Aami accounting Study guides, Class notes & Summaries

AAMI Accounting 2 Final Exam (Verified 2024)

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 :...

AAMI ACCOUNTING ONE FINAL REVIEW Questions and Verified Answers (2024 / 2025)/ A+ GRADE

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...

Account receivables are: - Answer-Assets Cash is considered to be: - Answer-Asset Which of the following is an example of a liability: - Answer-Accounts Payable True or False - The expanded accounting equation is: Assets = Liabilities + Owner's Equity - AnswerFalse Gross profit minus expenses equals: - Answer-Net Profit Which of the following is not factored into computing Owner's Equity in the expanded Accounting equation: - Answer-Owner's Equity = [Capital In - Withdrawals] + [Revenue...

AAMI Accounting 2 FinalThe 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 - ...

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

AAMI Accounting 2 Final Exam Correctly Solved 2024. 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 va...