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AAMI ACCOUNTING 2 FINAL EXAM 2026 EXAM SCRIPT SOLVED QUESTIONS ACCURATE

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AAMI ACCOUNTING 2 FINAL EXAM 2026 EXAM SCRIPT SOLVED QUESTIONS ACCURATE

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AAMI ACCOUNTING 2 FINAL EXAM 2026
EXAM SCRIPT SOLVED QUESTIONS ACCURATE
◉ 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 would
higher profits. Answer: LIFO


◉ What method of inventory valuation would we use as funeral
directors. Answer: Specific Identification


◉ Sales-CGS-All other operating expenses. Answer: Net Profit

, ◉ Total cost/Total units available for sale. Answer: Weighted Average


◉ Best method of inventory valuation. Answer: Specific Identification


◉ Revenue-Expenses. Answer: Net Income


◉ What method on inventory valuation raises your taxable income.
Answer: FIFO


◉ What method of inventory valuation lowers your taxable income.
Answer: LIFO


◉ What are the 4 methods of inventory valuation. Answer: Specific
Identification
Weighted Average
FIFO
LIFO


◉ Method used to determine the CGS for merchandise that is bought for
resale in a retail or merchandising business. Answer: Inventory valuation


◉ Beginning Inventory + Net purchases. Answer: Cost of goods
available for sale

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