AAMI ACCOUNTING 1 FINAL REVIEW EXAM SCRIPT 2026 SOLVED QUESTIONS CONFIRMED

AAMI ACCOUNTING 1 FINAL REVIEW
EXAM TEST BANK 2026 COMPLETE
QUESTIONS AND ANSWERS
⫸ Account. Answer: a record summary of all the information pertaining
to an item in the accounting equation


⫸ Accounting Equation. Answer: an equation showing the relationship
of Assets+Liabilities=Owner's Equity


⫸ Adjustments. Answer: changes recorded on worksheet to update
general ledger account


⫸ Assest. Answer: anything of value that is owned


⫸ Balance Sheet. Answer: financial statement that reports assets,
liabilities, and owner's equity on a date


⫸ Bank Statement. Answer: a report of deposits, withdrawals, and bank
balances sent to a depositor


⫸ Blank Endorsement. Answer: an endorsement consisting only of the
endorser's signature

, ⫸ Capital. Answer: the account used to summarize the owner's equity in
a business


⫸ Chart of Accounts. Answer: a list of accounts used by a business


⫸ Checking Account. Answer: a bank account from which payments
can be ordered by a depositor


⫸ Credit. Answer: a amount recorded on the right side of the T account


⫸ Debit. Answer: a amount recorded on the left side of the T account


⫸ Dishonored Check. Answer: a check that a bank refuses to pay


⫸ Double Entry Accounting. Answer: the recording of debit and credit
parts of a transaction


⫸ Electronic Funds Transfer. Answer: a computerized cash payments
system


⫸ Endorsement. Answer: a signature or stamp on the back of a check
transferring ownership