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Accounting Peregrine Exam Questions with Complete Answers Conservatism Principle - Answer-the approach of choosing an accounting method that will least likely overstate assets and net income Basic Financial Statements - Answer-income statement, balance sheet, cash flow statement Assets - Answer-resources owned by a business current assets - Answer-items that can or will be converted into cash within one year Long-term investments - Answer-are generally (1) investments in stock...

Peregrine accounting and finance exam with 100% correct answers Which financial statement reports the revenues and expenses for a period of time such as year or a month? -Correct Answer-Income Statement Which financial statement reports the assets, liabilities, and stockholders' (owner's) equity at a specific date? -Correct Answer-Balance sheet Under the accrual basis of accounting, revenues are reported in the accounting period when which of the following occurs? -Correct Answer-Servic...

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Accounting Peregrine Exam With 100% Correct Answers 2023 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 ...

Peregrine Exam with Verified Answers Which of the following is NOT a strategic alternative to laying off employees? - - implementing a restricted hiring policy downsizing the workforce lowering employment standards mandating reduced hours Lowering Employment Standards KJ built his taco truck out of $75,000,000 worth of titanium and duct tape. He uses $10.25 of organic bok choy, $6.75 of Wisconsin cheddar cheese, and $25.25 of foie gras in each taco. If he sells tacos at $475 each, what ...

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