AAMI Accounting ONE Exam A+
Questions and Answers Verified Solutions
Latest Update 2026/2027
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:
Questions and Answers Verified Solutions
Latest Update 2026/2027
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:
