PEREGRINE PRACTICE QUESTIONS
2026/2027 WITH CORRECT DETAILED
ANSWERS ALREADY GRADED A+<RECENT
VERSION>PASS GUARANTEED
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 refer to the broad underlying concepts that 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.
What is meant by reconciling an account? - ANSWER Reconciling an account is
likely to mean proving or documenting that an account balance is correct.
What is included in cash and cash equivalents? - ANSWER In accounting, a
company's cash includes the following:
currency and coins
checks received from customers but not yet deposited
,checking accounts
petty cash
Cash equivalents are short-term, highly liquid investments with a maturity date
that was 3 months or less at the time of purchase.
money market accounts
U.S. Treasury Bills
commercial paper
What is the difference between an implicit cost and an explicit cost? -
ANSWER An implicit cost is present but it is not initially shown or reported as a
separate cost.
An explicit cost is a cost that is present and it is clearly shown or reported as a
separate cost.
GDP is the total market value of all: - ANSWER final goods and services
produced annually within a country's borders
As the price of good A rises, the demand for good B rises. Therefore, goods A and
B are: - ANSWER substitutes
The law of supply states that price and quantity supplied are: -
ANSWER directly related, ceteris paribus
, Which of the following are least likely to result in collusion? -
ANSWER Heterogeneous products
In some industries where pressure for globalization are relatively low, local firms
may possess some skills and assets that are transferable overseas, thus leading to
a/an ______________ strategy - ANSWER Extender
Many IT professionals start their careers as programmers, or
programmer/analysts, and then are promoted to __________, positions that
require a broad range of skills - ANSWER system analysts
You might find organizations where there are both a CIO and a ________ and one
reports to the other. - ANSWER CTO
When directors on a board serve for a fixed term but are not elected all at once it
is known as a _________ board - ANSWER staggered
The __________ is a program developed by the industrialized countries to assist
developing nations by improving their ability to export - ANSWER Generalized
System of Preferences
Which of the following statements about recruitment activities is true? -
ANSWER Effective recruitment attracts individuals to the organization
2026/2027 WITH CORRECT DETAILED
ANSWERS ALREADY GRADED A+<RECENT
VERSION>PASS GUARANTEED
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 refer to the broad underlying concepts that 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.
What is meant by reconciling an account? - ANSWER Reconciling an account is
likely to mean proving or documenting that an account balance is correct.
What is included in cash and cash equivalents? - ANSWER In accounting, a
company's cash includes the following:
currency and coins
checks received from customers but not yet deposited
,checking accounts
petty cash
Cash equivalents are short-term, highly liquid investments with a maturity date
that was 3 months or less at the time of purchase.
money market accounts
U.S. Treasury Bills
commercial paper
What is the difference between an implicit cost and an explicit cost? -
ANSWER An implicit cost is present but it is not initially shown or reported as a
separate cost.
An explicit cost is a cost that is present and it is clearly shown or reported as a
separate cost.
GDP is the total market value of all: - ANSWER final goods and services
produced annually within a country's borders
As the price of good A rises, the demand for good B rises. Therefore, goods A and
B are: - ANSWER substitutes
The law of supply states that price and quantity supplied are: -
ANSWER directly related, ceteris paribus
, Which of the following are least likely to result in collusion? -
ANSWER Heterogeneous products
In some industries where pressure for globalization are relatively low, local firms
may possess some skills and assets that are transferable overseas, thus leading to
a/an ______________ strategy - ANSWER Extender
Many IT professionals start their careers as programmers, or
programmer/analysts, and then are promoted to __________, positions that
require a broad range of skills - ANSWER system analysts
You might find organizations where there are both a CIO and a ________ and one
reports to the other. - ANSWER CTO
When directors on a board serve for a fixed term but are not elected all at once it
is known as a _________ board - ANSWER staggered
The __________ is a program developed by the industrialized countries to assist
developing nations by improving their ability to export - ANSWER Generalized
System of Preferences
Which of the following statements about recruitment activities is true? -
ANSWER Effective recruitment attracts individuals to the organization
