Peregrine Exam/ 71 Questions with Certified Solutions
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Course
Peregrine
Institution
Peregrine
Peregrine Exam/ 71 Questions with Certified Solutions. Terms like:
What is meant by reconciling an account? - Answer: Reconciling an account is likely to mean proving or documenting that an account balance is correct.
What is included in cash and cash equivalents? - Answer: In accounting, a ...
Peregrine Exam/ 71 Questions with
Certified Solutions
What is meant by reconciling an account? - Answer: Reconciling an account is
likely to mean proving or documenting that an account balance is correct.
What is included in cash and cash equivalents? - Answer: In accounting, a
company's cash includes the following:
currency and coins
checks received from customers but not yet deposited
checking accounts
petty cash
Cash equivalents are short-term, highly liquid investments with a maturity date
that was 3 months or less at the time of purchase.
money market accounts
Page 1 of 14
, U.S. Treasury Bills
commercial paper
What is the difference between an implicit cost and an explicit cost? - Answer: An
implicit cost is present but it is not initially shown or reported as a separate cost.
An explicit cost is a cost that is present and it is clearly shown or reported as a
separate cost.
What is the difference between stocks and bonds? - Answer: Stocks, or shares of
capital stock, represent an ownership interest in a corporation. Every corporation
has common stock.
Bonds are a form of long-term debt in which the issuing corporation promises to
pay the principal amount at a specified maturity date.
AN INCREASE TO WHICH OF THE FOLLOWING ACCOUNTS WILL INCREASE
OWNERS' EQUITY? - Answer: Client Fees
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 Payable, Accrued Expenses
Payable, and Customer Deposits
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