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Accounting Principles and Economics Review Questions, Exams of Nursing

University of Iowa (UI)Nursing

A series of review questions and answers covering fundamental accounting principles and concepts. It addresses topics such as general ledgers, accounts payable and receivable, cost of goods sold, owner's equity, and various accounting principles. Additionally, it includes questions on corporate bonds, inventory cost methods, and economic indicators like gdp. The material is presented in a question-and-answer format, making it suitable for students preparing for accounting exams or seeking a review of core concepts. The document also touches on business strategy, motivation theories, and marketing principles, offering a broad overview of business-related topics. It serves as a useful resource for quick revision and understanding of key terms and concepts in accounting and business management. The document also includes questions on corporate governance, financial statements, and strategic planning, providing a comprehensive review of essential business topics.

Typology: Exams

2024/2025

Available from 06/12/2025

Nurseexcel
Nurseexcel 🇺🇸

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Peregrine Exam Review Questions and Answer
100% Guaranteed Pass
1. Whatiisiaigeneraliledger?:iAigeneraliledgeriaccountiisianiaccountiorirecordiuseditoisort,ist
oreiandisummarizeiaicompany'sitransactions.
assetiaccountsisuchiasiCash,iAccountsiReceivable,iInventory,iInvestments,iLand,iandiEquipment
liabilityiaccountsiincludingiNotesiPayable,iAccountsiPayable,iAccruediExpensesiPayable,iandiCu
stomeriDeposits
stockholders'iequityiaccountsisuchiasiCommoniStock,iRetainediEarnings,iTreasuryiStock,iandiAcc
umulatediOtheriComprehensiveiIncome
2. Whatiisitheidifferenceibetweeniaccountsipayableiandiaccountsireceivable?-
:iAccountsipayableiisiaicurrentiliabilityiaccountiiniwhichiaicompanyirecordsitheiamountsiitio
wesitoisuppliersiorivendorsiforigoodsioriservicesithatiitireceivedionicredit.
Accountsireceivableiisiaicurrentiassetiaccountiiniwhichiaicompanyirecordsitheiamountsiitihasiairig
htitoicollectifromicustomersiwhoireceivedigoodsioriservicesionicredit.
3. Whatiisitheicostiofigoodsisold?:iTheicostiofigoodsisoldiisitheicostiofitheiproductsithatiair
etailer,idistributor,iorimanufacturerihasisold.
4. Whatiisiowner'siequity?:iOwner'siequityiisioneiofitheithreeimainisectionsiofiaisoleiproprietor
ship'sibalanceisheetiandioneiofitheicomponentsiofitheiaccountingiequation:iAssetsi=iLiabilitie
si+iOwner'siEquity.
5. Whatiisiprinciplesiofiaccounting?:iPrinciplesiofiaccountingicanialsoireferitoitheibasiciorifunda
mentaliaccountingiprinciples:icostiprinciples,imatchingiprinciples,ifullidisclosureiprinciples,im
aterialityiprinciples,igoingiconcerniprinciples,ieconomicien-
itityiprinciples,iandisoion.iInithisicontext,iprinciplesiofiaccountingirefersitoitheibroadiunderlyingico
nceptsiwhichiguideiaccountantsiwhenipreparingifinancialistatements.
6. Whatiisiequity?:iEquityicaniindicateianiownershipiinterestiiniaibusiness,isuchiasistockholde
rs'iequityioriowner'siequity.
Equityicanimeanianiowner'siinterestiiniaipersonaliasset.iForiexample,itheiowneriofiai$200,000iho
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Download Accounting Principles and Economics Review Questions and more Exams Nursing in PDF only on Docsity!

Peregrine Exam Review Questions and Answer

100% Guaranteed Pass

  1. Whatiisiaigeneraliledger?:i Aigeneraliledgeriaccountiisianiaccountiorirecordiuseditoisort,ist oreiandisummarizeiaicompany'sitransactions. assetiaccountsisuchiasiCash,iAccountsiReceivable,iInventory,iInvestments,iLand,iandiEquipment liabilityiaccountsiincludingiNotesiPayable,iAccountsiPayable,iAccruediExpensesiPayable,iandiCu stomeriDeposits stockholders'iequityiaccountsisuchiasiCommoniStock,iRetainediEarnings,iTreasuryiStock,iandiAcc umulatediOtheriComprehensiveiIncome
  2. Whatiisitheidifferenceibetweeniaccountsipayableiandiaccountsireceivable?- :i Accountsipayableiisiaicurrentiliabilityiaccountiiniwhichiaicompanyirecordsitheiamountsiitio wesitoisuppliersiorivendorsiforigoodsioriservicesithatiitireceivedionicredit. Accountsireceivableiisiaicurrentiassetiaccountiiniwhichiaicompanyirecordsitheiamountsiitihasiairig htitoicollectifromicustomersiwhoireceivedigoodsioriservicesionicredit.
  3. Whatiisitheicostiofigoodsisold?:i Theicostiofigoodsisoldiisitheicostiofitheiproductsithatiair etailer,idistributor,iorimanufacturerihasisold.
  4. Whatiisiowner'siequity?:i Owner'siequityiisioneiofitheithreeimainisectionsiofiaisoleiproprietor ship'sibalanceisheetiandioneiofitheicomponentsiofitheiaccountingiequation:iAssetsi=iLiabilitie si+iOwner'siEquity.
  5. Whatiisiprinciplesiofiaccounting?:i Principlesiofiaccountingicanialsoireferitoitheibasiciorifunda mentaliaccountingiprinciples:icostiprinciples,imatchingiprinciples,ifullidisclosureiprinciples,im aterialityiprinciples,igoingiconcerniprinciples,ieconomicien- itityiprinciples,iandisoion.iInithisicontext,iprinciplesiofiaccountingirefersitoitheibroadiunderlyingico nceptsiwhichiguideiaccountantsiwhenipreparingifinancialistatements.
  6. Whatiisiequity?:i Equityicaniindicateianiownershipiinterestiiniaibusiness,isuchiasistockholde rs'iequityioriowner'siequity. Equityicanimeanianiowner'siinterestiiniaipersonaliasset.iForiexample,itheiowneriofiai$200,000iho

useithatihasiaimortgageiloaniofi$75,000iisisaiditoihavei$125,000iofiequityiinitheihouse.

  1. Whatiisimeantibyireconcilingianiaccount?:i Reconcilingianiaccountiisilikelyitoimeaniprovingi oridocumentingithatianiaccountibalanceiisicorrect.
  2. Whatiisiincludediinicashiandicashiequivalents?:i Iniaccounting,iaicompany'sicashiincludesi theifollowing: currencyiandicoins checksireceivedifromicustomersibutinotiyetideposited
  1. Wheniaibusinessierroneouslyirecordsiexpensesiasiassets,iitihasiviolateditheimeasurem entiissueiof:i classification
  2. Aidividendiwillireduceiwhichiofitheifollowingiaccounts?:i RetainediEarnings
  3. Lyingibyiomissioniinvolvesiintentionally:i withholdingimaterialifacts.
  4. Conflictsiofiinterestiexistiwheniemployeesimustichooseiwhetherito:i ad- ivanceitheiriowniinterests,ithoseiofitheiorganization,iorithoseiofisomeiotherigroup.
  5. WhichiofitheifollowingistatementsiisiCORRECT?:i Freeicashiflowi(FCF)iis,iessentially,it heicashiflowithatiisiavailableiforiinterestiandidividendsiafterithe

companyihasimadeitheiinvestmentsiinicurrentiandifixediassetsithatiareinecessaryitoisustainiong oingioperations.

  1. Aicorporateibondicurrentlyiyieldsi8.3%.iMunicipalibondsiwithitheisameirisk,imaturity,i andiliquidityicurrentlyiyieldi5.5%.iAtiwhatitaxirateiwouldiin- ivestorsibeiindifferentibetweenitheitwoibonds?:i 33.73%
  2. Whenitheicostsiofisuppliesiincreaseiinianiindustry,itheilow- costileader:i beitheionlyifirmiableitoipayitheihigheripricesiandicontinueitoiearniaverageioriabove- iaverageireturns.
  3. TQMiisimostihelpfulitoifirmsifollowingithei businessistrategy.:i integrat- iedicost-leadershipidifferentiation
  4. AlliofitheifollowingiareiconsiderediextrinsicimotivatorsiiniHerzberg'sitwo- factoritheoryiEXCEPT::i Workiitself
  5. WhichiofitheifollowingiisiNOTioneiofitheiprocessimotivationitheories?:i- Acquiredineedsitheory
  6. Aniindividualiwhoipurchasesiaicomputerilateridecidesitoiacquireiainewimotherboard.i InitermsioficomputingiGDP,ithisinewimotherboardiwouldibeia(n):i Finaligood
  7. TheilargesticomponentiofiGDPiis:i consumption
  8. Inieconomics,ifirmsiareiassumedito:i Maximizeiprofits
  9. Holdingieverythingielseiequal,itotalirevenueiincreases:i whenieitheripriceioriquantityiincre ase
  10. Governmentitacticsithatiincludeiremovingiincentives,idemandingiaihigherishareiofiprofit sianditaxes,iandiconfiscatingiforeigniassetsiareiknownias::i Ex-ipropriation
  11. "Peopleiofitheisameitradeiseldomimeetitogether,ieveniforimerrimentiandidiversion,ibuti theiriconversationiofteniendsiiniconspiracyiagainstitheipublic."iThisiquoteifromiAdamiSmithii sireferringitoiwhichiofitheifollowingibusinessirelationshipiterms::i Collusion
  12. isiaicollectioniofifactsiorganizedisoithatitheyihaveiadditionalivalueibeyonditheiva lueiofitheifactsithemselves.:i Information
  13. isitheisimulationiofiairealioriimaginedienvironmentithaticanibeiexperienced ivisuallyiinithreeidimensions.:i Virtualireality
  14. TheiFederaliHighwayiAdministrationiusesinotice-and-commentirulemak- iing.iThisiprocessibeginsiwith:i theipublicationiofiainoticeiofiproposedirulemaking.
  1. Oneiwayihumaniresourceiplanningilinksitoistrategiciplanningiisibyiprovid- iingiaisetiofiinputsiintoithe::i strategyiformulationiprocess
  2. InitheiSERVQUALiinstrumentiforimeasuringiserviceiquality,itheiconceptiofiassuranceiisia ssociatediwith:i Theiabilityitoiconveyitrustiandiconfidence
  3. WhichiofitheifollowingiisinotioneiofiW.iEdwardsiDeming'si 14 ipoints?:i Theionlyiperformanc eistandardiisiZeroiDefects
  4. Aileadingiforceicurrentlyidrivingichangeiatiworkiis::i Globalicompetition
  5. Aiquestioning,iprobingiattitudeiisiatitheicoreiof::i criticalithinking
  6. WhichiofitheifollowingiISiNOTiaipurposeiofiaimarketingiplan?:i Itiexplainsihowimarketingia ctivitiesimeshiwithiotherifunctionaliareas
  7. Initheicontextiofimarketingiplanning,iwhyiisiitivitalithatitheimarketingiplanibeicapableiofis ellingiitselfitoitopimanagement?:i Becauseitopimanagersimustidecideiwhetheritheimarketingip laniisitheibestiuseiforitheiorganization'siscarceiresources
  8. Sensitivityianalysisiconsiders:i changesiinitheivaluesiofitheipayoffs.
  9. Aipopulationicharacteristic,isuchiasiaipopulationimean,iisicalled:i Aipara-imeter
  10. OPERATINGiSTATEMENTiISiANOTHERiNAMEiFORiWHICHiOFiTHEiFOL- LOWING?:i IncomeiStatement
  11. PURCHASESiRETURNSiANDiALLOWANCESiANDiPURCHASEiDIS- iCOUNTSiAREiCLASSIFIEDiASiWHICHiOFiTHEiFOLLOWINGiONiTHEiINCOMEiSTATEMENT?:i CO NTRA-COSTiACCOUNTS
  12. THEiLASTiSTEPiINiPREPARINGiAiWORKSHEETiISiWHICHiOFiTHEiFOL- iLOWING?:i TOTALiTHEiINCOMEiSTATEMENTiANDiBALANCEiSHEETiITEMSiTOiCOMPUTEiNETiINCO MEi(LOSS)
  13. MissioniStatementivsiVision:i AiMISSIONiSTATEMENTiDEFINESiTHEiCOM- iPANY'SiBUSINESS,iITSiOBJECTIVESiANDiITSiAPPROACHiTOiREACHiTHOSEiOBJECTIVES.iAiVISIO NiSTATEMENTiDESCRIBESiTHEiDESIREDiFUTUREiPO- iSITIONiOFiTHEiCOMPANY.iELEMENTSiOFiMISSIONiANDiVISIONiSTATEMENTSiAREiOFTENiCOMBI NEDiTOiPROVIDEiAiSTATEMENTiOFiTHEiCOMPANY'SiPURPOSES,iGOALSiANDiVALUES.iHOWEV ER,iSOMETIMESiTHEiTWOiTERMSiAREiUSEDiINTERCHANGEABLY.
  14. CorporationiStructure:i AiBOARDiOFiDIRECTORS;iOFFICERS;iEMPLOY- iEES;iSHAREHOLDERS/OWNERS

ANiINTERNALiCONFIGURATIONiOFiTHEiFUNCTIONALiAREASiOFiAiBUSI-iNESS

  1. CORPORATEiGOVERNANCE:i ITiESSENTIALLYiINVOLVESiBALANCINGiTHEiINTERESTSiOFiAi COMPANY'SiMANYiSTAKEHOLDERS,iSUCHiASiSHARE- iHOLDERS,iMANAGEMENT,iCUSTOMERS,iSUPPLIERS,iFINANCIERS,iGOV-

10 i/i 13

  1. AccountingiProfit:i ISiTHEiMONETARYiCOSTSiAiFIRMiPAYSiOUTiANDiTHEiREVENUEiAiFIRMiRE CEIVES.

11 i/i 13 TOTALiMONETARYi-iREVENUEiTOTALiCOSTS.

  1. EconomiciProfit:i ISiTHEiMONETARYiCOSTSiANDiOPPORTUNITYiCOSTSiAiFIRMiPAYSiANDiT HEiREVENUEiAiFIRMiRECEIVES. TOTALiREVENUE-(EXPLICITiCOSTSi+iIMPLICITiCOSTS).
  2. LAWiOFiSUPPLY:i THATiTHEiQUANTITYiOFiAiGOODiSUPPLIEDi(I.E.,iTHEiAMOUNTiOWNERSi ORiPRODUCERSiOFFERiFORiSALE)iRISESiASiTHEiMAR- iKETiPRICEiRISES,iANDiFALLSiASiTHEiPRICEiFALLS.
  3. LawiofiDemand:i SAYSiTHATiTHEiQUANTITYiOFiAiGOODiDEMANDEDiFALLSiASiTHEiPRI CEiRISES,iANDiVICEiVERSA.
  4. Governmentitacticsithatiincludeiremovingiincentives:i advanceitheiriowniinterests,itho seiofitheiorganization,iorithoseiofisomeiotherigroup.
  5. Aisuitiforinegligenceimustiproveifourielements:idutyioficare,ibreachiofiduty,iproximat eicauseiand:i Actualiharm
  6. FinancialiRegulation:i isiaiformiofiregulationiorisupervision,iwhichisubjectsifinancialiinstit utionsitoicertainirequirements,irestrictionsiandiguidelines,iaimingitoimaintainitheiintegrityiofit heifinancialisystem.iThisimayibeihandledibyieitheriaigovernmentiorinon- governmentiorganization.
  7. THEiFTC'SiBUREAUiOFiCONSUMERiPROTECTION:i STOPSiUNFAIR,iDE- iCEPTIVEiANDiFRAUDULENTiBUSINESSiPRACTICESiBYiCOLLECTINGiCOM- iPLAINTSiANDiCONDUCTINGiINVESTIGATIONS,iSUINGiCOMPANIESiANDiPEOPLEiTHATiBREA KiTHEiLAW,iDEVELOPINGiRULESiTOiMAINTAINiAiFAIRiMARKETPLACE,iANDiEDUCATINGiCONS UMERSiANDiBUSINESSESiABOUTiTHEIRiRIGHTSiANDiRESPONSIBILITIES.
  8. 6 iBASICiRIGHTSiOFiCONSUMERS:i rightitoisafety,irightitoibeiinformed,irightitoichoose,irightit oibeiheard,irightitoiconsumerieducation,irightitoicourteousiservice
  9. Corporateicultureiisishown:i (1)itheiwaysitheiorganizationiconductsiitsibusi- iness,itreatsiitsiemployees,icustomers,ianditheiwidericommunity,i(2)itheiextentitoiwhichifreedo miisiallowediinidecisionimaking,idevelopinginewiideas,iandipersonaliexpression,i(3)ihowipoweri andiinformationiflowithroughiitsihierarchy,iandi(4)ihowicommittediemployeesiareitowardsicolle ctiveiobjectives.iItiaffectsitheiorganization'siproductivityiandiperformance,iandiprovidesiguideli

13 i/i 13

  1. IndividualiandiGroupiDynamics:i Interactionioficomplexiintra-iandiinter-per- isonaliforcesioperatingiiniaigroupiwhichidetermineiitsicharacter,idevelopment,iandilong- termisurvival. Fieldiofistudyiconcernediwithideterminationiofilawsiunderlyingigroupibehavior.
  2. PopulationiSampling:i isitheiprocessiofitakingiaisubsetiofisubjectsithatiisirepresentativ eiofitheientireipopulation.iTheisampleimustihaveisufficientisizeitoiwarrantistatisticalianalysi s.
  3. TYPEiIiERROR:i ISiTHEiREJECTIONiOFiAiTRUEiNULLiHYPOTHESISi(ALSOiKNOWNiASiAi"FALSEi POSITIVE"iFINDING)
  4. TYPEiIIiERROR:i ISiFAILINGiTOiREJECTiAiFALSEiNULLiHYPOTHESISi(ALSOiKNOWNiASiAi "FALSEiNEGATIVE"iFINDING)