Aami accounting 1 Study guides, Class notes & Summaries

Account receivables are: - correct answer -Assets Cash is considered to be: - correct answer -Asset Which of the following is an example of a liability: - correct answer -Accounts Payable True or False - The expanded accounting equation is: Assets = Liabilities + Owner's Equity - correct answer -False Gross profit minus expenses equals: - correct answer -Net Profit Which of the following is not factored into computing Owner's Equity in the expanded Accounting equation: - correct a...

AAMI Accounting 1 Final Review (Bus 311) Latest Update Already Passed Account receivables are: Assets Cash is considered to be: Asset Which of the following is an example of a liability: Accounts Payable True or False - The expanded accounting equation is: Assets = Liabilities + Owner's Equity False Gross profit minus expenses equals: Net Profit Which of the following is not factored into computing Owner's Equity in the expanded Accounting equation: Owner's Equity = [Capi...

AAMI Accounting 1 Final Review (Bus 311) Questions and Answers | 2024

AAMI Accounting 1 Final Review with Approved Answers. Account receivables are: ️ Assets Cash is considered to be: ️ Asset Which of the following is an example of a liability: ️ Accounts Payable True or False - The expanded accounting equation is: Assets = Liabilities + Owner's Equity ️ False Gross profit minus expenses equals: ️ Net Profit Which of the following is not factored into computing Owner's Equity in the expanded Accounting equation: ️ Owner's Equity = [Capital ...

AAMI Accounting 1 with Verified Solutions Assets 100-199 Liabilities 200-299 Owner's Equity 300-399 Revenue 400-499 Expenses 500-599 Assets are: Cash, Accounts Receivables, Furniture/Office Equipment, Buildings, Inventory, Automobiles, Machinery Liabilities are: Accounts Payable, Mortgage Payable, Sales Tax Payable Capitals are: Monies invested by owner, Monies withdrawn by owner Revenue are: Sales/Income/Fees Expenses are: Postage, Advertising, Wages, Overtime...

AAMI Accounting 1 Final Review (Bus 311) Questions and Answers Account receivables are: - Correct Answer ️️ -Assets Cash is considered to be: - Correct Answer ️️ -Asset Which of the following is an example of a liability: - Correct Answer ️️ -Accounts Payable True or False - The expanded accounting equation is: Assets = Liabilities + Owner's Equity - Correct Answer ️️ -False Gross profit minus expenses equals: - Correct Answer ️️ -Net Profit Which of the following i...

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 - AnswerFalse 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...

AAMI ACCOUNTING 1 FINAL REVIEW

AAMI Accounting 1 Latest Update with Verified Solutions Liabilities Debts that are owed to another for goods/services received/used but not yet paid for Ex. Accounts Payable Owner's Equity How much a business is worth in dollar value Revenue-Expenses = Capital Assets Things that a business owns or posses that are worth a specific dollar value Ex. Cash & Accounts payable Basic Accounting Equation Liabilities + Owner's Equity = Assets Revenue Money the business takes in...

AAMI Accounting 1 Final Review (Bus 311) – Q/A