100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Peregrine Exam Practice Questions and Answers 100% Pass $12.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Peregrine
  4.  
  5. Peregrine

Exam (elaborations)

Peregrine Exam Practice Questions and Answers 100% Pass
 0 view  0 purchase
  • Course
  • Peregrine
  • Institution
  • Peregrine

Peregrine Exam Practice Questions and Answers 100% Pass 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 ...

[Show more]

Preview 2 out of 14  pages

Document information

  • November 19, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • peregrine exam practice questions and answers 100

Written for

  • Peregrine
  • Peregrine

Seller

avatar-seller
SophiaBennett

Reviews received

Content preview

Peregrine Exam Practice Questions and
Answers 100% Pass

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




stockholders' equity accounts such as Common Stock, Retained Earnings, Treasury

Stock, and Accumulated Other Comprehensive Income


What is the difference between accounts payable and accounts receivable? -

ANSWER✔✔-Accounts payable is a current liability account in which a company

records the amounts it owes to suppliers or vendors for goods or services that it

received on credit.




Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 1/14

, Accounts receivable is a 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 cost of goods sold is the cost of the

products that a retailer, distributor, or manufacturer has sold.


What is owner's equity? - ANSWER✔✔-Owner's equity is one of the three main sections

of a sole proprietorship's balance sheet and one of the components of the accounting

equation: Assets = Liabilities + Owner's Equity.


What is principles of accounting? - ANSWER✔✔-Principles of accounting can also refer

to the basic or fundamental accounting principles: cost principles, matching principles,

full disclosure principles, materiality principles, going concern principles, economic

entity principles, and so on. In this context, principles of accounting refers to the broad

underlying concepts which guide accountants when preparing financial statements.


What is equity? - ANSWER✔✔-Equity can indicate an ownership interest in a business,

such as stockholders' equity or owner's equity.


Equity can mean an owner's interest in a personal asset. For example, the owner of a

$200,000 house that has a mortgage loan of $75,000 is said to have $125,000 of equity in

the house.


What is meant by reconciling an account? - ANSWER✔✔-Reconciling an account is

likely to mean proving or documenting that an account balance is correct.



Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 2/14

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller SophiaBennett. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart