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AAMI Accounting 2 Final Exam Questions
And Answers 100% Pass
The concept that prices rise over time - ANS Inflation
Another term for sales - ANS Revenue
Sales - Cost of Goods Sold - ANS Gross Profit
In an inflationary period what method of inventory valuation would lower profits - ANS LIFO
In an inflationary period what method of inventory valuation would increase profits -
ANS FIFO
In a deflationary period what method of inventory valuation would lower profits - ANS FIFO
In a deflationary period what method of inventory valuation would higher profits - ANS LIFO
What method of inventory valuation would we use as funeral directors - ANS Specific
Identification
Sales-CGS-All other operating expenses - ANS Net Profit
, ©EVERLY 2025 ALL RIGHTS RESERVED
Total cost/Total units available for sale - ANS Weighted Average
Best method of inventory valuation - ANS Specific Identification
Revenue-Expenses - ANS Net Income
What method on inventory valuation raises your taxable income - ANS FIFO
What method of inventory valuation lowers your taxable income - ANS LIFO
What are the 4 methods of inventory valuation - ANS 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 - ANS Inventory valuation
Beginning Inventory + Net purchases - ANS Cost of goods available for sale
Beginning inventory + Purchases - Ending inventory - ANS Cost of goods sold
The employees' withholding certificate is referred to as - ANS W-4
The wage and tax statement is - ANS W-2
Income before any payroll deductions is referred to as - ANS Gross Pay
AAMI Accounting 2 Final Exam Questions
And Answers 100% Pass
The concept that prices rise over time - ANS Inflation
Another term for sales - ANS Revenue
Sales - Cost of Goods Sold - ANS Gross Profit
In an inflationary period what method of inventory valuation would lower profits - ANS LIFO
In an inflationary period what method of inventory valuation would increase profits -
ANS FIFO
In a deflationary period what method of inventory valuation would lower profits - ANS FIFO
In a deflationary period what method of inventory valuation would higher profits - ANS LIFO
What method of inventory valuation would we use as funeral directors - ANS Specific
Identification
Sales-CGS-All other operating expenses - ANS Net Profit
, ©EVERLY 2025 ALL RIGHTS RESERVED
Total cost/Total units available for sale - ANS Weighted Average
Best method of inventory valuation - ANS Specific Identification
Revenue-Expenses - ANS Net Income
What method on inventory valuation raises your taxable income - ANS FIFO
What method of inventory valuation lowers your taxable income - ANS LIFO
What are the 4 methods of inventory valuation - ANS 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 - ANS Inventory valuation
Beginning Inventory + Net purchases - ANS Cost of goods available for sale
Beginning inventory + Purchases - Ending inventory - ANS Cost of goods sold
The employees' withholding certificate is referred to as - ANS W-4
The wage and tax statement is - ANS W-2
Income before any payroll deductions is referred to as - ANS Gross Pay
