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AAMI ACCOUNTING EXAM PREP GUIDE 2026 CORE ACCOUNTING PRINCIPLES AND SOLVED ITEMS

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AAMI ACCOUNTING EXAM PREP GUIDE 2026 CORE ACCOUNTING PRINCIPLES AND SOLVED ITEMS

Institution
Advanced Accounting
Course
Advanced Accounting

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AAMI ACCOUNTING EXAM PREP GUIDE
2026 CORE ACCOUNTING PRINCIPLES
AND SOLVED ITEMS

◉ Debit Side
Answer: left side of an account.


◉ Credit Side
Answer: right side of an account.


◉ General Ledger
Answer: entire group of accounts for a business's assets, liabilities,
and owners equity.


◉ Debiting
Answer: entering an amount on the left side of an account.


◉ Crediting
Answer: entering an amount on the right side of an account.


◉ Asset Accounts

, Answer: - records increases as debits.
- records decreases as credits.


◉ Liability and Owners Equity Accounts
Answer: - record increases as credits
- record decreases as debits.


◉ Source Documents
Answer: paper evidence of a transaction.


◉ Double Entry
Answer: Every transaction in accounting requires that at least one
debit and one credit be affected


◉ Dr
Answer: debit abbreviation


◉ Cr
Answer: credit abbreviation


◉ Increase
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