Exam (elaborations)
Peregrine Exam 2024 with All Questions and Answers
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Peregrine Exam 2024 with All Questions and Answers
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Peregrine zExam z2024 zwith zAll zQuestionszandzAnswers
What zis za zgeneral zledger? z- zANSWER A zgeneral zledger zaccount zis zan zaccount
zor zrecordzused zto zsort, zstore zand zsummarize za zcompany's ztransactions.
asset zaccounts zsuch zas zCash, zAccounts zReceivable, zInventory, zInvestments, zLand,
zandzEquipment
liability zaccounts zincluding zNotes zPayable, zAccounts zPayable, zAccrued
zExpenseszPayable, zand zCustomer zDeposits
stockholders' zequity zaccounts zsuch zas zCommon zStock, zRetained zEarnings,
zTreasuryzStock, zand zAccumulated zOther zComprehensive zIncome
What zis zthe zdifference zbetween zaccounts zpayable zand zaccounts zreceivable? z-
zANSWER zAccounts zpayable zis za zcurrent zliability zaccount zin zwhich za zcompany
zrecords zthe zamounts zit zowes zto zsuppliers zor zvendors zfor zgoods zor zservices zthat zit
zreceived zon zcredit.
Accounts zreceivable zis za zcurrent zasset zaccount zin zwhich za zcompany zrecords zthe
zamounts zit zhas za zright zto zcollect zfrom zcustomers zwho zreceived zgoods zor zservices
zon zcredit.
What zis zthe zcost zof zgoods zsold? z- zANSWER The zcost zof zgoods zsold zis zthe
zcost zof zthezproducts zthat za zretailer, zdistributor, zor zmanufacturer zhas zsold.
What zis zowner's zequity? z- zANSWER Owner's zequity zis zone zof zthe zthree zmain
zsections zofza zsole zproprietorship's zbalance zsheet zand zone zof zthe zcomponents zof
zthe zaccounting zequation: zAssets z= zLiabilities z+ zOwner's zEquity.
What zis zprinciples zof zaccounting? z- zANSWER Principles zof zaccounting zcan
zalso zrefer ztozthe zbasic zor zfundamental zaccounting zprinciples: zcost zprinciples,
zmatching zprinciples, zfull zdisclosure zprinciples, zmateriality zprinciples, zgoing zconcern
zprinciples, zeconomic zentity zprinciples, zand zso zon. zIn zthis zcontext, zprinciples zof
zaccounting zrefers zto zthe zbroad zunderlying zconcepts zwhich zguide zaccountants
zwhen zpreparing zfinancial zstatements.
What zis zequity? z- zANSWER Equity zcan zindicate zan zownership zinterest zin za
zbusiness,zsuch zas zstockholders' zequity zor zowner's zequity.
Equity zcan zmean zan zowner's zinterest zin za zpersonal zasset. zFor zexample, zthe zowner
zof za
$200,000 zhouse zthat zhas za zmortgage zloan zof z$75,000 zis zsaid zto zhave z$125,000
zof zequityzin zthe zhouse.
, What zis zmeant zby zreconciling zan zaccount? z- zANSWER z Reconciling zan zaccount zis
zlikely
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