Peregrine EXAM LATEST QUESTIONS
-exam elaborations with 100% verified answer/solutions-
Excel & Succeed - academic year (2026-2027)
71 Q&A
What is a general ledger?
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?
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?
The cost of goods sold is the cost of the products that a retailer, distributor, or
manufacturer has sold.
, What is owner's equity?
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?
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?
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?
Reconciling an account is likely to mean proving or documenting that an
account balance is correct.
What is included in cash and cash equivalents?
In accounting, a company's cash includes the following:
currency and coins
checks received from customers but not yet deposited
checking accounts
petty cash
Cash equivalents are short-term, highly liquid investments with a maturity date
that was 3 months or less at the time of purchase.
money market accounts
U.S. Treasury Bills
commercial paper
What is the difference between an implicit cost and an explicit cost?
-exam elaborations with 100% verified answer/solutions-
Excel & Succeed - academic year (2026-2027)
71 Q&A
What is a general ledger?
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?
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?
The cost of goods sold is the cost of the products that a retailer, distributor, or
manufacturer has sold.
, What is owner's equity?
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?
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?
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?
Reconciling an account is likely to mean proving or documenting that an
account balance is correct.
What is included in cash and cash equivalents?
In accounting, a company's cash includes the following:
currency and coins
checks received from customers but not yet deposited
checking accounts
petty cash
Cash equivalents are short-term, highly liquid investments with a maturity date
that was 3 months or less at the time of purchase.
money market accounts
U.S. Treasury Bills
commercial paper
What is the difference between an implicit cost and an explicit cost?
