AAMI Accounting 2 Final 2025 COMPREHENSIVE EXAM QUESTIONS
AAMI Accounting 2 Final
|FREQUENTLY TESTED QUESTIONS |RECENTLY TESTING REAL EXA
Study online at https://quizlet.com/_hb9rri
QUESTIONS|VERIFIED SOLUTIONS (100% CORRECT)
1. The concept that prices rise over time Inflation
2. Another term for sales Revenue
3. Sales - Cost of Goods Sold Gross Profit
4. In an inflationary period what method of inventory LIFO
valuation would lower profits
5. In an inflationary period what method of inventory FIFO
valuation would increase profits
6. In a deflationary period what method of inventory val- FIFO
uation would lower profits
7. In a deflationary period what method of inventory val- LIFO
uation would higher profits
8. What method of inventory valuation would we use as Specific Identification
funeral directors
9. Sales-CGS-All other operating expenses Net Profit
10. Total cost/Total units available for sale Weighted Average
11. Best method of inventory valuation Specific Identification
12. Revenue-Expenses Net Income
13. What method on inventory valuation raises your tax- FIFO
able income
14. What method of inventory valuation lowers your tax- LIFO
able income
1/8
, AAMI Accounting 2 Final
Study online at https://quizlet.com/_hb9rri
15. What are the 4 methods of inventory valuation Specific Identification
Weighted Average
FIFO
LIFO
16. Method used to determine the CGS for merchandise Inventory valuation
that is bought for resale in a retail or merchandising
business
17. Beginning Inventory + Net purchases Cost of goods available for
sale
18. Beginning inventory + Purchases - Ending inventory Cost of goods sold
19. The employees' withholding certificate is referred to as W-4
20. The wage and tax statement is W-2
21. Income before any payroll deductions is referred to as Gross Pay
22. Social security is financed by FICA
23. FICA stands for Federal Insurance Contri-
butions Act
24. Gross pay less payroll deductions Net Pay
25. Employee's take home pay Net pay
26. Deductions from an employees' paycheck Payroll tax
27. Sales-CGS Gross profit
28. The periodic allocation of costs of assets is referred to Depreciation
as
2/8
AAMI Accounting 2 Final
|FREQUENTLY TESTED QUESTIONS |RECENTLY TESTING REAL EXA
Study online at https://quizlet.com/_hb9rri
QUESTIONS|VERIFIED SOLUTIONS (100% CORRECT)
1. The concept that prices rise over time Inflation
2. Another term for sales Revenue
3. Sales - Cost of Goods Sold Gross Profit
4. In an inflationary period what method of inventory LIFO
valuation would lower profits
5. In an inflationary period what method of inventory FIFO
valuation would increase profits
6. In a deflationary period what method of inventory val- FIFO
uation would lower profits
7. In a deflationary period what method of inventory val- LIFO
uation would higher profits
8. What method of inventory valuation would we use as Specific Identification
funeral directors
9. Sales-CGS-All other operating expenses Net Profit
10. Total cost/Total units available for sale Weighted Average
11. Best method of inventory valuation Specific Identification
12. Revenue-Expenses Net Income
13. What method on inventory valuation raises your tax- FIFO
able income
14. What method of inventory valuation lowers your tax- LIFO
able income
1/8
, AAMI Accounting 2 Final
Study online at https://quizlet.com/_hb9rri
15. What are the 4 methods of inventory valuation Specific Identification
Weighted Average
FIFO
LIFO
16. Method used to determine the CGS for merchandise Inventory valuation
that is bought for resale in a retail or merchandising
business
17. Beginning Inventory + Net purchases Cost of goods available for
sale
18. Beginning inventory + Purchases - Ending inventory Cost of goods sold
19. The employees' withholding certificate is referred to as W-4
20. The wage and tax statement is W-2
21. Income before any payroll deductions is referred to as Gross Pay
22. Social security is financed by FICA
23. FICA stands for Federal Insurance Contri-
butions Act
24. Gross pay less payroll deductions Net Pay
25. Employee's take home pay Net pay
26. Deductions from an employees' paycheck Payroll tax
27. Sales-CGS Gross profit
28. The periodic allocation of costs of assets is referred to Depreciation
as
2/8
