Aami accounting 2 - Study guides, Class notes & Summaries

AAMI Accounting 2 Final Exam Practice Questions 2024. 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 period what method of inventory ...

AAMI Accounting 2 Final Exam Correctly Solved 2024. 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 period what method of inventory va...

AAMI Accounting 2 Final Prep Questions and Answers with Complete Solutions | Latest Update 2024

The concept that prices rise over time - ANSWERInflation Another term for sales - ANSWERRevenue Sales - Cost of Goods Sold - ANSWERGross Profit In an inflationary period what method of inventory valuation would lower profits - ANSWERLIFO In an inflationary period what method of inventory valuation would increase profits - ANSWERFIFO In a deflationary period what method of inventory valuation would lower profits - ANSWERFIFO In a deflationary period what method of inventory valu...

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: : gives Lower (CGS) Declining market LIFO: : gives Lower (CGS) Declining market FIFO : gives Higher (CGS

AAMI Accounting 2 Final Exam Prediction 2024. 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 I...

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 def...

AAMI Accounting 2 Final Prep 3 Questions And Answers 100% Correct | UPDATED 2024

AAMI Accounting 2 unit 5-6 Exam with Questions and Answers Ledger ANSWER Is a record that contains all accounts. Journal ANSWER Is the chronological record of all transactions that occur in a business. General Journal ANSWER This is used to record transactions for which there is NO special journal. Special journal ANSWER Is used for only a single type of transaction such as sales or purchase journal. Subsidiary Ledger ANSWER Is used for a single type of account and is subordinate ...