AAMI ACCOUNTING 1 FINAL REVIEW QUESTIONS
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.
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.
