Peregrine Exam
When the costs of supplies increase in an industry, the low cost leader_____ -
answersis the only firm able to pay the higher prices and continue to earn average or
above average returns
Accounts Payable - answerscurrent 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 - answerscurrent 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? - answersthe total cost of merchandise sold during a
period
owners equity - answersone of the three main sections of a sole proprietorship's
balance sheet
cash - answersincludes the following: currency and coins, checks received from
customers but not yet deposited, checking accounts, and petty cash
cash equivalents - answersshort-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 _____ - answersclassification
lying by omission involves intentionally - answerswithholding material facts
, The Federal Highway Administration uses notice-and-comment rulemaking. this process
begins with - answersthe 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 ______ - answersstrategy formulation process
which of the following is not one of W. Edwards Deming's 14 points? - answersthe only
performance standard is zero defects
operating statement is another name for the ______ - answersIncome Statement
Purchases, returns and allowances, and purchase discounts are classified as _______
on the income statement - answerscontra-cost accounts
law of supply - answersstates 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 - answersthe 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 - answersthe broad underlying concepts which guide
accountants when preparing financial statements
what is equity? - answersit indicates an ownership interest in a business
what is meant by reconciling an account? - answersit is likely to mean proving or
documenting that an account balance is correct
implicit cost - answersany cost that has already occurred but not necessarily shown or
reported as a separate expense
explicit cost - answersnormal business costs that appear in the general ledger and
directly affect a company's profitability
stocks - answersshares of ownership in a company
bonds - answersCertificates of debt that carry a promise to buy back the bonds at a
higher price
an increase in ______ will increase owners equity - answersclient fees
a dividend will reduce ______ - answersretained earnings
When the costs of supplies increase in an industry, the low cost leader_____ -
answersis the only firm able to pay the higher prices and continue to earn average or
above average returns
Accounts Payable - answerscurrent 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 - answerscurrent 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? - answersthe total cost of merchandise sold during a
period
owners equity - answersone of the three main sections of a sole proprietorship's
balance sheet
cash - answersincludes the following: currency and coins, checks received from
customers but not yet deposited, checking accounts, and petty cash
cash equivalents - answersshort-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 _____ - answersclassification
lying by omission involves intentionally - answerswithholding material facts
, The Federal Highway Administration uses notice-and-comment rulemaking. this process
begins with - answersthe 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 ______ - answersstrategy formulation process
which of the following is not one of W. Edwards Deming's 14 points? - answersthe only
performance standard is zero defects
operating statement is another name for the ______ - answersIncome Statement
Purchases, returns and allowances, and purchase discounts are classified as _______
on the income statement - answerscontra-cost accounts
law of supply - answersstates 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 - answersthe 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 - answersthe broad underlying concepts which guide
accountants when preparing financial statements
what is equity? - answersit indicates an ownership interest in a business
what is meant by reconciling an account? - answersit is likely to mean proving or
documenting that an account balance is correct
implicit cost - answersany cost that has already occurred but not necessarily shown or
reported as a separate expense
explicit cost - answersnormal business costs that appear in the general ledger and
directly affect a company's profitability
stocks - answersshares of ownership in a company
bonds - answersCertificates of debt that carry a promise to buy back the bonds at a
higher price
an increase in ______ will increase owners equity - answersclient fees
a dividend will reduce ______ - answersretained earnings
