AAMI ACCOUNTING ONE LATEST VERSION
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
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
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, 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
Accounts Receivable has a debit balance -(ANSWER) False
Capital has a credit balance. -(ANSWER) True
The journal is a -(ANSWER) book.
The ledger is a -(ANSWER) book.
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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
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
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, 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
Accounts Receivable has a debit balance -(ANSWER) False
Capital has a credit balance. -(ANSWER) True
The journal is a -(ANSWER) book.
The ledger is a -(ANSWER) book.
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