Podcast
Questions and Answers
Which of the following statements accurately describes non-current assets?
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?
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?
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?
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?
When the owner withdraws cash from the business for personal use, what is this action referred to as?
When the owner withdraws cash from the business for personal use, what is this action referred to as?
What is the probability of rolling a number greater than 5 on a fair six-sided die?
What is the probability of rolling a number greater than 5 on a fair six-sided die?
If a box contains 3 red, 5 blue, and 4 green balls, what is the probability of drawing a blue ball at random?
If a box contains 3 red, 5 blue, and 4 green balls, what is the probability of drawing a blue ball at random?
In a standard deck of 52 playing cards, what is the likelihood of drawing a heart or a diamond?
In a standard deck of 52 playing cards, what is the likelihood of drawing a heart or a diamond?
If you toss two fair coins simultaneously, what is the probability of getting one head and one tail?
If you toss two fair coins simultaneously, what is the probability of getting one head and one tail?
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?
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?
