Peregrine Exam Questions with Complete Solutions

Peregrine Exam Questions with Complete Solutions Purchases, returns and allowances, and purchase discounts are classified as _______ on the income statement - Answer-contra-cost accounts law of supply - 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 - 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 - Answer-the broad underlying concepts which guide accountants when preparing financial statements what is equity? - Answer-it indicates an ownership interest in a business what is meant by reconciling an account? - Answer-it is likely to mean proving or documenting that an account balance is correct implicit cost - Answer-any cost that has already occurred but not necessarily shown or reported as a separate expense explicit cost - Answer-normal business costs that appear in the general ledger and directly affect a company's profitability stocks - Answer-shares of ownership in a company bonds - Answer-Certificates of debt that carry a promise to buy back the bonds at a higher price an increase in ______ will increase owners equity - Answer-client fees a dividend will reduce ______ - Answer-retained earnings conflicts of interest exist when employees must choose whether to - 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 - Answer-integrated cost-leadership differentiation which of the following is not considered an extrinsic motivator in Herzberg's two-factor theory - Answer-work itself which of the following is not one of the process motivation theories? - Answer-acquired needs theory