Peregrine EXAM STUDY GUIDE 2026/2027
COMPLETE QUESTIONS WITH VERIFIED
CORRECT ANSWERS || 100%
GUARANTEED PASS <NEWEST VERSION>
Which of the following is NOT a strategic alternative to laying off employees? -
ANSWER implementing a restricted hiring policy
downsizing the workforce
lowering employment standards
mandating reduced hours
Lowering Employment Standards
KJ built his taco truck out of $75,000,000 worth of titanium and duct tape. He uses
$10.25 of organic bok choy, $6.75 of Wisconsin cheddar cheese, and $25.25 of
foie gras in each taco. If he sells tacos at $475 each, what is his break-even
quantity? - ANSWER 194,640
173,310
167,125
181,292
173,310
The Marketing Concept today is about what? - ANSWER Sales
Relationships
,Aggressive advertising
Price
Sales
Which of these is not a cash flow activity category in the Statement of cash flows?
- ANSWER operating.
investing.
financing.
depreciating.
Depreciating
What is a general ledger? - 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? -
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? - 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? - 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? - 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? - ANSWER 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? - ANSWER Reconciling an account is
likely to mean proving or documenting that an account balance is correct.
What is included in cash and cash equivalents? - ANSWER 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? - ANSWER
An implicit cost is present but it is not initially shown or reported as a separate
cost.
An explicit cost is a cost that is present and it is clearly shown or reported as a
separate cost.
What is the difference between stocks and bonds? - ANSWER Stocks, or shares of
capital stock, represent an ownership interest in a corporation. Every corporation
has common stock.
Bonds are a form of long-term debt in which the issuing corporation promises to
pay the principal amount at a specified maturity date.
AN INCREASE TO WHICH OF THE FOLLOWING ACCOUNTS WILL
INCREASE OWNERS' EQUITY? - ANSWER Client Fees
IN TIMES OF RISING PRICES, THE INVENTORY COST METHOD THAT
WILL YIELD THE LOWEST NET INCOME IS: - ANSWER LIFO (LIFO is the
COMPLETE QUESTIONS WITH VERIFIED
CORRECT ANSWERS || 100%
GUARANTEED PASS <NEWEST VERSION>
Which of the following is NOT a strategic alternative to laying off employees? -
ANSWER implementing a restricted hiring policy
downsizing the workforce
lowering employment standards
mandating reduced hours
Lowering Employment Standards
KJ built his taco truck out of $75,000,000 worth of titanium and duct tape. He uses
$10.25 of organic bok choy, $6.75 of Wisconsin cheddar cheese, and $25.25 of
foie gras in each taco. If he sells tacos at $475 each, what is his break-even
quantity? - ANSWER 194,640
173,310
167,125
181,292
173,310
The Marketing Concept today is about what? - ANSWER Sales
Relationships
,Aggressive advertising
Price
Sales
Which of these is not a cash flow activity category in the Statement of cash flows?
- ANSWER operating.
investing.
financing.
depreciating.
Depreciating
What is a general ledger? - 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? -
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? - 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? - 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? - 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? - ANSWER 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? - ANSWER Reconciling an account is
likely to mean proving or documenting that an account balance is correct.
What is included in cash and cash equivalents? - ANSWER 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? - ANSWER
An implicit cost is present but it is not initially shown or reported as a separate
cost.
An explicit cost is a cost that is present and it is clearly shown or reported as a
separate cost.
What is the difference between stocks and bonds? - ANSWER Stocks, or shares of
capital stock, represent an ownership interest in a corporation. Every corporation
has common stock.
Bonds are a form of long-term debt in which the issuing corporation promises to
pay the principal amount at a specified maturity date.
AN INCREASE TO WHICH OF THE FOLLOWING ACCOUNTS WILL
INCREASE OWNERS' EQUITY? - ANSWER Client Fees
IN TIMES OF RISING PRICES, THE INVENTORY COST METHOD THAT
WILL YIELD THE LOWEST NET INCOME IS: - ANSWER LIFO (LIFO is the
