AAMI Accounting 1 Questions and
correct Answers
Assets - Question and answers100-199
Liabilities - Question and answers200-299
Owner's Equity - Question and answers300-399
Revenue - Question and answers400-499
Expenses - Question and answers500-599
Assets are: - Question and answersCash, Accounts Receivables, Furniture/Office
Equipment, Buildings, Inventory, Automobiles, Machinery
Liabilities are: - Question and answersAccounts Payable, Mortgage Payable, Sales Tax
Payable
Capitals are: - Question and answersMonies invested by owner, Monies withdrawn by
owner
Revenue are: - Question and answersSales/Income/Fees
Expenses are: - Question and answersPostage, Advertising, Wages, Overtime, Utilities,
Cost of goods purchased for resale
Basic Accounting Equation - Question and answersAssets = Liabilities + Owners Equity
The Expanded Accounting Equation - Question and answersAssets = Liabilities +
Capital in - Withdrawals + Revenue - Expenses
Gross Profit Equation - Question and answersRevenue - Cost of Goods sold = Gross
Profit
Net Profit (Net Loss) Equation - Question and answersGross Profit - Expenses = Net
Profit (Net Loss)
Increases to Assets and Expenses are: - Question and answersDebits
correct Answers
Assets - Question and answers100-199
Liabilities - Question and answers200-299
Owner's Equity - Question and answers300-399
Revenue - Question and answers400-499
Expenses - Question and answers500-599
Assets are: - Question and answersCash, Accounts Receivables, Furniture/Office
Equipment, Buildings, Inventory, Automobiles, Machinery
Liabilities are: - Question and answersAccounts Payable, Mortgage Payable, Sales Tax
Payable
Capitals are: - Question and answersMonies invested by owner, Monies withdrawn by
owner
Revenue are: - Question and answersSales/Income/Fees
Expenses are: - Question and answersPostage, Advertising, Wages, Overtime, Utilities,
Cost of goods purchased for resale
Basic Accounting Equation - Question and answersAssets = Liabilities + Owners Equity
The Expanded Accounting Equation - Question and answersAssets = Liabilities +
Capital in - Withdrawals + Revenue - Expenses
Gross Profit Equation - Question and answersRevenue - Cost of Goods sold = Gross
Profit
Net Profit (Net Loss) Equation - Question and answersGross Profit - Expenses = Net
Profit (Net Loss)
Increases to Assets and Expenses are: - Question and answersDebits
