AAMI Accounting Questions Package & Correct Answers | Latest Update |Already Graded A+

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 ...

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: : gi...

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 v...

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? 2 | P a g e : debit What is...

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 pr...