AAMI Accounting 1 Final Review (Bus 311) Exam with Questions and Answers, Exams of Business Economics

AAMI Accounting 1 Final Review (Bus 311) Exam with Questions and Answers 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