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AAMI ACCOUNTING 2 FINAL COMPREHENSIVE TEST BANK 2026 COMPLETE ANSWERS ACCURATE

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AAMI ACCOUNTING 2 FINAL COMPREHENSIVE TEST BANK 2026 COMPLETE ANSWERS ACCURATE

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AAMI ACCOUNTING 2 FINAL
COMPREHENSIVE TEST BANK 2026
COMPLETE ANSWERS ACCURATE

⫸ Total Units available for sale equals Answer: Beginning Inventory +
all purchases


⫸ FIFO Answer: First In Last Out


⫸ LIFO Answer: Last In First Out


⫸ CGS Answer: Cost of Goods Sold


⫸ Rising market
LIFO: Answer: gives Higher (CGS)


⫸ Rising market
FIFI: Answer: gives Lower (CGS)


⫸ Declining market
LIFO: Answer: gives Lower (CGS)

, ⫸ Declining market
FIFO Answer: gives Higher (CGS)


⫸ Higher (CGS) Answer: Lower profit


⫸ Lower (CGS) Answer: Higher profit


⫸ Specific Identification Answer: -Specified identity price/cost of item
you sell.
-Most accurate method of inventory valuation


⫸ Weighted Average Answer: Total cost of goods divided by Total unit


⫸ Payroll tax Answer: difference between net pay and gross pay and
what owner has to match


⫸ Depreciation Answer: periodic a location of the cost of assets


⫸ Depletion Answer: allocation of the cost of natural resources such as
minerals


⫸ Amortization Answer: allocation of the cost of intangible assets, such
as patents, are transferred to expense through amortization

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