AAMI ACCOUNTING ONE FINAL EXAM SCRIPT
2026 QUESTIONS WITH ANSWERS FULLY
REVIEWED
● Assets - the things that a business owns or posses that are worth a
specific dollar value. Examples include automobiles, cash, accounts
receivables, furniture, and fixtures.
● Liabilities - these are debts that are owed to another for goods and/or
services received or used but not yet paid for. Examples, mortgages, car
loans, Accounts Payable.
● Owners Equity - how much a business is worth in dollar value.
● Capital - Withdrawals + Revenue - Expenses - owners equity is
comprised of what?
● Revenue - the money that your business takes in from the sale of
goods or services rendered.
● Fees - monies earned by services.
, ● Expenses - the cost associated with doing business.
● Net Profit - when revenue exceeds expenses.
● Net Loss - when expenses exceed revenue.
● Gross Profit - revenue-cost of goods sold =
_______________________?
● Net Profit - gross profit-expenses =
_______________________________?
● Capital - the money invested into a business by the owner using his or
her own funds.
● Withdrawals - money that the owner takes back out of the business, or
monies that the owners pay themselves back from the business.
● Accounts - all transactions will involve and influence __________?
● Debit Credit - no matter how many or how few accounts are affected
there will always be at least one _________ and one ___________
affected by the transaction.
2026 QUESTIONS WITH ANSWERS FULLY
REVIEWED
● Assets - the things that a business owns or posses that are worth a
specific dollar value. Examples include automobiles, cash, accounts
receivables, furniture, and fixtures.
● Liabilities - these are debts that are owed to another for goods and/or
services received or used but not yet paid for. Examples, mortgages, car
loans, Accounts Payable.
● Owners Equity - how much a business is worth in dollar value.
● Capital - Withdrawals + Revenue - Expenses - owners equity is
comprised of what?
● Revenue - the money that your business takes in from the sale of
goods or services rendered.
● Fees - monies earned by services.
, ● Expenses - the cost associated with doing business.
● Net Profit - when revenue exceeds expenses.
● Net Loss - when expenses exceed revenue.
● Gross Profit - revenue-cost of goods sold =
_______________________?
● Net Profit - gross profit-expenses =
_______________________________?
● Capital - the money invested into a business by the owner using his or
her own funds.
● Withdrawals - money that the owner takes back out of the business, or
monies that the owners pay themselves back from the business.
● Accounts - all transactions will involve and influence __________?
● Debit Credit - no matter how many or how few accounts are affected
there will always be at least one _________ and one ___________
affected by the transaction.
