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AAMI ACCOUNTING 2 FINAL EXAM 2026 ACTUAL TEST PAPER VERIFIED SOLUTIONS

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AAMI ACCOUNTING 2 FINAL EXAM 2026 ACTUAL TEST PAPER VERIFIED SOLUTIONS

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AAMI ACCOUNTING 2 FINAL EXAM 2026
ACTUAL TEST PAPER VERIFIED SOLUTIONS
◉ 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

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