AAMI ACCOUNTING ONE FINAL REVIEW WITH VERIFIED SOLUTIONS

AAMI ACCOUNTING ONE FINAL REVIEW WITH VERIFIED SOLUTIONS How do you increase an asset account? Debit How do you decrease an asset account? Credit How do you increase a liability account? Credit How do you decrease a liability account? debit How do you increase revenue? Credit How do you increase expenses? debit What is the accounting equation? Assets=Liabilities+Owner's Equity Cash is a(n): Asset Revenue is a(n): Owner's Equity Accounts Receivable is a(n): Asset Mortgage Payable is a(n): Liability Accounts Payable is a(n): Liability Office Equipment is a(n): Asset Capital is a(n): Owner's Equity Automotive Equipment is a(n): Asset The book of original entry is The Journal What account would you credit if you did a funeral and received cash? Revenue What account would you debit if you did a funeral for cash? 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? 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? Cash What account would you debit if you invested cash in your business? Cash What account would you credit if you invested cash in your business? Capital Accounting is based on the theory of: basis and fundamental ideas, or assumptions, underlying the practice of financial accounting A journal entry involving more than two accounts is referred to as A COMPOUND JOURNAL ENTRY Which of the following are considered temporary owner's equity accounts? REVENUE AN EXPENSES Cash is an asset