AAMI Accounting 2 Exam Questions And Answers 100% Pass

©EVERLY 2025 ALL RIGHTS RESERVED




AAMI Accounting 2 Exam Questions And
Answers 100% Pass




Total Units Cost divided Total Cost equals - ANS Unit Value



Total Units available for sale equals - ANS Beginning Inventory + all purchases



FIFO - ANS First In Last Out



LIFO - ANS Last In First Out



CGS - ANS Cost of Goods Sold


Rising market

LIFO: - ANS gives Higher (CGS)


Rising market

FIFI: - ANS gives Lower (CGS)


Declining market

LIFO: - ANS gives Lower (CGS)

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Declining market

FIFO - ANS gives Higher (CGS)



Higher (CGS) - ANS Lower profit



Lower (CGS) - ANS Higher profit



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



Weighted Average - ANS Total cost of goods divided by Total unit



Payroll tax - ANS difference between net pay and gross pay and what owner has to match



Depreciation - ANS periodic a location of the cost of assets



Depletion - ANS allocation of the cost of natural resources such as minerals



Amortization - ANS allocation of the cost of intangible assets, such as patents, are
transferred to expense through amortization



Capitalized Cost - ANS -Cost recorded as part of an asset's cost and depreciated over an
asset's useful life
- Added to the original cost



Straight-Line Method - ANS -method of computing the amount of depreciation expense