AAMI ACCOUNTING ONE FINAL REVIEW QUESTIONS AND ANSWERS 2025
How do you increase an asset account? - (ANSWER)Debit
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
, AAMI ACCOUNTING ONE FINAL REVIEW QUESTIONS AND ANSWERS 2025
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
How do you increase an asset account? - (ANSWER)Debit
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
, AAMI ACCOUNTING ONE FINAL REVIEW QUESTIONS AND ANSWERS 2025
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
