AAMI ACCOUNTING 2 FINAL QUESTIONS AND ANSWERS 2025/2026

AAMI ACCOUNTING 2 FINAL QUESTIONS AND 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