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Accounting Peregrine Exam questions and answers graded A+ 2024/2025
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Accounting Peregrine Exam questions and answers graded A+ 2024/2025
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Accounting Peregrine ExamRelevance - ANSThe nice of statistics that indicates the statistics makes a difference in a
decision.
Reliability - ANSthe best of statistics that offers guarantee that it's miles free of mistakes and
bias
Comparability - ANSAbility to compare the accounting facts of various businesses due to the
fact they use the identical accounting principles.
Consistency - ANSuse of the equal accounting standards and methods from year to 12 months
inside a agency
Monetary Unit Assumption - ANSOnly gadgets that be expressed in cash are covered inside the
accounting data
Economic Entity Assumption - ANSevery economic entity can be one after the other identified
and accounted for
Time Period - ANSThe life of a commercial enterprise is split into significant time intervals for
financial reporting
Going Concern Assumption - ANSEntity will continue to operate long sufficient to recover the
value of its belongings
Revenue Recognition Principle - ANSa sales should be recorded while a resource has been
earned
Matching - ANSExpenses are matched with related values inside the identical accounting length
Cost Principle - ANSA principle that states that received belongings and offerings have to be
recorded at their real cost.
Full Disclosure Principle - ANSA company reports information behind economic statements that
could impact customers' choices.
Materiality Constraint - ANSWhether an object become huge sufficient to likely influence the
choice of investor or creditor
Cost-Benefit constraint - ANSonly statistics with blessings of disclosures extra than the fees of
providing it need be disclosed
, Conservatism Principle - ANSthe approach of choosing an accounting method so one can least
probable overstate property and internet income
Basic Financial Statements - ANSincome declaration, stability sheet, cash float announcement
Assets - ANSresources owned by means of a enterprise
contemporary assets - ANSitems which can or can be converted into coins within 365 days
Long-term investments - ANSare normally
(1) investments in shares and bonds of different companies which are held for a couple of yr,
(2) lengthy-term belongings together with land or buildings that a agency isn't currently the use
of in its operating activities, and
(3) long-time period notes receivable.
Property, Plant, and Equipment - ANSassets with fairly lengthy useful lives which can be
presently used in running the enterprise
Intangible property - ANSAre assets that do not have physical substance but frequently are very
treasured
Liabilities - ANSDebts and duties of a business
Equity - ANSthe proprietor's claims to the belongings of the business
Common Stock - ANSinvestments of belongings into the commercial enterprise by means of the
stockholders
Retained Earnings - ANSincome retained for use inside the commercial enterprise
horizontal evaluation (fashion analysis) - ANSa method for evaluating a series of monetary
assertion records over a time period
Vertical analysis (commonplace-length) - ANStechnique for evaluating economic declaration
records
ratio evaluation - ANSexpresses the connection among decided on items of monetary
announcement statistics
Working captial ratio - ANScurrent property - present day liabilities
Current Ratio - ANScurrent assets/current liabilities (liquidity)
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