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Exam (elaborations)

AAMI ACCOUNTING ONE FINAL REVIEW Exam Questions And Answers 100% Pass

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AAMI ACCOUNTING ONE FINAL REVIEW Exam Questions And Answers 100% Pass How do you increase an asset account? - ANS Debit How do you decrease an asset account? - ANS Credit How do you increase a liability account? - ANS Credit How do you decrease a liability account? - ANS debit How do you increase revenue? - ANS Credit How do you increase expenses? - ANS debit What is the accounting equation? - ANS Assets=Liabilities+Owner's Equity Cash is a(n): - ANS Asset Revenue is a(n): - ANS Owner's Equity ©EVERLY 2025 ALL RIGHTS RESERVED Accounts Receivable is a(n): - ANS Asset Mortgage Payable is a(n): - ANS Liability Accounts Payable is a(n): - ANS Liability Office Equipment is a(n): - ANS Asset Capital is a(n): - ANS Owner's Equity Automotive Equipment is a(n): - ANS Asset The book of original entry is - ANS The Journal What account would you credit if you did a funeral and received cash? - ANS Revenue What account would you debit if you did a funeral for cash? - ANS 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? - ANS 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? - ANS Cash What account would you debit if you invested cash in your business? - ANS Cash What account would you credit if you invested cash in your business? - ANS Capital

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Uploaded on
May 15, 2025
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©EVERLY 2025 ALL RIGHTS RESERVED




AAMI ACCOUNTING ONE FINAL
REVIEW Exam Questions And Answers
100% Pass




How do you increase an asset account? - ANS Debit



How do you decrease an asset account? - ANS Credit



How do you increase a liability account? - ANS Credit



How do you decrease a liability account? - ANS debit



How do you increase revenue? - ANS Credit



How do you increase expenses? - ANS debit



What is the accounting equation? - ANS Assets=Liabilities+Owner's Equity



Cash is a(n): - ANS Asset



Revenue is a(n): - ANS Owner's Equity

, ©EVERLY 2025 ALL RIGHTS RESERVED


Accounts Receivable is a(n): - ANS Asset



Mortgage Payable is a(n): - ANS Liability



Accounts Payable is a(n): - ANS Liability



Office Equipment is a(n): - ANS Asset



Capital is a(n): - ANS Owner's Equity



Automotive Equipment is a(n): - ANS Asset



The book of original entry is - ANS The Journal



What account would you credit if you did a funeral and received cash? - ANS Revenue



What account would you debit if you did a funeral for cash? - ANS 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? - ANS 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? - ANS Cash



What account would you debit if you invested cash in your business? - ANS Cash



What account would you credit if you invested cash in your business? - ANS Capital
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