AAMI Accounting 2 Final
The concept that prices rise over time - Question and answersInflation
Another term for sales - Question and answersRevenue
Sales - Cost of Goods Sold - Question and answersGross Profit
In an inflationary period what method of inventory valuation would lower profits -
Question and answersLIFO
In an inflationary period what method of inventory valuation would increase profits -
Question and answersFIFO
In a deflationary period what method of inventory valuation would lower profits -
Question and answersFIFO
In a deflationary period what method of inventory valuation would higher profits -
Question and answersLIFO
What method of inventory valuation would we use as funeral directors - Question and
answersSpecific Identification
Sales-CGS-All other operating expenses - Question and answersNet Profit
Total cost/Total units available for sale - Question and answersWeighted Average
Best method of inventory valuation - Question and answersSpecific Identification
Revenue-Expenses - Question and answersNet Income
What method on inventory valuation raises your taxable income - Question and
answersFIFO
What method of inventory valuation lowers your taxable income - Question and
answersLIFO
What are the 4 methods of inventory valuation - Question and answersSpecific
Identification
Weighted Average
FIFO
LIFO
, Method used to determine the CGS for merchandise that is bought for resale in a retail
or merchandising business - Question and answersInventory valuation
Beginning Inventory + Net purchases - Question and answersCost of goods available
for sale
Beginning inventory + Purchases - Ending inventory - Question and answersCost of
goods sold
The employees' withholding certificate is referred to as - Question and answersW-4
The wage and tax statement is - Question and answersW-2
Income before any payroll deductions is referred to as - Question and answersGross
Pay
Social security is financed by - Question and answersFICA
FICA stands for - Question and answersFederal Insurance Contributions Act
Gross pay less payroll deductions - Question and answersNet Pay
Employee's take home pay - Question and answersNet pay
Deductions from an employees' paycheck - Question and answersPayroll tax
Sales-CGS - Question and answersGross profit
The periodic allocation of costs of assets is referred to as - Question and
answersDepreciation
Land depreciates over time.....T or F - Question and answersFalse
An account used to record the deductions to the value of a related account is referred to
as - Question and answersContra-account
Depreciation expense appears in which financial statement - Question and
answersIncome statement
All accounts appear on - Question and answersTrial balance
The periodic allocation of costs of natural resources is referred to as - Question and
answersDepletion
Acquisition Cost-Accumulated depreciation - Question and answersBook value
The concept that prices rise over time - Question and answersInflation
Another term for sales - Question and answersRevenue
Sales - Cost of Goods Sold - Question and answersGross Profit
In an inflationary period what method of inventory valuation would lower profits -
Question and answersLIFO
In an inflationary period what method of inventory valuation would increase profits -
Question and answersFIFO
In a deflationary period what method of inventory valuation would lower profits -
Question and answersFIFO
In a deflationary period what method of inventory valuation would higher profits -
Question and answersLIFO
What method of inventory valuation would we use as funeral directors - Question and
answersSpecific Identification
Sales-CGS-All other operating expenses - Question and answersNet Profit
Total cost/Total units available for sale - Question and answersWeighted Average
Best method of inventory valuation - Question and answersSpecific Identification
Revenue-Expenses - Question and answersNet Income
What method on inventory valuation raises your taxable income - Question and
answersFIFO
What method of inventory valuation lowers your taxable income - Question and
answersLIFO
What are the 4 methods of inventory valuation - Question and answersSpecific
Identification
Weighted Average
FIFO
LIFO
, Method used to determine the CGS for merchandise that is bought for resale in a retail
or merchandising business - Question and answersInventory valuation
Beginning Inventory + Net purchases - Question and answersCost of goods available
for sale
Beginning inventory + Purchases - Ending inventory - Question and answersCost of
goods sold
The employees' withholding certificate is referred to as - Question and answersW-4
The wage and tax statement is - Question and answersW-2
Income before any payroll deductions is referred to as - Question and answersGross
Pay
Social security is financed by - Question and answersFICA
FICA stands for - Question and answersFederal Insurance Contributions Act
Gross pay less payroll deductions - Question and answersNet Pay
Employee's take home pay - Question and answersNet pay
Deductions from an employees' paycheck - Question and answersPayroll tax
Sales-CGS - Question and answersGross profit
The periodic allocation of costs of assets is referred to as - Question and
answersDepreciation
Land depreciates over time.....T or F - Question and answersFalse
An account used to record the deductions to the value of a related account is referred to
as - Question and answersContra-account
Depreciation expense appears in which financial statement - Question and
answersIncome statement
All accounts appear on - Question and answersTrial balance
The periodic allocation of costs of natural resources is referred to as - Question and
answersDepletion
Acquisition Cost-Accumulated depreciation - Question and answersBook value
