Aami accounting Study guides, Class notes & Summaries

AAMI Accounting 1 Final Review (Bus 311) Questions and Answers | 2024

AAMI ACCOUNTING ONE FINAL REVIEW Questions and Answers 100% Correct | Latest Update 2024

AAMI Accounting 1 Final Review (Bus 311) Questions and Answers Account receivables are: - Correct Answer ️️ -Assets Cash is considered to be: - Correct Answer ️️ -Asset Which of the following is an example of a liability: - Correct Answer ️️ -Accounts Payable True or False - The expanded accounting equation is: Assets = Liabilities + Owner's Equity - Correct Answer ️️ -False Gross profit minus expenses equals: - Correct Answer ️️ -Net Profit Which of the following i...

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...

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...

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 Payable, Mortgage Payable, Sales Tax Payable Capitals are: Monies invested by owner, Monies withdrawn by owner Revenue are: Sales/Income/Fees Expenses are: Postage, Advertising, Wages, Overtime...

AAMI Accounting 2 Final Questions and Answers Accurate 10 The concept that prices rise over time - ANSWERInflation Another term for sales - ANSWERRevenue Sales - Cost of Goods Sold - ANSWERGross Profit In an inflationary period what method of inventory valuation would lower profits - ANSWERLIFO In an inflationary period what method of inventory valuation would increase profits - ANSWERFIFO In a deflationary period what method of inventory valuation would lower profits - ANSWERFI...

How do you increase an asset account? - Answer-Debit How do you decrease an asset account? - Answer-Credit How do you increase a liability account? - Answer-Credit How do you decrease a liability account? - Answer-debit How do you increase revenue? - Answer-Credit How do you increase expenses? - Answer-debit What is the accounting equation? - Answer-Assets=Liabilities+Owner's Equity Cash is a(n): - Answer-Asset Revenue is a(n): - Answer-Owner's Equity Accounts Receivable is a(n): - An...