Peregrine Exam Exam Questions & Answers 100% Correct!!

When the costs of supplies increase in an industry, the low cost leader_____ - ANSWERis the only firm able to pay the higher prices and continue to earn average or above average returns Accounts Payable - ANSWERcurrent 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 - ANSWERcurrent 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? - ANSWERthe total cost of merchandise sold during a period owners equity - ANSWERone of the three main sections of a sole proprietorship's balance sheet cash - ANSWERincludes the following: currency and coins, checks received from customers but not yet deposited, checking accounts, and petty cash cash equivalents - ANSWERshort-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 _____ - ANSWERclassification lying by omission involves intentionally - ANSWERwithholding material facts The Federal Highway Administration uses notice-and-comment rulemaking. this process begins with - ANSWERthe publication of a notice of proposed rulemaking one way human resource planning links to strategic planning is by providing a set of inp