PEREGRINE EXAM QUESTIONS AND ANSWERS 100% VERIFIED
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Course
PEREGRINE
Institution
PEREGRINE
PEREGRINE EXAM QUESTIONS AND ANSWERS 100% VERIFIEDPEREGRINE EXAM QUESTIONS AND ANSWERS 100% VERIFIEDPEREGRINE EXAM QUESTIONS AND ANSWERS 100% VERIFIEDPEREGRINE EXAM QUESTIONS AND ANSWERS 100% VERIFIEDWhen the costs of supplies increase in an industry, the low cost leader_____ - ANSWER-is the only f...
PEREGRINE EXAM QUESTIONS AND
ANSWERS 100% VERIFIED
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
Kip opens an account at a Lotsa Goodies Store, and buys a digital music player and
other items, but makes no payments on the account. to collect the debt, Mako, the
manager contacts Kip's Parents. this violates ______ - ANSWER-No federal law
strategic planning - ANSWER-the process of setting major organization objectives and
developing plans to achieve them
a leading force currently driving change at work is ______ - ANSWER-global
competition
a questioning, probing attitude is at the core of ______ - ANSWER-critical thinking
which of the following is NOT a purpose of a marketing plan? - ANSWER-it explains
how marketing activities mesh with other functional areas
what is meant by reconciling an account? - ANSWER-it is likely to mean proving or
documenting that an account balance is correct
the last step in preparing a worksheet is ______ - ANSWER-total the income and
balance sheet items to compute net income (loss)
mission statement - ANSWER-defines the company's business, its objectives and its
approach to reach those objectives
vision statement - ANSWER-describes the desired future position of the company
corporate structure - ANSWER-a board of directors, officers, employees,
shareholders/owners, an internal configuration of the functional areas of a business
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