AAMI Accounting One Final
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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 Equity
Automotive 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.
Review| Brand New Expert Exam
Questions with Correct Clear
Answers| All Graded A+|100%
Guaranteed Success| Latest
Premium Update.
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 Equity
Automotive 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.
