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AAMI Accounting Bundled Exams Questions and Answers Latest Updates (2024/2025) 100% Pass
AAMI Accounting Bundled Exams Questions and Answers Latest Updates (2024/2025) 100% Pass
[Show more]AAMI Accounting Bundled Exams Questions and Answers Latest Updates (2024/2025) 100% Pass
[Show more]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 (CG...
Preview 2 out of 8 pages
Add to cartAAMI 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 (CG...
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 ...
Preview 1 out of 3 pages
Add to cartAAMI 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 ...
AAMI Accounting 2 Final Exam with 
 
Certified Solutions 
 
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 per...
Preview 2 out of 15 pages
Add to cartAAMI Accounting 2 Final Exam with 
 
Certified Solutions 
 
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 per...
Accounting 2 – AAMI Latest Version 
 
100% Correct 
 
Worksheet Form used to complete the net income or net loss and to plan the preparation of 
financial statements 
 
Journalizing Transactions Provide the figures needed to determine the results of operations 
and the financial position of the bu...
Preview 3 out of 19 pages
Add to cartAccounting 2 – AAMI Latest Version 
 
100% Correct 
 
Worksheet Form used to complete the net income or net loss and to plan the preparation of 
financial statements 
 
Journalizing Transactions Provide the figures needed to determine the results of operations 
and the financial position of the bu...
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'...
Preview 2 out of 10 pages
Add to cartAAMI 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'...
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 Pa...
Preview 1 out of 3 pages
Add to cartAAMI 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 Pa...
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 
 
Ho...
Preview 2 out of 12 pages
Add to cartAAMI 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 
 
Ho...
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