AAMI Accounting 2 Final | 100% Correct Answers | Verified | Latest 2024 Version

AAMI Accounting 2 Final | 100% Correct Answers | Verified | Latest 2024 Version The concept that prices rise over time - Inflation Another term for sales - Revenue Sales - Cost of Goods Sold - Gross Profit In an inflationary period what method of inventory valuation would lower profits - LIFO In an inflationary period what method of inventory valuation would increase profits - FIFO In a deflationary period what method of inventory valuation would lower profits - FIFO In a deflationary period what method of inventory valuation would higher profits - LIFO What method of inventory valuation would we use as funeral directors - Specific Identification Sales-CGS-All other operating expenses - Net Profit Total cost/Total units available for sale - Weighted Average Best method of inventory valuation - Specific Identification Revenue-Expenses - Net Income What method on inventory valuation raises your taxable income - FIFO What method of inventory valuation lowers your taxable income - LIFO What are the 4 methods of inventory valuation - 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 - Inventory valuation Beginning Inventory + Net purchases - Cost of goods available for sale Beginning inventory + Purchases - Ending inventory - Cost of goods sold The employees' withholding certificate is referred to as - W-4 The wage and tax statement is - W-2 Income before any payroll deductions is referred to as - Gross Pay Social security is financed by - FICA FICA stands for - Federal Insurance Contributions Act Gross pay less payroll deductions - Net Pay Employee's take home pay - Net pay Deductions from an employees' paycheck - Payroll tax Sales-CGS - Gross profit The periodic allocation of costs of assets is referred to as - Depreciation Land depreciates over time.....T or F - False An account used to record the deductions to the value of a related account is referred to as - Contra- account Depreciation expense appears in which financial statement - Income statement All accounts appear on - Trial balance The periodic allocation of costs of natural resources is referred to as - Depletion Acquisition Cost-Accumulated depreciation - Book value All expenses appear on - Income statement The periodic allocation of costs of intangible