Peregrine Exam Newest 2026 Questions and
Correct Detailed Answers Already Graded A+
Holding everything else equal, total revenue increases - CORRECT ANSWER-
when either price or quantity increase
Government tactics that include removing incentives, demanding a higher share
of profits and taxes, and confiscating foreign assets are known as: - CORRECT
ANSWER-Expropriation
"People of the same trade seldom meet together, even for merriment and
diversion, but their conversation often ends in conspiracy against the public." This
quote from Adam Smith is referring to which of the following business
relationship terms: - CORRECT ANSWER-Collusion
____ is a collection of facts organized so that they have additional value beyond
the value of the facts themselves. - CORRECT ANSWER-Information
____ is the simulation of a real or imagined environment that can be experienced
visually in three dimensions. - CORRECT ANSWER-Virtual reality
,The Federal Highway Administration uses notice-and-comment rulemaking. This
process begins with - CORRECT ANSWER-the publication of a notice of
proposed rulemaking.
What is a general ledger? - CORRECT 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? -
CORRECT 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.
, 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? - CORRECT 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? - CORRECT 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? - CORRECT 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? - CORRECT ANSWER-Equity can indicate an ownership interest
in a business, such as stockholders' equity or owner's equity.
Correct Detailed Answers Already Graded A+
Holding everything else equal, total revenue increases - CORRECT ANSWER-
when either price or quantity increase
Government tactics that include removing incentives, demanding a higher share
of profits and taxes, and confiscating foreign assets are known as: - CORRECT
ANSWER-Expropriation
"People of the same trade seldom meet together, even for merriment and
diversion, but their conversation often ends in conspiracy against the public." This
quote from Adam Smith is referring to which of the following business
relationship terms: - CORRECT ANSWER-Collusion
____ is a collection of facts organized so that they have additional value beyond
the value of the facts themselves. - CORRECT ANSWER-Information
____ is the simulation of a real or imagined environment that can be experienced
visually in three dimensions. - CORRECT ANSWER-Virtual reality
,The Federal Highway Administration uses notice-and-comment rulemaking. This
process begins with - CORRECT ANSWER-the publication of a notice of
proposed rulemaking.
What is a general ledger? - CORRECT 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? -
CORRECT 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.
, 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? - CORRECT 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? - CORRECT 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? - CORRECT 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? - CORRECT ANSWER-Equity can indicate an ownership interest
in a business, such as stockholders' equity or owner's equity.
