AAMI ACCOUNTING ONE FINAL REVIEW QUESTIONS WITH 100 % CORRECT ANSWERS | VERIFIED

How do you increase an asset account? - Answer-Debit How do you decrease an asset account? - Answer-Credit How do you increase a liability account? - Answer-Credit How do you decrease a liability account? - Answer-debit How do you increase revenue? - Answer-Credit How do you increase expenses? - Answer-debit What is the accounting equation? - Answer-Assets=Liabilities+Owner's Equity Cash is a(n): - Answer-Asset Revenue is a(n): - Answer-Owner's Equity Accounts Receivable is a(n): - Answer-Asset Mortgage Payable is a(n): - Answer-Liability Accounts Payable is a(n): - Answer-Liability Office Equipment is a(n): - Answer-Asset Capital is a(n): - Answer-Owner's EquityAutomotive Equipment is a(n): - Answer-Asset The book of original entry is - Answer-The Journal What account would you credit if you did a funeral and received cash? - Answer-Revenue What account would you debit if you did a funeral for cash? - Answer-Cash What account would you credit if you did a funeral and did not receive the funds from the family but are owed on account? - Answer-Revenue What account would you debit if you did a funeral and did not receive the funds from the family but are owed on account? - Answer-Cash What account would you debit if you invested cash in your business? - Answer-Cash What account would you credit if you invested cash in your business? - Answer-Capital Accounting is based on the theory of: - Answer-basis and fundamental ideas, or assumptions, underlying the practice of financial accounting A journal entry involving more than two accounts is referred to as - Answer-A COMPOUND JOURNAL ENTRY Which of the following are considered temporary owner's equity accounts? - Answer-REVENUE AN EXPENSES Cash is an - Answer-asset Capital is a - Answer-liability account. Accounts Receivable is an - Answer-asset.Mortgage Payable is an - Answer-liabilities Capital is an - Answer-owners equity