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Exam (elaborations)

Peregrine Exam Review Day 1 Questions and Answers 100% Solved

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Peregrine Exam Review Day 1 Questions and Answers 100% Solved

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  • September 17, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Peregrine
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TheeGrades
Peregrine Exam Review Day 1 Questions and Answers
100% Solved
leverage - ✔✔the use of borrowed money to supplement existing funds for purposes of

investment


activity - ✔✔how well a company is utilizing resources


simple interest - ✔✔interest paid on the principal alone


Simple Interest Formula - ✔✔rate x principle x number of days= simple interest


compound interest - ✔✔interest earned on both the principal amount and any interest

already earned


Compound Interest Formula - ✔✔A=P(1+r/n)^nt


taxable income - ✔✔income on which tax must be paid; total income minus exemptions and

deductions


tax exempt - ✔✔not subject to tax by federal or state governments


Initial loan - ✔✔debt on cash account and credit either short term debt or long term


interest payments - ✔✔A payment that repays interest on a loan, bond etc, rather than paying

off any of


the original amount


mixed debt - ✔✔includes both interest expense and loan repayment

, final debt - ✔✔last payment of debt


Journal Entry - ✔✔an accounting method for expressing the effects of a transaction on

accounts in a


debits-equal-credits format


debt and credit must be equal


adjusting - ✔✔The process of calculating the latest up-to-date balance of each account at the

end of an


accounting period.


compound - ✔✔more than two lines


payroll


number of deductions


tax liabilities


reversing - ✔✔made at the beginning of the period


wage accrual is replaced with actual payroll expenditure


Management Accounting - ✔✔the area of accounting concerned with preparing data for use

by


managers within the organization


Cash ratio - ✔✔Compares the amount of cash and investments to short-term liablilites.

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