AAMI Accounting One , AAMI
Accounting Two| 100% Verified
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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.
Accounts Receivable is an - Answer✅✅asset.
, Mortgage Payable is an - Answer✅✅liabilities
Capital is an - Answer✅✅owners equity
A book of transactions is a: - Answer✅✅Journal
A book of accounts is a: - Answer✅✅Ledger
The language of business is (a): - Answer✅✅Ledger
How you increase an account is the type of balance it has. - Answer✅✅True
The following are debit balance accounts - Answer✅✅Assets and expenses
The following are credit balance accounts: - Answer✅✅Liabilities - Owner's equity -
Revenue
Cash has a credit balance - Answer✅✅False
Mortgage Payable has a credit balance. - Answer✅✅False
Accounts Receivable has a debit balance - Answer✅✅False
Capital has a credit balance. - Answer✅✅True
The journal is a - Answer✅✅book.
The ledger is a - Answer✅✅book.
Trial Balance is a - Answer✅✅Statement
Trial Balance is - Answer✅✅informal
Income statement is - Answer✅✅Formal / Temporary account / Revenue and
expenses
Statement of owner's equity is - Answer✅✅formal
Balance sheet is a - Answer✅✅permanent account
The Accounting Equation is - Answer✅✅Assets= Liabilities+Owner's Equity.
Expenses have credit balances. - Answer✅✅FalseaTrue
Owner's Equity has a credit balance. - Answer✅✅True
Revenue has a debit balance. - Answer✅✅False
Accounting Two| 100% Verified
Exam Questions With Clear Correct
Answers| All Graded A+| Latest
Premium Update| 100%
Guaranteed Success.
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.
Accounts Receivable is an - Answer✅✅asset.
, Mortgage Payable is an - Answer✅✅liabilities
Capital is an - Answer✅✅owners equity
A book of transactions is a: - Answer✅✅Journal
A book of accounts is a: - Answer✅✅Ledger
The language of business is (a): - Answer✅✅Ledger
How you increase an account is the type of balance it has. - Answer✅✅True
The following are debit balance accounts - Answer✅✅Assets and expenses
The following are credit balance accounts: - Answer✅✅Liabilities - Owner's equity -
Revenue
Cash has a credit balance - Answer✅✅False
Mortgage Payable has a credit balance. - Answer✅✅False
Accounts Receivable has a debit balance - Answer✅✅False
Capital has a credit balance. - Answer✅✅True
The journal is a - Answer✅✅book.
The ledger is a - Answer✅✅book.
Trial Balance is a - Answer✅✅Statement
Trial Balance is - Answer✅✅informal
Income statement is - Answer✅✅Formal / Temporary account / Revenue and
expenses
Statement of owner's equity is - Answer✅✅formal
Balance sheet is a - Answer✅✅permanent account
The Accounting Equation is - Answer✅✅Assets= Liabilities+Owner's Equity.
Expenses have credit balances. - Answer✅✅FalseaTrue
Owner's Equity has a credit balance. - Answer✅✅True
Revenue has a debit balance. - Answer✅✅False
