Accounting Concepts and Equations Quiz
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Questions and Answers

Which of the following statements accurately describes non-current assets?

  • Assets that will be fully depreciated within a year
  • Assets that are likely to last less than a year
  • Assets that are likely to last more than a year and are valuable (correct)
  • Assets that are not valuable
  • Which of the following is not considered an underlying accounting policy or concept?

  • Going Concern
  • Prudence
  • Business Entity
  • Uncertainty (correct)
  • How is the basic accounting equation typically represented?

  • Liabilities = Assets - Equity
  • Equity + Assets = Liabilities
  • Assets = Liabilities + Equity (correct)
  • Equity = Assets - Liabilities
  • 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?

    <p>$352,000</p> Signup and view all the answers

    When the owner withdraws cash from the business for personal use, what is this action referred to as?

    <p>Drawings</p> Signup and view all the answers

    What is the probability of rolling a number greater than 5 on a fair six-sided die?

    <p>0</p> Signup and view all the answers

    If a box contains 3 red, 5 blue, and 4 green balls, what is the probability of drawing a blue ball at random?

    <p>5/12</p> Signup and view all the answers

    In a standard deck of 52 playing cards, what is the likelihood of drawing a heart or a diamond?

    <p>1/2</p> Signup and view all the answers

    If you toss two fair coins simultaneously, what is the probability of getting one head and one tail?

    <p>1/2</p> Signup and view all the answers

    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?

    <p>3/8</p> Signup and view all the answers

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