Sales cgs - Study guides, Class notes & Summaries

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 inventory valuation would lower profits - correct answer -FI...

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 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 in...

Bookkeeping Terms Question and answers already passed 2024 Bookkeeping Terms, Accountancy, Coursera Intro to accounting (bookkeeping, Bookkeeping Ch 1-6 Journal - correct answer Record of financial transaction from original documents ( checks, receipts, invoices) Chart of accounts - correct answer Acts like folders where specific transactions are placed Assets - correct answer anything of value owned by a business Liabilities - correct answer amounts owed by the business ...

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 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...

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 In a deflationary period what method of inventory valuation ...

AAMI Accounting 2 Final Exam with Verified Answers. 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 met...

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 :...

Basic Accounting Equation Assets = Liabilities + Owner's Equity Business Entity 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 "Current" liabilities are those debts that must be paid within one year or one operating cycle, whichever is longer. Current Ratio Current Assets/Current Liabilities = Current Ratio Debt Ratio Total Liabili...

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...