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AAMI ACCOUNTING ONE FINAL REVIEW QUESTIONS WITH 100% CORRECT ANSWERS

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AAMI ACCOUNTING ONE FINAL REVIEW QUESTIONS WITH 100% CORRECT ANSWERS 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 acc...

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  • May 27, 2024
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AAMI ACCOUNTING ONE FINAL REVIEW
QUESTIONS WITH 100% CORRECT
ANSWERS
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



What account would you credit if you invested cash in your business? -Correct Answer-Capital



Accounting is based on the theory of: -Correct Answer-basis and fundamental ideas, or assumptions,
underlying the practice of financial accounting



A journal entry involving more than two accounts is referred to as -Correct Answer-A COMPOUND
JOURNAL ENTRY



Which of the following are considered temporary owner's equity accounts? -Correct Answer-REVENUE
AN EXPENSES

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