Why is it important that you, a hospitality student or professional, study accounting? - As
a user of financial information, you need to know how the information is processed and
how reports are prepared.
The fundamen
...
Why is it important that you, a hospitality student or professional, study accounting? - As
a user of financial information, you need to know how the information is processed and
how reports are prepared.
The fundamental purpose of accounting is to: - provide accurate, useful, and timely
financial information.
The fundamental accounting equation is: - assets = liabilities + equity
In the double-entry system of accounting: - equal dollar amounts of debits and credits
must be entered for each business transaction.
The Hospitality Financial & Technology Professionals serves its membership by: -
providing training sessions on hospitality accounting and technology and conducting
professional development seminars for clubs, gaming operations, and other areas of
special interest.
In a corporation business form: - profits are retained in the corporation, with
shareholders receiving dividends at the discretion of the board of directors.
How is a business's income tax computed? - taxable income multiplied by an applicable
tax rate
Which of the following best describes par value of a corporation's stock? - It is an
established value for a company's stock, generally very low, below which the stock
cannot be originally issued.
Which of the following statements regarding the partnership form of business is true? - It
may have any number of limited partners.
Forming a corporation is a legal procedure performed by: - filing articles of incorporation
with the secretary of corporation's office in the corporation's home state.
The financial document that provides information about the results of a company's
operations for a period of time is the: - statement of income.The purpose of a balance sheet is to: - show the financial position of a company on a
given date.
Which of the following are the basic financial statements prepared by hospitality
businesses? - statement of income, equity statement, balance sheet, statement of cash
flows.
Managers, stockholders, investors, creditors, and other interested readers of a
hospitality business's financial statements use the statements to get information about: -
what the hospitality operation has accomplished financially,
where cash came from and where it was spent during the most recent accounting
period, and the operation's ability to pay its bills.
The statement of retained earnings for a corporation shows: - the amount of earnings
retained by the corporation.
An unsecured bond backed only by the good faith of the issuer is called a: - debenture
bond.
The account Prepaid Insurance is classified on the balance sheet as a: - current asset.
Assets in the Property and Equipment category are sometimes referred to as: - fixed
assets.
Current assets consist of: - those that are convertible to cash within 12 months of the
balance sheet date, those that are available without restriction for use in payment of
current liabilities, and cash.
Under which of the following is sales tax collected from guests recorded? - curren
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