AAMI Accounting 2 Final Exam With 100% Correct Answers 2025/2026

AAMI Accounting 2 Final Exam With 100% Correct Answers 2025/2026 The concept that prices rise over time - answer-Inflation 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 IncomeWhat method on inventory valuation raises your taxable income - answer-FIFO