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AAMI ACCOUNTING 2 UNIT 1 QUESTIONS WITH 100% CORRECT ANSWERS

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AAMI ACCOUNTING 2 UNIT 1 QUESTIONS WITH 100% CORRECT ANSWERS

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If there is a net income, revenue would be listed as a _____ on the Income Statement.


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, credit




The second account closed is


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Expenses




The revenue is obtained from


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Income Statement (profit and Loss)




What accounts are closed and transferred to the capital account?


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Withdrawal and Income Summary




This account is located on the Chart of Accounts under the owner's equity portion. Is
essentially owner's equity.

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