Aami accounting - Study guides, Class notes & Summaries

AAMI Accounting 2 Final | 100% Correct Answers | Verified | Latest 2024 Version

The concept that prices rise over time - Answer-Inflation Another term for sales - Answer-Revenue Sales - Cost of Goods Sold - Answer-Gross Profit In an inflationary period what method of inventory valuation would lower profits - Answer-LIFO In an inflationary period what method of inventory valuation would increase profits - Answer-FIFO In a deflationary period what method of inventory valuation would lower profits - Answer-FIFO In a deflationary period what method of inventory valuation ...

AAMI Accounting One, AAMI Accounting Two Exam with Questions and Answers How do you increase an asset account? ANSWER Debit How do you decrease an asset account? ANSWER Credit How do you increase a liability account? ANSWER Credit How do you decrease a liability account? ANSWER debit How do you increase revenue? ANSWER Credit How do you increase expenses? ANSWER debit What is the accounting equation? ANSWER Assets=Liabilities+Owner's Equity Cash is a(n): ANSWER Asset ...

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...

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

AAMI ACCOUNTING ONE FINAL REVIEW Questions and Answers 100% Correct | Latest Update 2024

AAMI Accounting 2 Final Exam Questions and Answers The concept that prices rise over time - Correct Answer ️️ -Inflation Another term for sales - Correct Answer ️️ -Revenue Sales - Cost of Goods Sold - Correct Answer ️️ -Gross Profit In an inflationary period what method of inventory valuation would lower profits - Correct Answer ️️ -LIFO In an inflationary period what method of inventory valuation would increase profits - Correct Answer ️️ -FIFO In a deflationary pe...

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 o...

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...