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Accounting Peregrine Exam 2024 Questions and Verified Answers, 100% Guarantee Pass

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Accounting Peregrine Exam 2024 Questions and Verified Answers, 100% Guarantee Pass

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  • September 5, 2024
  • 12
  • 2024/2025
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  • Questions & answers
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Accounting Peregrine Exam


1. Relevance

Answer The quality of information that indicates the information makes a difference in a

decision.

2. Reliability

Answer the quality of information that gives assurance that it is free of error and bias

3. Comparability

Answer Ability to compare the accounting information of different compa- nies because they use

the same accounting principles.

4. Consistency

Answer use of the same accounting principles and methods from year to year within a

company

5. Monetary Unit Assumption

Answer Only items that be expressed in money are included in the accounting records

6. Economic Entity Assumption

Answer every economic entity can be separately identi- fied and accounted for
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,Accounting Peregrine Exam.pdf file:///C:/Users/HP/Desktop/New%20folder/Accounting%20Peregrin




7. Time Period

Answer The life of a business is divided into meaningful time periods for financial reporting

8. Going Concern Assumption

Answer Entity will continue to operate long enough to recover the cost of its assets

9. Revenue Recognition Principle

Answer a revenue should be recorded when a resource has been earned

10. Matching

Answer Expenses are matched with related values in the same accounting period

11. Cost Principle

Answer A principle that states that acquired assets and services should be recorded at their

actual cost.

12. Full Disclosure Principle

Answer A company reports details behind financial state- ments that would impact users'

decisions.

13. Materiality Constraint

Answer Whether an item was large enough to likely influence the decision of investor or

creditor

14. Cost-Benefit constraint
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