AAMI ACCOUNTING 2 FINAL ACTUAL
EXAMINATION 2026 QUESTIONS WITH
SOLUTIONS GRADED A+
⫸ Journalizing Transactions Answer: Provide the figures needed to
determine the results of operations and the financial position of the
business
⫸ Worksheet Answer: Form used to complete the net income or net loss
and to plan the preparation of financial statements
⫸ Journalizing Transactions Answer: Provide the figures needed to
determine the results of operations and the financial position of the
business
⫸ Worksheet Answer: Serves the same purpose as a blueprint
⫸ Liabilities Answer: Debts owned by businesses
⫸ Accounts Payable Answer: Short term debts owed for credit
purchases
⫸ TRUE Answer: Mortgages Payable are a liability
,⫸ TRUE Answer: Loans Payable are a Liability T/F
⫸ Assets Answer: Property a Business owns
⫸ Investment Answer: Assets used in the business that were privided by
the owner are?
⫸ Notes Payable Answer: Dvidends Payable, Salries Payable, What are
some common liabilities?
⫸ Owners Equity Answer: Financial Interest of the owner in the
business is called?
⫸ Assets = Liabilities + Owner's Equity Answer: What is the Basic
Accounting Equation?
⫸ Balance Sheet Answer: Itemized list of assets, liabilites, and owners
equity is__________?
⫸ Balance Sheet Answer: What provides a finaincial snapshot of the
business on a specific date?
⫸ What are the 3 things needed at the top of a financial statement like a
Balance Sheet? Answer: Business name,name of the statement, and the
date
, ⫸ Left side Answer: On what side are assets listed?
⫸ Where are liabilities listed on a balance sheet? Answer: Upper right
side
⫸ Under liabilities on the right side Answer: Where is Oners Equity
listed on a balance sheet?
⫸ Exchange of one item of value for another Answer: Define Business
Transaction
⫸ 2 items Answer: At least how many items are affected in a business
transation?
⫸ Revenue Answer: Inflow of assets from business operations
⫸ Revenue Answer: Increases Equity
⫸ Expenses Answer: Costs of operating a business
⫸ Expenses Answer: Decrease Equity
EXAMINATION 2026 QUESTIONS WITH
SOLUTIONS GRADED A+
⫸ Journalizing Transactions Answer: Provide the figures needed to
determine the results of operations and the financial position of the
business
⫸ Worksheet Answer: Form used to complete the net income or net loss
and to plan the preparation of financial statements
⫸ Journalizing Transactions Answer: Provide the figures needed to
determine the results of operations and the financial position of the
business
⫸ Worksheet Answer: Serves the same purpose as a blueprint
⫸ Liabilities Answer: Debts owned by businesses
⫸ Accounts Payable Answer: Short term debts owed for credit
purchases
⫸ TRUE Answer: Mortgages Payable are a liability
,⫸ TRUE Answer: Loans Payable are a Liability T/F
⫸ Assets Answer: Property a Business owns
⫸ Investment Answer: Assets used in the business that were privided by
the owner are?
⫸ Notes Payable Answer: Dvidends Payable, Salries Payable, What are
some common liabilities?
⫸ Owners Equity Answer: Financial Interest of the owner in the
business is called?
⫸ Assets = Liabilities + Owner's Equity Answer: What is the Basic
Accounting Equation?
⫸ Balance Sheet Answer: Itemized list of assets, liabilites, and owners
equity is__________?
⫸ Balance Sheet Answer: What provides a finaincial snapshot of the
business on a specific date?
⫸ What are the 3 things needed at the top of a financial statement like a
Balance Sheet? Answer: Business name,name of the statement, and the
date
, ⫸ Left side Answer: On what side are assets listed?
⫸ Where are liabilities listed on a balance sheet? Answer: Upper right
side
⫸ Under liabilities on the right side Answer: Where is Oners Equity
listed on a balance sheet?
⫸ Exchange of one item of value for another Answer: Define Business
Transaction
⫸ 2 items Answer: At least how many items are affected in a business
transation?
⫸ Revenue Answer: Inflow of assets from business operations
⫸ Revenue Answer: Increases Equity
⫸ Expenses Answer: Costs of operating a business
⫸ Expenses Answer: Decrease Equity
