10 Questions
Which of the following statements accurately describes non-current assets?
Assets that are likely to last more than a year and are valuable
Which of the following is not considered an underlying accounting policy or concept?
Uncertainty
How is the basic accounting equation typically represented?
Assets = Liabilities + Equity
If the total liabilities of a company are $120,000 and total equity is $232,000, what is the total amount of the company's total assets?
$352,000
When the owner withdraws cash from the business for personal use, what is this action referred to as?
Drawings
What is the probability of rolling a number greater than 5 on a fair six-sided die?
0
If a box contains 3 red, 5 blue, and 4 green balls, what is the probability of drawing a blue ball at random?
5/12
In a standard deck of 52 playing cards, what is the likelihood of drawing a heart or a diamond?
1/2
If you toss two fair coins simultaneously, what is the probability of getting one head and one tail?
1/2
A bag contains 5 red and 3 green balls. If you pick a ball randomly from the bag without looking, what is the probability that it is not red?
3/8
Test your knowledge of accounting concepts and equations with this quiz. Answer questions about non-current assets, underlying accounting policies, and the basic accounting equation.
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