1 | Page
AAMI ACCOUNTING ONE FINAL
REVIEW QUESTIONS AND ANSWERS
2025
How do you increase an asset account? - correct answer- Debit
How do you decrease an asset account? - correct answer-
Credit
How do you increase a liability account? - correct answer-
Credit
How do you decrease a liability account? - correct answer-
debit
How do you increase revenue? - correct answer- Credit
How do you increase expenses? - correct answer- debit
, 2 | Page
What is the accounting equation? - correct answer-
Assets=Liabilities+Owner's Equity
Cash is a(n): - correct answer- Asset
Revenue is a(n): - correct answer- Owner's Equity
Accounts Receivable is a(n): - correct answer- Asset
Mortgage Payable is a(n): - correct answer- Liability
Accounts Payable is a(n): - correct answer- Liability
Office Equipment is a(n): - correct answer- Asset
Capital is a(n): - correct answer- Owner's Equity
AAMI ACCOUNTING ONE FINAL
REVIEW QUESTIONS AND ANSWERS
2025
How do you increase an asset account? - correct answer- Debit
How do you decrease an asset account? - correct answer-
Credit
How do you increase a liability account? - correct answer-
Credit
How do you decrease a liability account? - correct answer-
debit
How do you increase revenue? - correct answer- Credit
How do you increase expenses? - correct answer- debit
, 2 | Page
What is the accounting equation? - correct answer-
Assets=Liabilities+Owner's Equity
Cash is a(n): - correct answer- Asset
Revenue is a(n): - correct answer- Owner's Equity
Accounts Receivable is a(n): - correct answer- Asset
Mortgage Payable is a(n): - correct answer- Liability
Accounts Payable is a(n): - correct answer- Liability
Office Equipment is a(n): - correct answer- Asset
Capital is a(n): - correct answer- Owner's Equity
