Peregrine Exam Bundle Set

What is a general ledger? - Answer 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 Pa...

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 supp...

Financial statements - Answer provide information that is useful for making investment and other economic decisions about businesses horizontal analysis - Answer the amount of each line item on the most recent statement is compared with the related item on earlier statements, and expressed as...

True or false: The one fixed asset that is not depreciated is land because it seldom declines in value. - Answer True __________ liabilities are those due within one year. - Answer Current __________-__________ __________ liabilities are due after more than a year, and may include bonds, m...

Consumer Surplus (CS) - Answer - (Maximum Buying Price)-(Price Paid) - Difference between the max price a buyer is willing to pay for a good or service and they price paid Producer Surplus (PS) - Answer - (Price Received)-(Minimum Selling Price) - Difference between price received for a goo...

Which financial statement reports the revenues and expenses for a period of time such as year or a month? - Answer Income Statement Which financial statement reports the assets, liabilities, and stockholders' (owner's) equity at a specific date? - Answer Balance sheet Under the accrual b...

Marketing - Answer Marketing is an exchange between a firm and its customers. The company offers benefits to its customers and seeks profits. Why is Marketing Important? - Answer Marketing is the business; it should permeate the entire organization. Marketing and customer satisfaction is e...