Net Income: $15,000

• Sales Revenue: $50,000, Cost of Goods Sold: $30,000, Net Income: $10,000

• Sales Revenue: $40,000, Cost of Goods Sold: $15,000, Operating Expenses: $20,000

• Sales Revenue: $60,000, Cost of Goods Sold: $25,000, Net Income: $20,000

Calculate the fixed cost per unit if total fixed costs are $10,000 and total units produced are 1,000.

• $15 per unit

• $10 per unit

• $20 per unit

• $5 per unit

Determine the gross profit if sales are $30,000 and cost of goods sold is $18,000.

• $15,000

• $20,000

• $12,000

• $10,000

If the total expenses are $22,000 and the total revenue is $30,000, what is the profit?

• $10,000

• $5,000

• $8,000

• $15,000

Prepare a balance sheet with the following data: Assets: $100,000, Liabilities: $40,000, Owner's Equity: $60,000. Is it balanced?

• Yes, it is balanced.

• No, it is not balanced.

• The assets exceed the liabilities.

• Owner's equity is too low.