Aami accounting - Study guides, Class notes & Summaries

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 2 Final Questions and Answers Accurate 10 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 - ANSWERFI...

AAMI Accounting 2 Final Exam (Verified 2024)

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 Revenue is a(n): - Answer-Owner's Equity Accounts Receivable is a(n): - An...

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 2 | P a g e In a deflationary period what method of inventory valuation would higher profits :...

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 2 FinalThe 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 valuation would lower profits - ...

AAMI Accounting 1 Latest Update with Verified Solutions 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 value Ex. Cash & Accounts payable Basic Accounting Equation Liabilities + Owner's Equity = Assets Revenue Money the business takes in...

AAMI ACCOUNTING ONE FINAL REVIEW Questions and Verified Answers (2024 / 2025)/ A+ GRADE