AAMI Accounting ONE Final Exam
Comprehensive A+ Questions and Answers
Verified Solutions Latest Update 2026/2027
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:
Comprehensive A+ Questions and Answers
Verified Solutions Latest Update 2026/2027
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:
