Accounting > EXAM > AHLEI Final Exam Questions & Answers | 85 Questions with 100% Correct Answers | Updated & Verified (All)

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AHLEI Final Exam Questions & Answers | 85 Questions with 100% Correct Answers | Updated & Verified

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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 a ... re 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 [Show More]

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