Why is it important that you, a hospitality student or professional, study
accounting?
Ans- 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:
Ans- provide accurate, useful, and time...
Why is it important that you, a hospitality student or professional, study
accounting?
Ans- 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:
Ans- provide accurate, useful, and timely financial information.
The fundamental accounting equation is:
Ans- assets = liabilities + equity
In the double-entry system of accounting:
,Ans- equal dollar amounts of debits and credits must be entered for each
business transaction.
The Hospitality Financial & Technology Professionals serves its membership by:
Ans- 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:
Ans- 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?
Ans- taxable income multiplied by an applicable tax rate
Which of the following best describes par value of a corporation's stock?
Ans- 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?
Ans- It may have any number of limited partners.
Forming a corporation is a legal procedure performed by:
Ans- 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:
Ans- statement of income.
The purpose of a balance sheet is to:
Ans- show the financial position of a company on a given date.
Which of the following are the basic financial statements prepared by
hospitality businesses?
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