AAMI Accounting 2 Study guides, Class notes & Summaries
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AAMI Accounting 2 Final Exam/ 75 Answered Questions 2024
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AAMI Accounting 2 Final Exam/ 75 Answered Questions 2024
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Accounting 2-AAMI Exam 1 with Questions and Answers
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Accounting 2-AAMI Exam 1 with Questions and Answers 
 
Form used to complete the net income or net loss and to plan the preparation of financial statements ANSWER Worksheet 
 
Provide the figures needed to determine the results of operations and the financial position of the business ANSWER Journalizing Transactions 
 
Form used to complete the net income or net loss and to plan the preparation of financial statements ANSWER Worksheet 
 
Provide the figures needed to determine the results of ope...
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AAMI Accounting 2 unit 5-6 Exam with Questions and Answers
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AAMI Accounting 2 unit 5-6 Exam with Questions and Answers 
 
Ledger ANSWER Is a record that contains all accounts. 
 
Journal ANSWER Is the chronological record of all transactions that occur in a business. 
 
General Journal ANSWER This is used to record transactions for which there is NO special journal. 
 
Special journal ANSWER Is used for only a single type of transaction such as sales or purchase journal. 
 
Subsidiary Ledger ANSWER Is used for a single type of account and is subordinate ...
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AAMI BUS 411: Accounting II Exam with Questions and Answers
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AAMI BUS 411: Accounting II Exam with Questions and Answers 
 
Income Summary Account gets closed to: ANSWER Capital. 
 
What account would you NOT find in a post closing trial balance? ANSWER Postage Costs. 
 
The Capital Account gets closed to: ANSWER It doesn't get closed. 
 
When closing Revenue to Income Summary, you do what to the Revenue Account? ANSWER Debit Revenue. 
 
Is Accounts Receivable a permanent or temporary account? ANSWER Permanent. 
 
Is "Accounts Payable" a permanent or t...
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AAMI Accounting 2 Exam with Questions and Answers
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AAMI Accounting 2 Exam with Questions and Answers 
 
Total Units Cost divided Total Cost equals ANSWER Unit Value 
 
Total Units available for sale equals ANSWER Beginning Inventory + all purchases 
 
FIFO ANSWER First In Last Out 
 
LIFO ANSWER Last In First Out 
 
CGS ANSWER Cost of Goods Sold 
 
Rising market 
LIFO: ANSWER gives Higher (CGS) 
 
Rising market 
FIFI: ANSWER gives Lower (CGS) 
 
Declining market 
LIFO: ANSWER gives Lower (CGS) 
 
Declining market 
FIFO ANSWER gives Higher (CGS) ...
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AAMI Accounting 2 Final | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 9 pages • 2024
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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 o...
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AAMI Accounting 2 Final Questions and Answers Accurate 100%
- Exam (elaborations) • 7 pages • 2024
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AAMI Accounting 2 Final Questions and Answers Accurate 10 
The concept that prices rise over time - ANSWERInflation 
 
Another term for sales - ANSWERRevenue 
 
Sales - Cost of Goods Sold - ANSWERGross Profit 
 
In an inflationary period what method of inventory valuation would lower profits - ANSWERLIFO 
 
In an inflationary period what method of inventory valuation would increase profits - ANSWERFIFO 
 
In a deflationary period what method of inventory valuation would lower profits - ANSWERFI...
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AAMI Accounting 2 Final Questions and Answers 100% Accurate
- Exam (elaborations) • 7 pages • 2024
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AAMI Accounting 2 Final Questions and Answers 100% AccurateAAMI Accounting 2 Final Questions and Answers 100% AccurateAAMI Accounting 2 Final Questions and Answers 100% AccurateAAMI Accounting 2 Final Questions and Answers 100% Accurate 
The concept that prices rise over time - ANSWERInflation 
 
Another term for sales - ANSWERRevenue 
 
Sales - Cost of Goods Sold - ANSWERGross Profit
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AAMI Accounting 2 Final 100% Accurate!!
- Exam (elaborations) • 7 pages • 2024
- Available in package deal
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- $10.99
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The concept that prices rise over time - ANSWERInflation 
 
Another term for sales - ANSWERRevenue 
 
Sales - Cost of Goods Sold - ANSWERGross Profit 
 
In an inflationary period what method of inventory valuation would lower profits - ANSWERLIFO 
 
In an inflationary period what method of inventory valuation would increase profits - ANSWERFIFO 
 
In a deflationary period what method of inventory valuation would lower profits - ANSWERFIFO 
 
In a deflationary period what method of inventory valu...
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AAMI Accounting 2 Final 100% Accurate!
- Exam (elaborations) • 7 pages • 2024
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- $13.99
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The concept that prices rise over time - ANSWERInflation 
 
Another term for sales - ANSWERRevenue 
 
Sales - Cost of Goods Sold - ANSWERGross Profit 
 
In an inflationary period what method of inventory valuation would lower profits - ANSWERLIFO 
 
In an inflationary period what method of inventory valuation would increase profits - ANSWERFIFO 
 
In a deflationary period what method of inventory valuation would lower profits - ANSWERFIFO 
 
In a deflationary period what method of inventory valu...
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AAMI Accounting 2 Final | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 9 pages • 2024
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- $10.17
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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 def...
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