Aami accounting 2 - Study guides, Class notes & Summaries

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 deflationary period what method of inventory valuation would higher profits - LIFO What method o...

AAMI Accounting 2 Final Prep exam with verified answers Is "accounts receivable" a permanent or temporary account? -Correct Answer-Permanent Is "Accounts Payable" a permanent or a temporary account? -Correct Answer-Permanent Which account gets closed first at the end of the accounting cycle -Correct Answer-Revenue True or False? Purchase returns and allowances increase the cost of merchandise purchased -Correct Answer-False, it decreases Purchases of merchandise for resale are d...

AAMI Accounting 2 Final Exam with Questions and Answers 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 Exam with Questions and Answers Total Units Cost divided Total Cost equals ANSWER Unit Value Total Units available for sale equals ANSWER Beginning Inventory + all purchases FIFO ANSWER First In Last Out LIFO ANSWER Last In First Out CGS ANSWER Cost of Goods Sold Rising market LIFO: ANSWER gives Higher (CGS) Rising market FIFI: ANSWER gives Lower (CGS) Declining market LIFO: ANSWER gives Lower (CGS) Declining market FIFO ANSWER gives Higher (CGS) ...

AAMI Accounting 2 Final Exam With 100% Correct Answers 2023

AAMI Accounting 2 Final Exam With Complete Solutions 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 inve...

AAMI Accounting 2 Final Exam And Verified Answers 100% 2024.

AAMI Accounting 2 Final

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 deflationary period what method of inventory valuation would higher profits - LIFO What method o...

AAMI Accounting 2 Unit 1 exam question and answer latest update