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AAMI Accounting 2 Final Prep Questions And Answers With Verified Solutions 100% Correct Latest Updated 2024
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AAMI Accounting 2 Final Prep Questions And Answers With Verified Solutions 100% Correct Latest Updated 2024

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  • October 10, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • aami accounting 2 final prep questions and answers
  • is accounts receivable a permanent or temporary
  • is accounts payable a permanent or a temporary a
  • which account gets closed first at the end of the
  • tr

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  • AAMI
  • AAMI

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AAMI Accounting 2 Final Prep Questions
And Answers With Verified Solutions
100% Correct Latest Updated 2024
Is "accounts receivable" a permanent or temporary account? -
ANSWER✔✔Permanent

Is "Accounts Payable" a permanent or a temporary account? -
ANSWER✔✔Permanent

Which account gets closed first at the end of the accounting cycle -
ANSWER✔✔Revenue

True or False? Purchase returns and allowances increase the cost of merchandise
purchased - ANSWER✔✔False, it decreases

Purchases of merchandise for resale are debuted to a cost account called? -
ANSWER✔✔Merchandise purchases

True or False? When the seller collects sales tax, this is considered an asset? -
ANSWER✔✔False, it is a liability to the seller

Sales returns and allowances have a(n) _________effect on Owner's Equity -
ANSWER✔✔Negative

Freight is an______________ - ANSWER✔✔Expense

When making a purchase by cash that purchase is entered into the purchase journal
- ANSWER✔✔False

Merchandise purchases for resale are entered as DEBITS - ANSWER✔✔True

A special journal is one that is - ANSWER✔✔used for one type of transaction only

The left side of every account is the____________side - ANSWER✔✔credit

Freight in is a Liability - ANSWER✔✔false

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