AAMI ACCOUNTING ONE FINAL REVIEW QUESTIONS WITH CORRECT ANSWERS

How do you increase an asset account? - correct answer Debit How do you decrease an asset account? - correct answer Credit How do you increase a liability account? - correct answer Credit How do you decrease a liability account? - correct answer debit How do you increase revenue? - correct answer Credit How do you increase expenses? - correct answer debit What is the accounting equation? - correct answer Assets=Liabilities+Owner's Equity Cash is a(n): - correct answer Asset Revenue is a(n): - correct answer Owner's Equity Accounts Receivable is a(n): - correct answer Asset Mortgage Payable is a(n): - correct answer Liability Accounts Payable is a(n): - correct answer Liability Office Equipment is a(n): - correct answer Asset Capital is a(n): - correct answer Owner's Equity Automotive Equipment is a(n): - correct answer Asset The book of original entry is - correct answer The Journal What account would you credit if you did a funeral and received cash? - correct answer Revenue What account would you debit if you did a funeral for cash? - correct 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? - correct 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? - correct answer Cash What account would you debit if you invested cash in your business? - correct answer Cash What account would you credit if you invested cash in your business? - correct answer Capital