Peregrine Exam Questions With 100%
Verified Answers Graded A+
When the costs of supplies increase in an industry, the low cost leader_____
is the only firm able to pay the higher prices and continue to earn average or above average returns
Accounts Payable
current liability account in which a company records the amounts it owes to suppliers or vendors for
goods or services that it recieved on credit
accounts receivable
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 total cost of merchandise sold during a period
owners equity
one of the three main sections of a sole proprietorship's balance sheet
cash
includes the following: currency and coins, checks received from customers but not yet deposited,
checking accounts, and petty cash
cash equivalents
short-term high liquidity investments with a maturity date that was 3 months or less at the time of
purchase. Ex) money market accounts, U.S. Treasury Bills, and commercial paper
when a business erroneously records expenses as assets, it has violated the measurement of _____
classification
lying by omission involves intentionally
withholding material facts
The Federal Highway Administration uses notice-and-comment rulemaking. this process begins with
the publication of a notice of proposed rulemaking
one way human resource planning links to strategic planning is by providing a set of inputs into the
______
strategy formulation process
which of the following is not one of W. Edwards Deming's 14 points?
the only performance standard is zero defects
operating statement is another name for the ______
, Income Statement
Purchases, returns and allowances, and purchase discounts are classified as _______ on the income
statement
contra-cost accounts
law of supply
states that the quantity of a good supplied (I.E. the amount owners or producers offer for sale) rises
as the market price rises, and falls as the price falls
population sampling
the process of taking a subset of subjects that is representative of the entire population. the sample
must have sufficient size to warrant statistical analysis
what is principles of accounting
the broad underlying concepts which guide accountants when preparing financial statements
what is equity?
it indicates an ownership interest in a business
what is meant by reconciling an account?
it is likely to mean proving or documenting that an account balance is correct
implicit cost
any cost that has already occurred but not necessarily shown or reported as a separate expense
explicit cost
normal business costs that appear in the general ledger and directly affect a company's profitability
stocks
shares of ownership in a company
bonds
Certificates of debt that carry a promise to buy back the bonds at a higher price
an increase in ______ will increase owners equity
client fees
a dividend will reduce ______
retained earnings
conflicts of interest exist when employees must choose whether to
advance their own interests, those of the organization, or those of some other gtoup
Verified Answers Graded A+
When the costs of supplies increase in an industry, the low cost leader_____
is the only firm able to pay the higher prices and continue to earn average or above average returns
Accounts Payable
current liability account in which a company records the amounts it owes to suppliers or vendors for
goods or services that it recieved on credit
accounts receivable
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 total cost of merchandise sold during a period
owners equity
one of the three main sections of a sole proprietorship's balance sheet
cash
includes the following: currency and coins, checks received from customers but not yet deposited,
checking accounts, and petty cash
cash equivalents
short-term high liquidity investments with a maturity date that was 3 months or less at the time of
purchase. Ex) money market accounts, U.S. Treasury Bills, and commercial paper
when a business erroneously records expenses as assets, it has violated the measurement of _____
classification
lying by omission involves intentionally
withholding material facts
The Federal Highway Administration uses notice-and-comment rulemaking. this process begins with
the publication of a notice of proposed rulemaking
one way human resource planning links to strategic planning is by providing a set of inputs into the
______
strategy formulation process
which of the following is not one of W. Edwards Deming's 14 points?
the only performance standard is zero defects
operating statement is another name for the ______
, Income Statement
Purchases, returns and allowances, and purchase discounts are classified as _______ on the income
statement
contra-cost accounts
law of supply
states that the quantity of a good supplied (I.E. the amount owners or producers offer for sale) rises
as the market price rises, and falls as the price falls
population sampling
the process of taking a subset of subjects that is representative of the entire population. the sample
must have sufficient size to warrant statistical analysis
what is principles of accounting
the broad underlying concepts which guide accountants when preparing financial statements
what is equity?
it indicates an ownership interest in a business
what is meant by reconciling an account?
it is likely to mean proving or documenting that an account balance is correct
implicit cost
any cost that has already occurred but not necessarily shown or reported as a separate expense
explicit cost
normal business costs that appear in the general ledger and directly affect a company's profitability
stocks
shares of ownership in a company
bonds
Certificates of debt that carry a promise to buy back the bonds at a higher price
an increase in ______ will increase owners equity
client fees
a dividend will reduce ______
retained earnings
conflicts of interest exist when employees must choose whether to
advance their own interests, those of the organization, or those of some other gtoup
