AAMI Accounting 1 Final Review (Bus 311)
ACTUAL EXAM QUESTIONS WITH COMPLETE
SOLUTION GUIDE (A+ GRADED 100% VERIFIED)
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Practice questions for this set
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Dr. Cash, then Cr. Accounts Receivable
Choose an answer
1 Account receivables are:
2 The costs of doing business are termed:
Given the following transaction: May 5, received 600.00 from ABC Company for
3 work performed on April 23 and 24. Which gets entered first into the General
Journal?
4 Gross profit minus expenses equals:
, Don't know?
Terms in this set (70)
Account receivables are: Assets
Cash is considered to be: Asset
Which of the following is an Accounts Payable
example of a liability:
True or False - The expanded False
accounting equation is: Assets =
Liabilities + Owner's Equity
Gross profit minus expenses equals: Net Profit
Which of the following is not Owner's Equity = [Capital In - Withdrawals] +
factored into computing Owner's [Revenue - Expenses]
Equity in the expanded Accounting
equation:
Revenue after deducting costs of Gross Profit
goods sold is called:
John Smith gives his business Capital
$10,000.00 from his own personal
funds. Which of the following
accounts does this transaction
affect?
True or False - The basic True
accounting equation is: Assets =
Liabilities + Owner's Equity
ACTUAL EXAM QUESTIONS WITH COMPLETE
SOLUTION GUIDE (A+ GRADED 100% VERIFIED)
LATEST VERSION 2026!!
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Dr. Cash, then Cr. Accounts Receivable
Choose an answer
1 Account receivables are:
2 The costs of doing business are termed:
Given the following transaction: May 5, received 600.00 from ABC Company for
3 work performed on April 23 and 24. Which gets entered first into the General
Journal?
4 Gross profit minus expenses equals:
, Don't know?
Terms in this set (70)
Account receivables are: Assets
Cash is considered to be: Asset
Which of the following is an Accounts Payable
example of a liability:
True or False - The expanded False
accounting equation is: Assets =
Liabilities + Owner's Equity
Gross profit minus expenses equals: Net Profit
Which of the following is not Owner's Equity = [Capital In - Withdrawals] +
factored into computing Owner's [Revenue - Expenses]
Equity in the expanded Accounting
equation:
Revenue after deducting costs of Gross Profit
goods sold is called:
John Smith gives his business Capital
$10,000.00 from his own personal
funds. Which of the following
accounts does this transaction
affect?
True or False - The basic True
accounting equation is: Assets =
Liabilities + Owner's Equity
