Aami accounting - Study guides, Class notes & Summaries

AAMI ACCOUNTING ONE FINAL REVIEW questions with correct answers.

AAMI Accounting 2 Latest 2024 Already Passed 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: gives Higher (CGS) Rising market FIFI: gives Lower (CGS) Declining market LIFO: gives Lower (CGS) Declining market FIFO gives Higher (CGS) Higher (CGS) Lower profit Lower (CGS) Higher profit Spec...

AAMI Accounting 1 Final Review with Approved Answers. 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 Which of the following is not factored into computing Owner's Equity in the expanded Accounting equation: ️ Owner's Equity = [Capital ...

AAMI Accounting 2 Final Questions and Answers 100% AccurateAAMI Accounting 2 Final Questions and Answers 100% AccurateAAMI Accounting 2 Final Questions and Answers 100% AccurateAAMI Accounting 2 Final Questions and Answers 100% Accurate The concept that prices rise over time - ANSWERInflation Another term for sales - ANSWERRevenue Sales - Cost of Goods Sold - ANSWERGross Profit

AAMI Accounting 1 Final Review (Bus 311) Latest Update Already Passed 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 Which of the following is not factored into computing Owner's Equity in the expanded Accounting equation: Owner's Equity = [Capi...

AAMI Accounting One Final Exam Questions with Verified Answers. 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? ️ debit What is the accounting equation? ️ Assets=Liabilities+Owner's Equity Cash is a(n): ️ Asset Revenue is a(n): ️ Owner's Equity Accounts Rec...

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...

AAMI ACCOUNTING ONE FINAL REVIEW WITH VERIFIED SOLUTIONS 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? debit What is the accounting equation? Assets=Liabilities+Owner's Equity Cash is a(n): Asset Revenue is a(n): Owner's Equity Accounts Receivable is a(n): Asset Mortgage Payable is...

AAMI Accounting 2 Final | 75 Questions and Answers 100% Correct | Latest Update 2024

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