Many macroscopic equations are proposed to describe the rarefied gas dynamics beyond the Navier-Stokes level, either from the mesoscopic Boltzmann equation or some physical arguments, including (i) Burnett, Woods, super-Burnett, augmented Burnett equations derived from the Chapman-Enskog expansion of the Boltzmann equation, (ii) Grad 13, regularized 13/26 moment equations, rational extended thermodynamics equations, and generalized hydrodynamic equations, where the velocity distribution function is expressed in terms of low-order moments and Hermite polynomials, and (iii) bi-velocity equations and "thermo-mechanically consistent" Burnett equations based on the argument of "volume diffusion". This paper is dedicated to assess the accuracy of these macroscopic equations. We first consider the Rayleigh-Brillouin scattering, where light is scattered by the density fluctuation in gas. In this specific problem macroscopic equations can be linearized and solutions can always be obtained, no matter whether they are stable or not. Moreover, the accuracy assessment is not contaminated by the gas-wall boundary condition in this periodic problem. Rayleigh-Brillouin spectra of the scattered light are calculated by solving the linearized macroscopic equations and compared to those from the linearized Boltzmann equation. We find that (i) the accuracy of Chapman-Enskog expansion does not always increase with the order of expansion, (ii) for the moment method, the more moments are included, the more accurate the results are, and (iii) macroscopic equations based on "volume diffusion" do not work well even when the Knudsen number is very small. Therefore, among about a dozen tested equations, the regularized 26 moment equations are the most accurate. However, for moderate and highly rarefied gas flows, huge number of moments should be included, as the convergence to true solutions is rather slow. The same conclusion is drawn from the problem of sound propagation between the transducer and receiver. This slow convergence of moment equations is due to the incapability of Hermite polynomials in the capturing of large discontinuities and rapid variations of the velocity distribution function. This study sheds some light on how to choose/develop macroscopic equations for rarefied gas dynamics.