2024/2025 Peregrine Exam - Questions and Answers
When the costs of supplies increase in an industry, the low cost leader_____ - ANSWERS is the only firm
able to pay the higher prices and continue to earn average or above average returns
Accounts Payable - ANSWERS current liability account in ...
When the costs of supplies increase in an industry, the low cost leader_____ - ANSWERS is the only firm
able to pay the higher prices and continue to earn average or above average returns
Accounts Payable - ANSWERS 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 - ANSWERS 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? - ANSWERS the total cost of merchandise sold during a period
owners equity - ANSWERS one of the three main sections of a sole proprietorship's balance sheet
cash - ANSWERS includes the following: currency and coins, checks received from customers but not yet
deposited, checking accounts, and petty cash
cash equivalents - ANSWERS 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 _____ -
ANSWERS classification
lying by omission involves intentionally - ANSWERS withholding material facts
The Federal Highway Administration uses notice-and-comment rulemaking. this process begins with -
ANSWERS 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
______ - ANSWERS strategy formulation process
which of the following is not one of W. Edwards Deming's 14 points? - ANSWERS the only performance
standard is zero defects
operating statement is another name for the ______ - ANSWERS Income Statement
Purchases, returns and allowances, and purchase discounts are classified as _______ on the income
statement - ANSWERS contra-cost accounts
law of supply - ANSWERS states that the quantity of a good supplied (I.E. the amount owners or
producers offer for sale) rises as the market price rises, and falls as the price falls
population sampling - ANSWERS the process of taking a subset of subjects that is representative of the
entire population. the sample must have sufficient size to warrant statistical analysis
what is principles of accounting - ANSWERS the broad underlying concepts which guide accountants
when preparing financial statements
what is equity? - ANSWERS it indicates an ownership interest in a business
what is meant by reconciling an account? - ANSWERS it is likely to mean proving or documenting that
an account balance is correct
implicit cost - ANSWERS any cost that has already occurred but not necessarily shown or reported as a
separate expense
explicit cost - ANSWERS normal business costs that appear in the general ledger and directly affect a
company's profitability
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