PEREGRINE EXAM, PEREGRINE EXIT EXAM AND
PEREGRINE PRACTICE EXAM LATEST ACTUAL EXAM
COMPILATION 350 QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES (VERIFIED
ANSWERS) |ALREADY GRADED A
When the costs of supplies increase in an industry, the low cost leader_____ -
ANSWER: is the only firm able to pay the higher prices and continue to earn average
or above average returns
Accounts Payable - 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 - 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? - ANSWER: the total cost of merchandise sold during
a period
owners equity - ANSWER: one of the three main sections of a sole proprietorship's
balance sheet
cash - ANSWER: includes the following: currency and coins, checks received from
customers but not yet deposited, checking accounts, and petty cash
cash equivalents - 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 _____ - ANSWER: classification
lying by omission involves intentionally - ANSWER: withholding material facts
The Federal Highway Administration uses notice-and-comment rulemaking. this
process begins with - 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 ______ - ANSWER: strategy formulation process
which of the following is not one of W. Edwards Deming's 14 points? - ANSWER: the
only performance standard is zero defects
, operating statement is another name for the ______ - ANSWER: Income Statement
Purchases, returns and allowances, and purchase discounts are classified as _______
on the income statement - ANSWER: contra-cost accounts
law of supply - 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 - 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 - ANSWER: the broad underlying concepts which
guide accountants when preparing financial statements
what is equity? - ANSWER: it indicates an ownership interest in a business
what is meant by reconciling an account? - ANSWER: it is likely to mean proving or
documenting that an account balance is correct
implicit cost - ANSWER: any cost that has already occurred but not necessarily shown
or reported as a separate expense
explicit cost - ANSWER: normal business costs that appear in the general ledger and
directly affect a company's profitability
stocks - ANSWER: shares of ownership in a company
bonds - ANSWER: Certificates of debt that carry a promise to buy back the bonds at a
higher price
an increase in ______ will increase owners equity - ANSWER: client fees
a dividend will reduce ______ - ANSWER: retained earnings
conflicts of interest exist when employees must choose whether to - ANSWER:
advance their own interests, those of the organization, or those of some other gtoup
TQM is most helpful to firms following the ______ business strategy - ANSWER:
integrated cost-leadership differentiation
which of the following is not considered an extrinsic motivator in Herzberg's two-
factor theory - ANSWER: work itself
which of the following is not one of the process motivation theories? - ANSWER:
acquired needs theory
PEREGRINE PRACTICE EXAM LATEST ACTUAL EXAM
COMPILATION 350 QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES (VERIFIED
ANSWERS) |ALREADY GRADED A
When the costs of supplies increase in an industry, the low cost leader_____ -
ANSWER: is the only firm able to pay the higher prices and continue to earn average
or above average returns
Accounts Payable - 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 - 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? - ANSWER: the total cost of merchandise sold during
a period
owners equity - ANSWER: one of the three main sections of a sole proprietorship's
balance sheet
cash - ANSWER: includes the following: currency and coins, checks received from
customers but not yet deposited, checking accounts, and petty cash
cash equivalents - 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 _____ - ANSWER: classification
lying by omission involves intentionally - ANSWER: withholding material facts
The Federal Highway Administration uses notice-and-comment rulemaking. this
process begins with - 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 ______ - ANSWER: strategy formulation process
which of the following is not one of W. Edwards Deming's 14 points? - ANSWER: the
only performance standard is zero defects
, operating statement is another name for the ______ - ANSWER: Income Statement
Purchases, returns and allowances, and purchase discounts are classified as _______
on the income statement - ANSWER: contra-cost accounts
law of supply - 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 - 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 - ANSWER: the broad underlying concepts which
guide accountants when preparing financial statements
what is equity? - ANSWER: it indicates an ownership interest in a business
what is meant by reconciling an account? - ANSWER: it is likely to mean proving or
documenting that an account balance is correct
implicit cost - ANSWER: any cost that has already occurred but not necessarily shown
or reported as a separate expense
explicit cost - ANSWER: normal business costs that appear in the general ledger and
directly affect a company's profitability
stocks - ANSWER: shares of ownership in a company
bonds - ANSWER: Certificates of debt that carry a promise to buy back the bonds at a
higher price
an increase in ______ will increase owners equity - ANSWER: client fees
a dividend will reduce ______ - ANSWER: retained earnings
conflicts of interest exist when employees must choose whether to - ANSWER:
advance their own interests, those of the organization, or those of some other gtoup
TQM is most helpful to firms following the ______ business strategy - ANSWER:
integrated cost-leadership differentiation
which of the following is not considered an extrinsic motivator in Herzberg's two-
factor theory - ANSWER: work itself
which of the following is not one of the process motivation theories? - ANSWER:
acquired needs theory
