AAMI Accounting 2 Final 100% Correct Answers Verified Latest 2024 Version
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Course
AAMI
Institution
AAMI
AAMI Accounting 2 Final | 100% Correct
Answers | Verified | Latest 2024 Version
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
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AAMI Accounting 2 Final | 100% Correct
Answers | Verified | Latest 2024 Version
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 profits - FIFO
In a deflationary period what method of inventory valuation would lower profits - FIFO
In a deflationary period what method of inventory valuation would higher profits - LIFO
What method of inventory valuation would we use as funeral directors - Specific Identification
Sales-CGS-All other operating expenses - Net Profit
Total cost/Total units available for sale - Weighted Average
Best method of inventory valuation - Specific Identification
Revenue-Expenses - Net Income
What method on inventory valuation raises your taxable income - FIFO
, What method of inventory valuation lowers your taxable income - LIFO
What are the 4 methods of inventory valuation - Specific Identification
Weighted Average
FIFO
LIFO
Method used to determine the CGS for merchandise that is bought for resale in a retail or merchandising
business - Inventory valuation
Beginning Inventory + Net purchases - Cost of goods available for sale
Beginning inventory + Purchases - Ending inventory - Cost of goods sold
The employees' withholding certificate is referred to as - W-4
The wage and tax statement is - W-2
Income before any payroll deductions is referred to as - Gross Pay
Social security is financed by - FICA
FICA stands for - Federal Insurance Contributions Act
Gross pay less payroll deductions - Net Pay
Employee's take home pay - Net pay
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