PEREGRINE EXAM COMPREHENSIVE
QUESTIONS & VERIFIED CORRECT
ANSWERS PASSED 100%
When the costs of supplies increase in an industry, the low cost leader_____ - Correct
Answer ✔✔ is the only firm able to pay the higher prices and continue to earn average
or above average returns
Accounts Payable - Correct Answer ✔✔ 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 - Correct Answer ✔✔ 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 total cost of merchandise sold
during a period
owners equity - Correct Answer ✔✔ one of the three main sections of a sole
proprietorship's balance sheet
cash - Correct Answer ✔✔ includes the following: currency and coins, checks received
from customers but not yet deposited, checking accounts, and petty cash
cash equivalents - Correct Answer ✔✔ 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 Answer ✔✔ classification
lying by omission involves intentionally - Correct Answer ✔✔ withholding material facts
The Federal Highway Administration uses notice-and-comment rulemaking. this process
begins with - Correct Answer ✔✔ 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 Answer ✔✔ strategy formulation process
which of the following is not one of W. Edwards Deming's 14 points? - Correct Answer
✔✔ the only performance standard is zero defects
, operating statement is another name for the ______ - Correct Answer ✔✔ Income
Statement
Purchases, returns and allowances, and purchase discounts are classified as _______
on the income statement - Correct Answer ✔✔ contra-cost accounts
law of supply - Correct Answer ✔✔ 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 Answer ✔✔ 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 Answer ✔✔ the broad underlying concepts
which guide accountants when preparing financial statements
what is equity? - Correct Answer ✔✔ it indicates an ownership interest in a business
what is meant by reconciling an account? - Correct Answer ✔✔ it is likely to mean
proving or documenting that an account balance is correct
implicit cost - Correct Answer ✔✔ any cost that has already occurred but not
necessarily shown or reported as a separate expense
explicit cost - Correct Answer ✔✔ normal business costs that appear in the general
ledger and directly affect a company's profitability
stocks - Correct Answer ✔✔ shares of ownership in a company
bonds - Correct Answer ✔✔ Certificates of debt that carry a promise to buy back the
bonds at a higher price
an increase in ______ will increase owners equity - Correct Answer ✔✔ client fees
a dividend will reduce ______ - Correct Answer ✔✔ retained earnings
conflicts of interest exist when employees must choose whether to - Correct Answer
✔✔ advance their own interests, those of the organization, or those of some other gtoup
TQM is most helpful to firms following the ______ business strategy - Correct Answer
✔✔ integrated cost-leadership differentiation
which of the following is not considered an extrinsic motivator in Herzberg's two-factor
theory - Correct Answer ✔✔ work itself
QUESTIONS & VERIFIED CORRECT
ANSWERS PASSED 100%
When the costs of supplies increase in an industry, the low cost leader_____ - Correct
Answer ✔✔ is the only firm able to pay the higher prices and continue to earn average
or above average returns
Accounts Payable - Correct Answer ✔✔ 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 - Correct Answer ✔✔ 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 total cost of merchandise sold
during a period
owners equity - Correct Answer ✔✔ one of the three main sections of a sole
proprietorship's balance sheet
cash - Correct Answer ✔✔ includes the following: currency and coins, checks received
from customers but not yet deposited, checking accounts, and petty cash
cash equivalents - Correct Answer ✔✔ 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 Answer ✔✔ classification
lying by omission involves intentionally - Correct Answer ✔✔ withholding material facts
The Federal Highway Administration uses notice-and-comment rulemaking. this process
begins with - Correct Answer ✔✔ 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 Answer ✔✔ strategy formulation process
which of the following is not one of W. Edwards Deming's 14 points? - Correct Answer
✔✔ the only performance standard is zero defects
, operating statement is another name for the ______ - Correct Answer ✔✔ Income
Statement
Purchases, returns and allowances, and purchase discounts are classified as _______
on the income statement - Correct Answer ✔✔ contra-cost accounts
law of supply - Correct Answer ✔✔ 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 Answer ✔✔ 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 Answer ✔✔ the broad underlying concepts
which guide accountants when preparing financial statements
what is equity? - Correct Answer ✔✔ it indicates an ownership interest in a business
what is meant by reconciling an account? - Correct Answer ✔✔ it is likely to mean
proving or documenting that an account balance is correct
implicit cost - Correct Answer ✔✔ any cost that has already occurred but not
necessarily shown or reported as a separate expense
explicit cost - Correct Answer ✔✔ normal business costs that appear in the general
ledger and directly affect a company's profitability
stocks - Correct Answer ✔✔ shares of ownership in a company
bonds - Correct Answer ✔✔ Certificates of debt that carry a promise to buy back the
bonds at a higher price
an increase in ______ will increase owners equity - Correct Answer ✔✔ client fees
a dividend will reduce ______ - Correct Answer ✔✔ retained earnings
conflicts of interest exist when employees must choose whether to - Correct Answer
✔✔ advance their own interests, those of the organization, or those of some other gtoup
TQM is most helpful to firms following the ______ business strategy - Correct Answer
✔✔ integrated cost-leadership differentiation
which of the following is not considered an extrinsic motivator in Herzberg's two-factor
theory - Correct Answer ✔✔ work itself
