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PEREGRINE EXAM (ACTUAL EXAM) WITH 120+ QUESTIONS WITH VERY ELABORATED ANSWERS CORRECTRY WELL ORGANIZED LATEST 2024 – 2025 ALREADY GRADED A+ $12.99
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PEREGRINE EXAM (ACTUAL EXAM) WITH
120+ QUESTIONS WITH VERY ELABORATED
ANSWERS CORRECTRY WELL ORGANIZED
LATEST 2024 – 2025 ALREADY GRADED A+
microeconomic trends - ANSWERS-patterns of movements or changes in
economic factors such as consumer, hosehold, or firms income, savings, debt, and
expenditure
microeconomic analysis - ANSWERS-attempts to explain the behavior of
individuals and organizations in a given economy
accounting profit - ANSWERS-total revenue minus total explicit cost
economic profit - ANSWERS-a firm's total revenue minus its explicit and implicit
costs
law of demand - ANSWERS-says that the quantity of a good demanded falls as the
price rises and vice versa
,What is the cost of goods sold? - ANSWERS-The cost of goods sold is the cost of
the products that a retailer, distributor, or manufacturer has sold.
What is owner's equity? - ANSWERS-Owner's equity is one of the three main
sections of a sole proprietorship's balance sheet and one of the components of
the accounting equation: Assets = Liabilities + Owner's Equity.
What is principles of accounting? - ANSWERS-Principles of accounting can also
refer to the basic or fundamental accounting principles: cost principles, matching
principles, full disclosure principles, materiality principles, going concern
principles, economic entity principles, and so on. In this context, principles of
accounting refers to the broad underlying concepts which guide accountants
when preparing financial statements.
What is equity? - ANSWERS-Equity can indicate an ownership interest in a
business, such as stockholders' equity or owner's equity.
Equity can mean an owner's interest in a personal asset. For example, the owner
of a $200,000 house that has a mortgage loan of $75,000 is said to have $125,000
of equity in the house.
What is meant by reconciling an account? - ANSWERS-Reconciling an account is
likely to mean proving or documenting that an account balance is correct.
What is a general ledger? - ANSWERS-A general ledger account is an account or
record used to sort, store and summarize a company's transactions.
,asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land,
and Equipment
liability accounts including Notes Payable, Accounts Payable, Accrued Expenses
Payable, and Customer Deposits
stockholders' equity accounts such as Common Stock, Retained Earnings, Treasury
Stock, and Accumulated Other Comprehensive Income
What is the difference between accounts payable and accounts receivable? -
ANSWERS-Accounts payable is a current liability account in which a company
records the amounts it owes to suppliers or vendors for goods or services that it
received on credit.
Accounts receivable is a 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 included in cash and cash equivalents? - ANSWERS-In accounting, a
company's cash includes the following:
currency and coins
checks received from customers but not yet deposited
checking accounts
petty cash
, Cash equivalents are short-term, highly liquid investments with a maturity date
that was 3 months or less at the time of purchase.
money market accounts
U.S. Treasury Bills
commercial paper
What is the difference between an implicit cost and an explicit cost? - ANSWERS-
An implicit cost is present but it is not initially shown or reported as a separate
cost.
An explicit cost is a cost that is present and it is clearly shown or reported as a
separate cost.
What is the difference between stocks and bonds? - ANSWERS-Stocks, or shares
of capital stock, represent an ownership interest in a corporation. Every
corporation has common stock.
Bonds are a form of long-term debt in which the issuing corporation promises to
pay the principal amount at a specified maturity date.
AN INCREASE TO WHICH OF THE FOLLOWING ACCOUNTS WILL INCREASE
OWNERS' EQUITY? - ANSWERS-Client Fees
IN TIMES OF RISING PRICES, THE INVENTORY COST METHOD THAT WILL YIELD THE
LOWEST NET INCOME IS: - ANSWERS-LIFO (LIFO is the acronym for last-in, first-
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