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Peregrine Exam|69 Questions & Answers
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Peregrine Exam|69 Questions & AnswersWhen the costs of supplies increase in an industry, the low cost leader_____ -
-is the only firm able to pay the higher prices and continue to earn average
or above average returns
-Accounts Payable - -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 - -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? - -the total cost of merchandise sold during
a period
-owners equity - -one of the three main sections of a sole proprietorship's
balance sheet
-cash - -includes the following: currency and coins, checks received from
customers but not yet deposited, checking accounts, and petty cash
-cash equivalents - -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 _____ - -classification
-lying by omission involves intentionally - -withholding material facts
-The Federal Highway Administration uses notice-and-comment rulemaking.
this process begins with - -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 ______ - -strategy formulation process
-which of the following is not one of W. Edwards Deming's 14 points? - -the
only performance standard is zero defects
-operating statement is another name for the ______ - -Income Statement
, -Purchases, returns and allowances, and purchase discounts are classified as
_______ on the income statement - -contra-cost accounts
-law of supply - -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 - -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 - -the broad underlying concepts which
guide accountants when preparing financial statements
-what is equity? - -it indicates an ownership interest in a business
-what is meant by reconciling an account? - -it is likely to mean proving or
documenting that an account balance is correct
-implicit cost - -any cost that has already occurred but not necessarily
shown or reported as a separate expense
-explicit cost - -normal business costs that appear in the general ledger and
directly affect a company's profitability
-stocks - -shares of ownership in a company
-bonds - -Certificates of debt that carry a promise to buy back the bonds at
a higher price
-an increase in ______ will increase owners equity - -client fees
-a dividend will reduce ______ - -retained earnings
-conflicts of interest exist when employees must choose whether to - -
advance their own interests, those of the organization, or those of some
other gtoup
-TQM is most helpful to firms following the ______ business strategy - -
integrated cost-leadership differentiation
-which of the following is not considered an extrinsic motivator in Herzberg's
two-factor theory - -work itself
-which of the following is not one of the process motivation theories? - -
acquired needs theory
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