AAMI Accounting 2 Final Exam with Questions and Answers, Exercises of Financial Accounting

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AAMI Accounting 2 Final Exam with Questions and Answers The concept that prices rise over time ANSWERV ¥ Inflation Another term for sales ANSWERV V Revenue Sales - Cost of Goods Sold ANSWERV V Gross Profit In an inflationary period what method of inventory valuation would lower profits ANSWERV V LIFO In an inflationary period what method of inventory valuation would increase profits ANSWERV V FIFO In a deflationary period what method of inventory valuation would lower profits ANSWERV V FIFO In a deflationary period what method of inventory valuation would higher profits ANSWERV ¥ LIFO What method of inventory valuation would we use as funeral directors ANSWERV / Specific Identification Sales-CGS-All other operating expenses ANS WERV V Net Profit