PEREGRINE EXAM 2026 | BRAND NEW ACTUAL
EXAM WITH QUESTIONS AND CORRECT
SOLUTIONS | GRADED A+ | GUARANTEED VALUE
PACK | ACE YOUR GRADES.
Save
Terms in this set (71)
What is a general ledger? 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 is a current liability account in
accounts payable and accounts which a company records the amounts it owes to
receivable? 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? The cost of goods sold is the cost of the products
that a retailer, distributor, or manufacturer has sold.
What is owner's equity? 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? 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.
What is equity? Equity can indicate an ownership interest in a
business, such as stockholders' equity or owner's
equity.
Equity can mean an owner's interest in a personal
asset. For example, the owner of a $200,000 house
that has a mortgage loan of $75,000 is said to have
$125,000 of equity in the house.
EXAM WITH QUESTIONS AND CORRECT
SOLUTIONS | GRADED A+ | GUARANTEED VALUE
PACK | ACE YOUR GRADES.
Save
Terms in this set (71)
What is a general ledger? 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 is a current liability account in
accounts payable and accounts which a company records the amounts it owes to
receivable? 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? The cost of goods sold is the cost of the products
that a retailer, distributor, or manufacturer has sold.
What is owner's equity? 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? 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.
What is equity? Equity can indicate an ownership interest in a
business, such as stockholders' equity or owner's
equity.
Equity can mean an owner's interest in a personal
asset. For example, the owner of a $200,000 house
that has a mortgage loan of $75,000 is said to have
$125,000 of equity in the house.
