Peregrine Exam Questions with Correct Answers 100% Verified When the costs of supplies increase in an industry, the low cost leader_____ - Correct Answers is the only firm able to pay the higher prices and continue to earn average or above average returns Accounts Payable - Correct Answers 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 - Correct Answers 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? - Correct Answers the total cost of merchandise sold during a period owners equity - Correct Answers one of the three main sections of a sole proprietorship's balance sheet cash - Correct Answers includes the following: currency and coins, checks received from customers but not yet deposited, checking accounts, and petty cash cash equivalents - Correct Answers 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 _____ - Correct Answers classification lying by omission involves intentionally - Correct Answers withholding material facts The Federal Highway Administration uses notice-and-comment rulemaking. this process begins with - Correct Answers 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 ______ - Correct Answers strategy formulation process 1 / 2
which of the following is not one of W. Edwards Deming's 14 points? - Correct Answers the only performance standard is zero defects operating statement is another name for the ______ - Correct Answers Income Statement Purchases, returns and allowances, and purchase discounts are classified as _______ on the income statement - Correct Answers contra-cost accounts law of supply - Correct Answers 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 - Correct Answers 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 - Correct Answers the broad underlying concepts which guide accountants when preparing financial statements what is equity? - Correct Answers it indicates an ownership interest in a business what is meant by reconciling an account? - Correct Answers it is likely to mean proving or documenting that an account balance is correct implicit cost - Correct Answers any cost that has already occurred but not necessarily shown or reported as a separate expense explicit cost - Correct Answers normal business costs that appear in the general ledger and directly affect a company's profitability stocks - Correct Answers shares of ownership in a company bonds - Correct Answers Certificates of debt that carry a promise to buy back the bonds at a higher price
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