Exam (elaborations)
Hospitality Revenue Management Final Exam – Questions With Accurate Solutions
- Course
- Institution
Hospitality Revenue Management Final Exam – Questions With Accurate Solutions
[Show more]
Seller
Follow
LeCrae
Reviews received
Content preview
Hospitality Revenue Management Final Exam –Questions With Accurate Solutions
The primary purpose of accounting is to report on an organization's? Right
Ans - money and valuable property.
When does accounting for a business begin? Right Ans - Before the
business opens
The best definition of an accountant is a person who Right 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? Right Ans -
State
Which branch of accounting concerns itself with the independent verification
of financial records? Right Ans - Auditing
Items owned by a business are referred to as Right Ans - assets
Which is the primary concern of financial accounting? Right Ans -
Recording financial transactions
Which is a question that could NOT be best answered strictly on the basis of
accounting data? Right Ans - Which current bartender should we promote
to Head Bartender?
Assets = Liabilities + Owners? Equity, is referred to as the Right Ans - basic
accounting equation.
When properly used, accounting helps hospitality managers Right 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 Right Ans - Matching Principle.
, Which is the accounting summary that presents the financial condition, or
financial health, of a business? Right Ans - Balance Sheet
In the hospitality industry, a point of sale (POS) system is used to record
Right 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? Right Ans - Financial analysis
Which is the basic accounting equation that is applicable to every business?
Right Ans - Assets = Liabilities + Owners' Equity
Which is the foundation of accurate financial reporting and analysis? Right
Ans - Bookkeeping
In the hospitality industry, a property management system (PMS) is used to
record Right Ans - customer transactions that take place at a hotel's front
desk.
Which would be the first action to occur in a hospitality business?s
transaction recording and analysis process? Right Ans - Guest purchase
What is the primary device that accountants use to record increases or
decreases in the assets, liabilities or owners? equity portion of a business?s
basic accounting equation? Right Ans - Account
A restaurant owner who takes home steaks for grilling at a private party she is
hosting for her friends, without properly reflecting this in the restaurant's
accounting records, is violating the Right Ans - Distinct Business Entity
Principle.
A chef invests $40,000 of her own money, and $160,000 borrowed for a bank,
to open her new restaurant. What percentage of this chef's new operation was
equity funded? Right Ans - 6.7%
Which is the formula a manager would use to calculate a return on investment
(ROI)? Right Ans - Money earned on funds invested / Funds invested = ROI
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78310 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now