Hospitality Revenue Management FINAL
2023
The primary purpose of accounting is to report on an organization's? - ANS-money and valuable property.
When
... [Show More] does accounting for a business begin? - ANS-Before the business opens
The best definition of an accountant is a person who - ANS-is skilled in the recording and reporting of
financial transactions.
Which governmental entity establishes standards, and then awards qualified individuals the Certified Public
Accountant (CPA) designation? - ANS-State
Which branch of accounting concerns itself with the independent verification of financial records? - ANSAuditing
Items owned by a business are referred to as - ANS-assets
Which is the primary concern of financial accounting? - ANS-Recording financial transactions
Which is a question that could NOT be best answered strictly on the basis of accounting data? - ANSWhich current bartender should we promote to Head Bartender?
Assets = Liabilities + Owners? Equity, is referred to as the - ANS-basic accounting equation.
When properly used, accounting helps hospitality managers - ANS-make better decisions.
A restaurant owner records his purchases of food and beverage as an expense when they are purchased,
and who does not record end of accounting period inventory values is violating the - ANS-Matching
Principle.
Which is the accounting summary that presents the financial condition, or financial health, of a business? -
ANS-Balance Sheet
In the hospitality industry, a point of sale (POS) system is used to record - ANS-guest sales, payments and
other information.
Which portion of a hospitality business?s transaction and analysis process would most often by undertaken
by the business?s owner or general manager? - ANS-Financial analysis
Which is the basic accounting equation that is applicable to every business? - ANS-Assets = Liabilities +
Owners' Equity
Which is the foundation of accurate financial reporting and analysis? - [Show Less]