AAMI Accounting One Final Review with All Correct &
100% Verified Answers |Actual Complete Update|
Already Passed!!!
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
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
Automotive Equipment is a(n): ✔Correct Answer-Asset
The book of original entry is ✔Correct Answer-The Journal
What account would you credit if you did a funeral and received cash? ✔Correct Answer-Revenue
What account would you debit if you did a funeral for cash? ✔Correct Answer-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? ✔Correct Answer-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? ✔Correct Answer-Cash
What account would you debit if you invested cash in your business? ✔Correct Answer-Cash
100% Verified Answers |Actual Complete Update|
Already Passed!!!
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
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
Automotive Equipment is a(n): ✔Correct Answer-Asset
The book of original entry is ✔Correct Answer-The Journal
What account would you credit if you did a funeral and received cash? ✔Correct Answer-Revenue
What account would you debit if you did a funeral for cash? ✔Correct Answer-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? ✔Correct Answer-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? ✔Correct Answer-Cash
What account would you debit if you invested cash in your business? ✔Correct Answer-Cash
