PEREGRINE ACTUAL EXAM ALL QUESTIONS AND WELL ELABORATED ANSWERS TOP RATED VERSION FOR ALREADY A+ GRADED HIGHLY RECOMMENDED |NEW AND REVISED

PEREGRINE ACTUAL EXAM ALL
QUESTIONS AND WELL
ELABORATED ANSWERS TOP RATED
VERSION FOR ALREADY A+ GRADED
HIGHLY RECOMMENDED |NEW AND
REVISED
Whatmismamgeneralmledger?m-
mCORRECTmANSWERmAmgeneralmledgermaccountmismanmaccountmormrecordmusedmtomsort,mstoremand


msummarizemamcompany'smtransactions.



assetmaccountsmsuchmasmCash,mAccountsmReceivable,mInventory,mInvestments,mLand,mandmEquipm
ent



liabilitymaccountsmincludingmNotesmPayable,mAccountsmPayable,mAccruedmExpensesmPayable,mandm
CustomermDeposits



stockholders'mequitymaccountsmsuchmasmCommonmStock,mRetainedmEarnings,mTreasurymStock,mand
mAccumulatedmOthermComprehensivemIncome




Whatmismthemdifferencembetweenmaccountsmpayablemandmaccountsmreceivable?m-
mCORRECTmANSWERmAccountsmpayablemismamcurrentmliabilitymaccountminmwhichmamcompanymrecor


dsmthemamountsmitmowesmtomsuppliersmormvendorsmformgoodsmormservicesmthatmitmreceivedmonmcre
dit.



Accountsmreceivablemismamcurrentmassetmaccountminmwhichmamcompanymrecordsmthemamountsmitmh
asmamrightmtomcollectmfrommcustomersmwhomreceivedmgoodsmormservicesmonmcredit.



Whatmismthemcostmofmgoodsmsold?m-
mCORRECTmANSWERmThemcostmofmgoodsmsoldmismthemcostmofmthemproductsmthatmamretailer,mdistrib


utor,mormmanufacturermhasmsold.

, Whatmismowner'smequity?m-
mCORRECTmANSWERmOwner'smequitymismonemofmthemthreemmainmsectionsmofmamsolemproprietorshi


p'smbalancemsheetmandmonemofmthemcomponentsmofmthemaccountingmequation:mAssetsm=mLiabilities
m+mOwner'smEquity.




Whatmismprinciplesmofmaccounting?m-
mCORRECTmANSWERmPrinciplesmofmaccountingmcanmalsomrefermtomthembasicmormfundamentalmacco


untingmprinciples:mcostmprinciples,mmatchingmprinciples,mfullmdisclosuremprinciples,mmaterialitympri
nciples,mgoingmconcernmprinciples,meconomicmentitymprinciples,mandmsomon.mInmthismcontext,mprinc
iplesmofmaccountingmrefersmtomthembroadmunderlyingmconceptsmwhichmguidemaccountantsmwhenmp
reparingmfinancialmstatements.



Whatmismequity?m-
mCORRECTmANSWERmEquitymcanmindicatemanmownershipminterestminmambusiness,msuchmasmstockhol


ders'mequitymormowner'smequity.

Equitymcanmmeanmanmowner'sminterestminmampersonalmasset.mFormexample,mthemownermofmam$200,
000mhousemthatmhasmammortgagemloanmofm$75,000mismsaidmtomhavem$125,000mofmequityminmthemho
use.



Whatmismmeantmbymreconcilingmanmaccount?m-
mCORRECTmANSWERmReconcilingmanmaccountmismlikelymtommeanmprovingmormdocumentingmthatman


maccountmbalancemismcorrect.




Whatmismincludedminmcashmandmcashmequivalents?m-
mCORRECTmANSWERmInmaccounting,mamcompany'smcashmincludesmthemfollowing:



currencymandmcoins

checksmreceivedmfrommcustomersmbutmnotmyetmdeposited

checkingmaccounts

pettymcash