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Peregrine Exam Questions with Correct Answer2
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Peregrine Exam Questions with Correct Answer2
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Peregrine Exam Questions with Correct AnswersWhen the costs of supplies increase in an industry, the low cost
leader_____ Correct Answer-is the only firm able to pay the higher
prices and continue to earn average or above average returns
Accounts Payable Correct Answer-current liability account in which a
company records the amounts it owes to suppliers or vendors for goods
or services that it recieved on credit
accounts receivable Correct Answer-current asset account in which a
company records the amounts it has a right to collect from customers
who received goods or services on credit
what is the cost of goods sold? Correct Answer-the total cost of
merchandise sold during a period
owners equity Correct Answer-one of the three main sections of a sole
proprietorship's balance sheet
cash Correct Answer-includes the following: currency and coins, checks
received from customers but not yet deposited, checking accounts, and
petty cash
cash equivalents Correct Answer-short-term high liquidity investments
with a maturity date that was 3 months or less at the time of purchase.
Ex) money market accounts, U.S. Treasury Bills, and commercial paper
, when a business erroneously records expenses as assets, it has violated
the measurement of _____ Correct Answer-classification
lying by omission involves intentionally Correct Answer-withholding
material facts
The Federal Highway Administration uses notice-and-comment
rulemaking. this process begins with Correct Answer-the publication of
a notice of proposed rulemaking
one way human resource planning links to strategic planning is by
providing a set of inputs into the ______ Correct Answer-strategy
formulation process
which of the following is not one of W. Edwards Deming's 14 points?
Correct Answer-the only performance standard is zero defects
operating statement is another name for the ______ Correct Answer-
Income Statement
Purchases, returns and allowances, and purchase discounts are classified
as _______ on the income statement Correct Answer-contra-cost
accounts
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