AAMI ACCOUNTING 1 FINAL REVIEW (BUS 311) QUESTIONS AND ANSWERS 2025/2026

AAMI ACCOUNTING 1 FINAL REVIEW (BUS 311) QUESTIONS AND ANSWERS 2025/2026 Account receivables are: - Answer -Assets Cash is considered to be: - Answer -Asset Which of the following is an example of a liability: - Answer -Accounts Payable True or False - The expanded accounting equation is: Assets = Liabilities + Owner's Equity - Answer -False Gross profit minus expenses equals: - Answer -Net Profit Which of the following is not factored into computing Owner's Equity in the expanded Accounting equation: - Answer -Owner's Equity = [Capital In - Withdrawals] + [Revenue - Expenses] Revenue after deducting costs of goods sold is called: - Answer -Gross Profit John Smith gives his business $10,000.00 from his own personal funds. Which of the following accounts does this transaction affect? - Answer - Capital True or False - The basic accounting equation is: Assets = Liabilities + Owner's Equity - Answer -True