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AAMI ACCOUNTING 2 FINAL PRACTICE GUIDE UPDATED 2026 TESTED SOLUTIONS

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AAMI ACCOUNTING 2 FINAL PRACTICE GUIDE UPDATED 2026 TESTED SOLUTIONS

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AAMI ACCOUNTING 2 FINAL PRACTICE
GUIDE UPDATED 2026 TESTED SOLUTIONS

⫸ 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

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