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Accounting Peregrine Exam Questions and Answers 100% Pass

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Accounting Peregrine Exam Questions and Answers 100% Pass Relevance - The quality of information that indicates the information makes a difference in a decision. Reliability - the quality of information that gives assurance that it is free of error and bias Comparability - Ability to compare ...

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  • March 9, 2025
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Peregrine
  • Peregrine
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KatelynWhitman
Accounting Peregrine Exam Questions
and Answers 100% Pass


Relevance - ✔✔The quality of information that indicates the information makes a

difference in a decision.


Reliability - ✔✔the quality of information that gives assurance that it is free of error and

bias


Comparability - ✔✔Ability to compare the accounting information of different

companies because they use the same accounting principles.


Consistency - ✔✔use of the same accounting principles and methods from year to year

within a company


Monetary Unit Assumption - ✔✔Only items that be expressed in money are included in

the accounting records


Economic Entity Assumption - ✔✔every economic entity can be separately identified

and accounted for




100% Pass Guarantee Katelyn Whitman, All Rights Reserved © 2025 1

, Time Period - ✔✔The life of a business is divided into meaningful time periods for

financial reporting


Going Concern Assumption - ✔✔Entity will continue to operate long enough to recover

the cost of its assets


Revenue Recognition Principle - ✔✔a revenue should be recorded when a resource has

been earned


Matching - ✔✔Expenses are matched with related values in the same accounting period


Cost Principle - ✔✔A principle that states that acquired assets and services should be

recorded at their actual cost.


Full Disclosure Principle - ✔✔A company reports details behind financial statements

that would impact users' decisions.


Materiality Constraint - ✔✔Whether an item was large enough to likely influence the

decision of investor or creditor


Cost-Benefit constraint - ✔✔only information with benefits of disclosures greater than

the costs of providing it need be disclosed


Conservatism Principle - ✔✔the approach of choosing an accounting method that will

least likely overstate assets and net income


Basic Financial Statements - ✔✔income statement, balance sheet, cash flow statement



100% Pass Guarantee Katelyn Whitman, All Rights Reserved © 2025 2

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