PEREGRINE EXAM 2026 | BRAND
NEW ACTUAL EXAM WITH
QUESTIONS AND CORRECT
SOLUTIONS | GRADED A+ |
GUARANTEED VALUE PACK |
ACE YOUR GRADES.
What is a general ledger? - 🧠 ANSWER ✔✔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?
- 🧠 ANSWER ✔✔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? - 🧠 ANSWER ✔✔The cost of goods sold is
the cost of the products that a retailer, distributor, or manufacturer has sold.
What is owner's equity? - 🧠 ANSWER ✔✔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? - 🧠 ANSWER ✔✔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? - 🧠 ANSWER ✔✔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.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
NEW ACTUAL EXAM WITH
QUESTIONS AND CORRECT
SOLUTIONS | GRADED A+ |
GUARANTEED VALUE PACK |
ACE YOUR GRADES.
What is a general ledger? - 🧠 ANSWER ✔✔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?
- 🧠 ANSWER ✔✔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? - 🧠 ANSWER ✔✔The cost of goods sold is
the cost of the products that a retailer, distributor, or manufacturer has sold.
What is owner's equity? - 🧠 ANSWER ✔✔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? - 🧠 ANSWER ✔✔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? - 🧠 ANSWER ✔✔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.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
