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PEREGRINE EXAM, PEREGRINE EXIT EXAM AND PEREGRINE PRACTICE EXAM LATEST ACTUAL EXAM COMPILATION 100 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES$10.49
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PEREGRINE EXAM, PEREGRINE EXIT EXAM AND PEREGRINE PRACTICE EXAM LATEST ACTUAL EXAM COMPILATION 100 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES
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Course
2024/2025
Institution
2024/2025
PEREGRINE EXAM, PEREGRINE EXIT EXAM AND PEREGRINE
PRACTICE EXAM LATEST ACTUAL EXAM COMPILATION 100
QUESTIONS AND CORRECT DETAILED ANSWERS WITH
RATIONALES
What is a general ledger? - Answer️️ -A general ledger account is an account or
record used to sort, store and summarize a company's tra...
PEREGRINE EXAM, PEREGRINE EXIT EXAM AND PEREGRINE
PRACTICE EXAM LATEST ACTUAL EXAM COMPILATION 100
QUESTIONS AND CORRECT DETAILED ANSWERS WITH
RATIONALES
What is a general ledger? - Answer✔️✔️-A general ledger account is an account or
record used to sort, store and summarize a company's transactions.
asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and
Equipment
liability accounts including Notes Payable, Accounts Payable, Accrued Expenses
Payable, and Customer Deposits
stockholders' equity accounts such as Common Stock, Retained Earnings, Treasury
Stock, and Accumulated Other Comprehensive Income
What is the difference between accounts payable and accounts receivable? -
Answer✔️✔️-Accounts payable is a current liability account in which a company records
the amounts it owes to suppliers or vendors for goods or services that it received on
credit.
Accounts receivable is a current asset account in which a company records the
amounts it has a right to collect from customers who received goods or services on
principles, and so on. In this context, principles of accounting refers to the broad
underlying concepts which guide accountants when preparing financial statements.
What is equity? - Answer✔️✔️-Equity can indicate an ownership interest in a business,
such as stockholders' equity or owner's equity.
Equity can mean an owner's interest in a personal asset. For example, the owner of a
$200,000 house that has a mortgage loan of $75,000 is said to have $125,000 of equity
in the house.
What is meant by reconciling an account? - Answer✔️✔️-Reconciling an account is likely
to mean proving or documenting that an account balance is correct.
What is included in cash and cash equivalents? - Answer✔️✔️-In accounting, a
company's cash includes the following:
currency and coins
checks received from customers but not yet deposited
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