Peregrine Exam Test Questions
And Correct Answers
When 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
And Correct Answers
When 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
