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Peregrine Exam Review Day 1 Questions and Answers 100% Solved
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Peregrine Exam Review Day 1 Questions and Answers100% Solved
leverage - ✔✔the use of borrowed money to supplement existing funds for purposes of
investment
activity - ✔✔how well a company is utilizing resources
simple interest - ✔✔interest paid on the principal alone
Simple Interest Formula - ✔✔rate x principle x number of days= simple interest
compound interest - ✔✔interest earned on both the principal amount and any interest
already earned
Compound Interest Formula - ✔✔A=P(1+r/n)^nt
taxable income - ✔✔income on which tax must be paid; total income minus exemptions and
deductions
tax exempt - ✔✔not subject to tax by federal or state governments
Initial loan - ✔✔debt on cash account and credit either short term debt or long term
interest payments - ✔✔A payment that repays interest on a loan, bond etc, rather than paying
off any of
the original amount
mixed debt - ✔✔includes both interest expense and loan repayment
, final debt - ✔✔last payment of debt
Journal Entry - ✔✔an accounting method for expressing the effects of a transaction on
accounts in a
debits-equal-credits format
debt and credit must be equal
adjusting - ✔✔The process of calculating the latest up-to-date balance of each account at the
end of an
accounting period.
compound - ✔✔more than two lines
payroll
number of deductions
tax liabilities
reversing - ✔✔made at the beginning of the period
wage accrual is replaced with actual payroll expenditure
Management Accounting - ✔✔the area of accounting concerned with preparing data for use
by
managers within the organization
Cash ratio - ✔✔Compares the amount of cash and investments to short-term liablilites.
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