Accounting Peregrine Exam Questions with Complete Answers
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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 -...
Accounting Peregrine Exam Questions with Complete Answers
Relevance - Answer-The quality of information that indicates the information makes a difference in a decision.
Reliability - Answer-the quality of information that gives assurance that it is free of error and bias
Comparability - Answer-Ability to compare the accounting information of different companies because they use the same accounting principles.
Consistency - Answer-use of the same accounting principles and methods from year to year within a company
Monetary Unit Assumption - Answer-Only items that be expressed in money are included in the accounting records
Economic Entity Assumption - Answer-every economic entity can be separately identified and accounted for
Time Period - Answer-The life of a business is divided into meaningful time periods for financial reporting
Going Concern Assumption - Answer-Entity will continue to operate long enough to recover the cost of its assets
Revenue Recognition Principle - Answer-a revenue should be recorded when a resource has been earned
Matching - Answer-Expenses are matched with related values in the same accounting period
Cost Principle - Answer-A principle that states that acquired assets and services should be recorded at their actual cost.
Full Disclosure Principle - Answer-A company reports details behind financial statements that would impact users' decisions.
Materiality Constraint - Answer-Whether an item was large enough to likely influence the decision of investor or creditor
Cost-Benefit constraint - Answer-only information with benefits of disclosures greater than the costs of providing it need be disclosed 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 stocks and bonds of other corporations that are held for more than one year, (2) long-term assets such as land or buildings that a company is not currently using in its operating activities, and (3) long-term notes receivable.
Property, Plant, and Equipment - Answer-assets with relatively long useful lives that are currently used in operating the business
Intangible assets - Answer-Are assets that do not have physical substance yet often are
very valuable
Liabilities - Answer-Debts and obligations of a business
Equity - Answer-the owner's claims to the assets of the business
Common Stock - Answer-investments of assets into the business by the stockholders
Retained Earnings - Answer-income retained for use in the business
horizontal analysis (trend analysis) - Answer-a technique for evaluating a series of financial statement data over a period of time
Vertical analysis (common-size) - Answer-technique for evaluating financial statement data
ratio analysis - Answer-expresses the relationship among selected items of financial statement data
Working captial ratio - Answer-current assets - current liabilities
Current Ratio - Answer-current assets/current liabilities (liquidity)
Acid test ratio (quick ratio) - Answer-(Current Assets - Inventory) / Current Liabilities
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