Peregrine Exam
When the costs of supplies increase in an industry, the low cost leader_____ -
CORRECT ANSWER-is the only firm able to pay the higher prices and continue
to earn average or above average returns
Accounts Payable - CORRECT ANSWER-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 - CORRECT ANSWER-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? - CORRECT ANSWER-the total cost of
merchandise sold during a period
owners equity - CORRECT ANSWER-one of the three main sections of a sole
proprietorship's balance sheet
cash - CORRECT ANSWER-includes the following: currency and coins, checks
received from customers but not yet deposited, checking accounts, and petty
cash
cash equivalents - CORRECT ANSWER-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 _____ - CORRECT ANSWER-classification
lying by omission involves intentionally - CORRECT ANSWER-withholding
material facts
The Federal Highway Administration uses notice-and-comment rulemaking. this
process begins with - CORRECT ANSWER-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 ______ - CORRECT ANSWER-strategy formulation process
which of the following is not one of W. Edwards Deming's 14 points? - CORRECT
ANSWER-the only performance standard is zero defects
operating statement is another name for the ______ - CORRECT
ANSWER-Income Statement
Purchases, returns and allowances, and purchase discounts are classified as
_______ on the income statement - CORRECT ANSWER-contra-cost accounts
law of supply - CORRECT ANSWER-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 - CORRECT ANSWER-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 - CORRECT ANSWER-the broad underlying
concepts which guide accountants when preparing financial statements
what is equity? - CORRECT ANSWER-it indicates an ownership interest in a
business
what is meant by reconciling an account? - CORRECT ANSWER-it is likely to
mean proving or documenting that an account balance is correct
implicit cost - CORRECT ANSWER-any cost that has already occurred but not
necessarily shown or reported as a separate expense
explicit cost - CORRECT ANSWER-normal business costs that appear in the
general ledger and directly affect a company's profitability
stocks - CORRECT ANSWER-shares of ownership in a company
When the costs of supplies increase in an industry, the low cost leader_____ -
CORRECT ANSWER-is the only firm able to pay the higher prices and continue
to earn average or above average returns
Accounts Payable - CORRECT ANSWER-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 - CORRECT ANSWER-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? - CORRECT ANSWER-the total cost of
merchandise sold during a period
owners equity - CORRECT ANSWER-one of the three main sections of a sole
proprietorship's balance sheet
cash - CORRECT ANSWER-includes the following: currency and coins, checks
received from customers but not yet deposited, checking accounts, and petty
cash
cash equivalents - CORRECT ANSWER-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 _____ - CORRECT ANSWER-classification
lying by omission involves intentionally - CORRECT ANSWER-withholding
material facts
The Federal Highway Administration uses notice-and-comment rulemaking. this
process begins with - CORRECT ANSWER-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 ______ - CORRECT ANSWER-strategy formulation process
which of the following is not one of W. Edwards Deming's 14 points? - CORRECT
ANSWER-the only performance standard is zero defects
operating statement is another name for the ______ - CORRECT
ANSWER-Income Statement
Purchases, returns and allowances, and purchase discounts are classified as
_______ on the income statement - CORRECT ANSWER-contra-cost accounts
law of supply - CORRECT ANSWER-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 - CORRECT ANSWER-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 - CORRECT ANSWER-the broad underlying
concepts which guide accountants when preparing financial statements
what is equity? - CORRECT ANSWER-it indicates an ownership interest in a
business
what is meant by reconciling an account? - CORRECT ANSWER-it is likely to
mean proving or documenting that an account balance is correct
implicit cost - CORRECT ANSWER-any cost that has already occurred but not
necessarily shown or reported as a separate expense
explicit cost - CORRECT ANSWER-normal business costs that appear in the
general ledger and directly affect a company's profitability
stocks - CORRECT ANSWER-shares of ownership in a company
