AAMI ACCOUNTING 2 FINAL EXAM 2026
PROFESSIONAL REVIEW PACK BUNDLED
QUESTIONS AND ANSWERS
◉ Assets. Answer: the things that a business owns or posses that are
worth a specific dollar value. Examples include automobiles, cash,
accounts receivables, furniture, and fixtures.
◉ Liabilities. Answer: these are debts that are owed to another for goods
and/or services received or used but not yet paid for. Examples,
mortgages, car loans, Accounts Payable.
◉ Owners Equity. Answer: how much a business is worth in dollar
value.
◉ Capital - Withdrawals + Revenue - Expenses. Answer: owners equity
is comprised of what?
◉ Revenue. Answer: the money that your business takes in from the sale
of goods or services rendered.
◉ Fees. Answer: monies earned by services.
◉ Expenses. Answer: the cost associated with doing business.
, ◉ Net Profit. Answer: when revenue exceeds expenses.
◉ Net Loss. Answer: when expenses exceed revenue.
◉ Gross Profit. Answer: revenue-cost of goods sold =
_______________________?
◉ Net Profit. Answer: gross profit-expenses =
_______________________________?
◉ Capital. Answer: the money invested into a business by the owner
using his or her own funds.
◉ Withdrawals. Answer: money that the owner takes back out of the
business, or monies that the owners pay themselves back from the
business.
◉ Accounts. Answer: all transactions will involve and influence
__________?
◉ Debit Credit. Answer: no matter how many or how few accounts are
affected there will always be at least one _________ and one
___________ affected by the transaction.
PROFESSIONAL REVIEW PACK BUNDLED
QUESTIONS AND ANSWERS
◉ Assets. Answer: the things that a business owns or posses that are
worth a specific dollar value. Examples include automobiles, cash,
accounts receivables, furniture, and fixtures.
◉ Liabilities. Answer: these are debts that are owed to another for goods
and/or services received or used but not yet paid for. Examples,
mortgages, car loans, Accounts Payable.
◉ Owners Equity. Answer: how much a business is worth in dollar
value.
◉ Capital - Withdrawals + Revenue - Expenses. Answer: owners equity
is comprised of what?
◉ Revenue. Answer: the money that your business takes in from the sale
of goods or services rendered.
◉ Fees. Answer: monies earned by services.
◉ Expenses. Answer: the cost associated with doing business.
, ◉ Net Profit. Answer: when revenue exceeds expenses.
◉ Net Loss. Answer: when expenses exceed revenue.
◉ Gross Profit. Answer: revenue-cost of goods sold =
_______________________?
◉ Net Profit. Answer: gross profit-expenses =
_______________________________?
◉ Capital. Answer: the money invested into a business by the owner
using his or her own funds.
◉ Withdrawals. Answer: money that the owner takes back out of the
business, or monies that the owners pay themselves back from the
business.
◉ Accounts. Answer: all transactions will involve and influence
__________?
◉ Debit Credit. Answer: no matter how many or how few accounts are
affected there will always be at least one _________ and one
___________ affected by the transaction.
