Sales cgs - Study guides, Class notes & Summaries

Accounting Principles and Formulas Questions With Verified Answers | UPDATED Basic Accounting Equation - ANSWER Assets = Liabilities + Owner's Equity Business Entity - ANSWER The financial statements report about a single business. Every business gets its own set of books. Accountants do not mix in the owner's personal financial information. Current - ANSWER "Current" liabilities are those debts that must be paid within one year or one operating cycle, whichever is longer....

Accounting Principles and Formulas Questions With Verified Answers | UPDATED Basic Accounting Equation - ANSWER Assets = Liabilities + Owner's Equity Business Entity - ANSWER The financial statements report about a single business. Every business gets its own set of books. Accountants do not mix in the owner's personal financial information. Current - ANSWER "Current" liabilities are those debts that must be paid within one year or one operating cycle, whichever is longer....

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...

Comparable store sales - Answer-comparison of sales figures at established stores with existing "track records" Contra-revenue account - Answer-a debit balance account that is offset against revenue in the income statement. Ex. Sales discounts, Sales returns, Allowances consistency (in inventory valuation ) - Answer-and accounting principle that calls for the use of the same method of inventory pricing from year-to-year with full disclosure of the effects of any change in method. Cost...

Accounting Principles and Formulas Questions With Verified Answers | UPDATED Basic Accounting Equation - ANSWER Assets = Liabilities + Owner's Equity Business Entity - ANSWER The financial statements report about a single business. Every business gets its own set of books. Accountants do not mix in the owner's personal financial information. Current - ANSWER "Current" liabilities are those debts that must be paid within one year or one operating cycle, whichever is longer....

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 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...

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 - correct answer FIFO In a...

Accounting Principles and Formulas Questions With Verified Answers | UPDATED Basic Accounting Equation - ANSWER Assets = Liabilities + Owner's Equity Business Entity - ANSWER The financial statements report about a single business. Every business gets its own set of books. Accountants do not mix in the owner's personal financial information. Current - ANSWER "Current" liabilities are those debts that must be paid within one year or one operating cycle, whichever is longer....

Journal - ANSWER-Record of financial transaction from original documents ( checks, receipts, invoices) Chart of accounts - ANSWER-Acts like folders where specific transactions are placed Assets - ANSWER-anything of value owned by a business Liabilities - ANSWER-amounts owed by the business owners equity or capital - ANSWER-investment of the owners, and accumulation of profit or losses Revenue - ANSWER-the value resulting from sales of goods or services over a period of time cos...