Aami accounting Study guides, Class notes & Summaries

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 is not factored into computing Owner's Equity in the expanded Accounting equation: - correct a...

AAMI ACCOUNTING ONE FINAL REVIEW 2024 QUESTIONS AND ANSWERS 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 equ...

AAMI Accounting 2 Final Exam/ 75 Answered Questions 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 valuation would lower profits - correct answer -FI...

AAMI ACCOUNTING ONE FINAL REVIEW EXAM WITH 100% CORRECT ANSWERS 2023

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...

AAMI ACCOUNTING ONE FINAL REVIEW WITH VERIFIED SOLUTIONS How do you increase an asset account? Debit How do you decrease an asset account? Credit How do you increase a liability account? Credit How do you decrease a liability account? debit How do you increase revenue? Credit How do you increase expenses? debit What is the accounting equation? Assets=Liabilities+Owner's Equity Cash is a(n): Asset Revenue is a(n): Owner's Equity Accounts Receivable is a(n): Asse...

AAMI ACCOUNTING ONE , AAMI ACCOUNTING TWO exam question and answer latest update

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...

AAMI Accounting 2 Latest 2024 Already Passed Total Units Cost divided Total Cost equals Unit Value Total Units available for sale equals Beginning Inventory + all purchases FIFO First In Last Out LIFO Last In First Out CGS Cost of Goods Sold Rising market LIFO: gives Higher (CGS) Rising market FIFI: gives Lower (CGS) Declining market LIFO: gives Lower (CGS) Declining market FIFO gives Higher (CGS) Higher (CGS) Lower profit Lower (CGS) Higher profit Spec...