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AAMI Accounting Questions Package & Correct Answers | Latest Update |Already Graded A+
AAMI Accounting Questions Package& Correct Answers | Latest Update |Already Graded A+
[Mostrar más]AAMI Accounting Questions Package& Correct Answers | Latest Update |Already Graded A+
[Mostrar más]Assets 
: 100-199 
Liabilities 
: 200-299 
Owner's Equity 
: 300-399 
Revenue 
: 400-499 
Expenses 
: 500-599 
Assets are: 
2 | P a g e 
: Cash, Accounts Receivables, Furniture/Office Equipment, Buildings, Inventory, 
Automobiles, Machinery 
Liabilities are: 
: Accounts Payable, Mortgage Payable, ...
Vista previa 1 fuera de 4 páginas
Añadir al carritoAssets 
: 100-199 
Liabilities 
: 200-299 
Owner's Equity 
: 300-399 
Revenue 
: 400-499 
Expenses 
: 500-599 
Assets are: 
2 | P a g e 
: Cash, Accounts Receivables, Furniture/Office Equipment, Buildings, Inventory, 
Automobiles, Machinery 
Liabilities are: 
: Accounts Payable, Mortgage Payable, ...
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 ...
Vista previa 2 fuera de 12 páginas
Añadir al carritoAccount 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 ...
Total Units Cost divided Total Cost equals 
: Unit Value 
Total Units available for sale equals 
: Beginning Inventory + all purchases 
FIFO 
: First In Last Out 
LIFO 
: Last In First Out 
CGS 
: Cost of Goods Sold 
Rising market 
LIFO: 
2 | P a g e 
: gives Higher (CGS) 
Rising market 
FIFI: 
: gi...
Vista previa 2 fuera de 8 páginas
Añadir al carritoTotal Units Cost divided Total Cost equals 
: Unit Value 
Total Units available for sale equals 
: Beginning Inventory + all purchases 
FIFO 
: First In Last Out 
LIFO 
: Last In First Out 
CGS 
: Cost of Goods Sold 
Rising market 
LIFO: 
2 | P a g e 
: gives Higher (CGS) 
Rising market 
FIFI: 
: gi...
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 v...
Vista previa 1 fuera de 4 páginas
Añadir al carritoLiabilities 
: 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 v...
How do you increase an asset account? 
: Debit 
How do you decrease an asset account? 
: Credit 
How do you increase a liability account? 
: Credit 
How do you decrease a liability account? 
: debit 
How do you increase revenue? 
: Credit 
How do you increase expenses? 
2 | P a g e 
: debit 
What is...
Vista previa 2 fuera de 13 páginas
Añadir al carritoHow do you increase an asset account? 
: Debit 
How do you decrease an asset account? 
: Credit 
How do you increase a liability account? 
: Credit 
How do you decrease a liability account? 
: debit 
How do you increase revenue? 
: Credit 
How do you increase expenses? 
2 | P a g e 
: debit 
What is...
The concept that prices rise over time 
: Inflation 
Another term for sales 
: Revenue 
Sales - Cost of Goods Sold 
: Gross Profit 
In an inflationary period what method of inventory valuation would lower profits 
: LIFO 
In an inflationary period what method of inventory valuation would increase pr...
Vista previa 2 fuera de 15 páginas
Añadir al carritoThe concept that prices rise over time 
: Inflation 
Another term for sales 
: Revenue 
Sales - Cost of Goods Sold 
: Gross Profit 
In an inflationary period what method of inventory valuation would lower profits 
: LIFO 
In an inflationary period what method of inventory valuation would increase pr...
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