Peregrine Accounting and Finance
2025/2026 Exam Questions and Answers
| 100% Pass
Which financial statement reports the revenues and expenses for a period
of time such as year or a month? - 🧠 ANSWER ✔✔Income Statement
Which financial statement reports the assets, liabilities, and stockholders'
(owner's) equity at a specific date? - 🧠 ANSWER ✔✔Balance sheet
Under the accrual basis of accounting, revenues are reported in the
accounting period when which of the following occurs? - 🧠 ANSWER
✔✔Services or gods have been delivered
Under the accrual basis of accounting, expenses are reported in the
accounting period when which of the following occurs? - 🧠 ANSWER ✔✔an
expense matches the revenues or is used up
Revenue minus expenses equals _____. - 🧠 ANSWER ✔✔net income
Resources owned by a company (such as cash, accounts receivable,
vehicles) are reported on the balance sheet and are referred to as
1
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, _________ - 🧠 ANSWER ✔✔assets
Assets are usually reported on the balance sheet at which amount? - 🧠
ANSWER ✔✔cost
Cost principle - 🧠 ANSWER ✔✔A principle that states that acquired assets
and services should be recorded at their actual cost.
Obligations (amounts owed) are reported on the balance sheet and are
referred to as
________ - 🧠 ANSWER ✔✔liabilities
Liabilities often have the word
__________
in their account title - 🧠 ANSWER ✔✔payables
Unearned Revenues is what type of account? - 🧠 ANSWER ✔✔Liability
(The company that is to perform the service or is to deliver the product has
received the cash in advance and therefore has an obligation (liability) to
deliver the service or the product.)
2
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
2025/2026 Exam Questions and Answers
| 100% Pass
Which financial statement reports the revenues and expenses for a period
of time such as year or a month? - 🧠 ANSWER ✔✔Income Statement
Which financial statement reports the assets, liabilities, and stockholders'
(owner's) equity at a specific date? - 🧠 ANSWER ✔✔Balance sheet
Under the accrual basis of accounting, revenues are reported in the
accounting period when which of the following occurs? - 🧠 ANSWER
✔✔Services or gods have been delivered
Under the accrual basis of accounting, expenses are reported in the
accounting period when which of the following occurs? - 🧠 ANSWER ✔✔an
expense matches the revenues or is used up
Revenue minus expenses equals _____. - 🧠 ANSWER ✔✔net income
Resources owned by a company (such as cash, accounts receivable,
vehicles) are reported on the balance sheet and are referred to as
1
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, _________ - 🧠 ANSWER ✔✔assets
Assets are usually reported on the balance sheet at which amount? - 🧠
ANSWER ✔✔cost
Cost principle - 🧠 ANSWER ✔✔A principle that states that acquired assets
and services should be recorded at their actual cost.
Obligations (amounts owed) are reported on the balance sheet and are
referred to as
________ - 🧠 ANSWER ✔✔liabilities
Liabilities often have the word
__________
in their account title - 🧠 ANSWER ✔✔payables
Unearned Revenues is what type of account? - 🧠 ANSWER ✔✔Liability
(The company that is to perform the service or is to deliver the product has
received the cash in advance and therefore has an obligation (liability) to
deliver the service or the product.)
2
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
