AAMI Accounting 1 Practice Questions 2024.

AAMI Accounting 1 Practice Questions 2024. Assets - ANSWER 100-199 Liabilities - ANSWER 200-299 Owner's Equity - ANSWER 300-399 Revenue - ANSWER 400-499 Expenses - ANSWER 500-599 Assets are: - ANSWER Cash, Accounts Receivables, Furniture/Office Equipment, Buildings, Inventory, Automobiles, Machinery Liabilities are: - ANSWER Accounts Payable, Mortgage Payable, Sales Tax Payable Capitals are: - ANSWER Monies invested by owner, Monies withdrawn by owner Revenue are: - ANSWER Sales/Income/Fees Expenses are: - ANSWER Postage, Advertising, Wages, Overtime, Utilities, Cost of goods purchased for resale Basic Accounting Equation - ANSWER Assets = Liabilities + Owners Equity The Expanded Accounting Equation - ANSWER Assets = Liabilities + Capital in - Withdrawals + Revenue - Expenses Gross Profit Equation - ANSWER Revenue - Cost of Goods sold = Gross Profit