AAMI Accounting 1 Final Exam Review (Bus 311) Questions And Answers 2025/2026

AAMI Accounting 1 Final Exam Review (Bus 311) Questions And Answers 2025/2026 Account receivables are: - answer-Assets Cash is considered to be: - answer-Asset Which of the following is an example of a liability: - answer-Accounts Payable True or False - The expanded accounting equation is: Assets = Liabilities + Owner's Equity - answer-False Gross profit minus expenses equals: - answer-Net Profit Which of the following is not factored into computing Owner's Equity in the expanded Accounting equation: - answer-Owner's Equity = [Capital In - Withdrawals] + [Revenue - Expenses] Revenue after deducting costs of goods sold is called: - answer-Gross Profit John Smith gives his business $10,000.00 from his own personal funds. Which of the following accounts does this transaction affect? - answer-Capital True or False - The basic accounting equation is: Assets = Liabilities + Owner's Equity - answer-True A firm has $15,000.00 in liabilities and $22,500.00 in assets. In order to compute the Basic Accounting Equation, what must Owner's Equity be? - answer-$7,500 Another name for ownership is: - answer-EquityJohn Smith takes $5,000.00 back from his business to repay himself some of the money he loaned to his business. Which account would be affected: - answer-Withdrawals The costs of doing business are termed: - answer-Liabilities