PEREGRINE EXAM STUDY QUESTIONS WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
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Course
PEREGRINE
Institution
PEREGRINE
What is a general ledger? - ACCURATE ANSWERS 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, Acc...
PEREGRINE EXAM STUDY QUESTIONS
PEREGRINE EXAM STUDY QUESTIONS WITH GUARANTEED ACCURATE ANSWERS |
VERIFIED
What is a general ledger? - ACCURATE ANSWERS✔✔ 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? - ACCURATE ANSWERS✔✔ 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 credit.
What is the cost of goods sold? - ACCURATE ANSWERS✔✔ The cost
of goods sold is the cost of the products that a retailer, distributor, or
manufacturer has sold.
What is owner's equity? - ACCURATE ANSWERS✔✔ Owner's equity
is one of the three main sections of a sole proprietorship's balance sheet
and one of the components of the accounting equation: Assets =
Liabilities + Owner's Equity.
What is principles of accounting? - ACCURATE ANSWERS✔✔
Principles of accounting can also refer to the basic or fundamental
accounting principles: cost principles, matching principles, full
disclosure principles, materiality principles, going concern principles,
economic entity principles, and so on. In this context, principles of
accounting refers to the broad underlying concepts which guide
accountants when preparing financial statements.
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