Aami Accounting One Final Review Exam With 100% Correct Answers 2023

Trial Balance is a {Ans: Statement}What account would you credit if you invested cash in your business? {Ans: Capital}The language of business is (a): {Ans: Ledger}Assets have debit balances. {Ans: True}labilities are {Ans: debits that a business owes}note receivable is {Ans: a written promise by customer to pay at later date}Capital has a credit balance. {Ans: True}note payable {Ans: written promise to pay creditors at a later date}How do you increase expenses? {Ans: debit}Accounts Receivable is an {Ans: asset.}Capital is an {Ans: owners equity}Mortgage Payable is a(n): {Ans: Liability}Accounts Payable is a(n): {Ans: Liability}simple interest {Ans: principal X interest rate X number of days of borrowing / 360}prepaid expenses are {Ans: assets ( items like rent, insurance or utilities)}What account would you debit if you did a funeral and did not receive the funds from the family but are owed on account? {Ans: Cash}owner's equity list {Ans: Capital revenue}There is a profit when the Income Summary has a credit balance after Revenue and Expenses have been closed out. {Ans: true}What is included in the Trial Balance? {Ans: Every account}A book of