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Total Assets: Definition & Explanation

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Total assets are the sum of noncurrent assets and __________.

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1. Total assets are reported on which of the following financial statements?

2. Total assets are reported on the balance sheet in what order?

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About This Quiz & Worksheet

With the help of this quiz and worksheet, you will gain an understanding of how total assets are calculated in accounting. Additional topics you will be assessed on include the order total assets are reported in and the financial statement they are reported on.

Quiz & Worksheet Goals

You will be tested on your understanding of the following:

  • The formula for calculating total assets
  • How assets are valued in the formula
  • Identifying the steps to take to calculate total assets

Skills Practiced

In this quiz and worksheet combo, you will also be able to practice the following skills:

  • Information recall - access the knowledge you've gained regarding how total assets are listed
  • Problem solving - use acquired knowledge to solve practice problems that ask you to calculate total assets
  • Interpreting information - verify that you can read information regarding the value of an asset that is used to calculate total assets and interpret it correctly

Additional Learning

Learn more about calculating total assets by reviewing the lesson Total Assets: Definition & Explanation. This lesson covers the following topics:

  • Define total assets
  • Understand how to interpret total assets on a balance sheet
  • Review examples to practice calculating total assets
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