AAMI Accounting 1 Final Review with Approved Answers |Latest 2024/2025

AAMI Accounting 1 Final Review with Approved Answers. Account receivables are: ️ Assets Cash is considered to be: ️ Asset Which of the following is an example of a liability: ️ Accounts Payable True or False - The expanded accounting equation is: Assets = Liabilities + Owner's Equity ️ False Gross profit minus expenses equals: ️ Net Profit Which of the following is not factored into computing Owner's Equity in the expanded Accounting equation: ️ Owner's Equity = [Capital In - Withdrawals] + [Revenue - Expenses] Revenue after deducting costs of goods sold is called: ️ Gross Profit John Smith gives his business $10,000.00 from his own personal funds. Which of the following accounts does this transaction affect? ️ Capital True or False - The basic accounting equation is: Assets = Liabilities + Owner's Equity ️ True A firm has $15,000.00 in liabilities and $22,500.00 in assets. In order to compute the Basic Accounting Equation, what must Owner's Equity be? ️ $7,500 Another name for ownership is: ️ Equity