AAMI ACCOUNTING ONE ACTUAL EXAM PAPER 2026 FULL QUESTIONS AND CORRECT ANSWERS GRADED A+

AAMI ACCOUNTING ONE ACTUAL EXAM
PAPER 2026 FULL QUESTIONS AND
CORRECT ANSWERS GRADED A+

●● How do you decrease an asset account? Answer: Credit


●● How do you increase a liability account? Answer: Credit


●● How do you decrease a liability account? Answer: debit


●● How do you increase revenue? Answer: Credit


●● How do you increase expenses? Answer: debit


●● What is the accounting equation? Answer:
Assets=Liabilities+Owner's Equity


●● Cash is a(n): Answer: Asset


●● Revenue is a(n): Answer: Owner's Equity


●● Accounts Receivable is a(n): Answer: Asset

,●● Mortgage Payable is a(n): Answer: Liability


●● Accounts Payable is a(n): Answer: Liability


●● Office Equipment is a(n): Answer: Asset


●● Capital is a(n): Answer: Owner's Equity


●● Automotive Equipment is a(n): Answer: Asset


●● The book of original entry is Answer: The Journal


●● What account would you credit if you did a funeral and received
cash? Answer: Revenue


●● What account would you debit if you did a funeral for cash? 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? 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? Answer:
Cash


●● What account would you debit if you invested cash in your business?
Answer: Cash


●● What account would you credit if you invested cash in your
business? Answer: Capital


●● Accounting is based on the theory of: 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
Answer: A COMPOUND JOURNAL ENTRY


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


●● Cash is an Answer: asset


●● Capital is a Answer: liability account.


●● Accounts Receivable is an Answer: asset.

, ●● Mortgage Payable is an Answer: liabilities


●● Capital is an Answer: owners equity


●● A book of transactions is a: Answer: Journal


●● A book of accounts is a: Answer: Ledger


●● The language of business is (a): Answer: Ledger


●● How you increase an account is the type of balance it has. Answer:
True


●● The following are debit balance accounts Answer: Assets and
expenses


●● The following are credit balance accounts: Answer: Liabilities -
Owner's equity - Revenue


●● Cash has a credit balance Answer: False


●● Mortgage Payable has a credit balance. Answer: False