100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Instructor Manual for Hospitality Management Accounting 9th Edition by Marti Jagels (All Chapters) A+ $12.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Hospitality Management Accounting 9th Edition By M
  4.  
  5. Hospitality Management Accounting 9th Edition by M

Exam (elaborations)

Instructor Manual for Hospitality Management Accounting 9th Edition by Marti Jagels (All Chapters) A+

 0 purchase
  • Course
  • Hospitality Management Accounting 9th Edition by M
  • Institution
  • Hospitality Management Accounting 9th Edition By M
  • Book
  • Hospitality Management Accounting

Instructor Manual for Hospitality Management Accounting 9th Edition by Marti Jagels (All Chapters) A+ ..

Preview 4 out of 235  pages

Document information

  • October 9, 2024
  • 235
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • manual for
  • hospitality
  • management
  • accounting
  • 9th
  • edition
  • marti jagels
  • 2024
  • instructor
  • by
  • hospitality management accounting
  • hospitality management accounting 9th edition

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

  • SOLUTION MANUAL Hospitality Management Accounting 9th Edition by Jagels Martin All 1-14 Chapters Covered ,Latest Edition
  • SOLUTION MANUAL Hospitality Management Accounting 9th Edition by Jagels Martin All Chapters 1 to 14 complete Verified editon ISBN: 9780471687894
  • Hospitality Management Accounting 9th Edition by Jagels Martin. ) TEST BANK & SOLUTIONS MANUAL All 1-14 Chapters Covered ,Latest Edition, ISBN:9780471687894
All for this textbook (4)

Written for

  • Hospitality Management Accounting 9th Edition by M
All documents for this subject (1)

Seller

avatar-seller
ASolution

Reviews received

Content preview

Created By: A Solution


Instructor Manual for Hospitality Management Accounting 9th

Edition by Marti Jagels (All Chapters) A+

CHAPTER 1

BASIC FINANCIAL ACCOUNTING REVIEW

INTRODUCTION

This chapter reviews basic accounting principles and procedures. It is a necessary chapter for

those whose accounting background is poor. If students have recently completed an introductory

accounting course, this chapter could be omitted, or assigned for self review. Chapters 1 and 2

lay the foundation for most of the remaining chapters in the textbook.



TRUE OR FALSE QUESTIONS

(Correct answer indicated by T for True answers and F for False answers)

1. Accounting principles and concepts are broad rules developed to create a common T

language used by accountants.

2. A business owner’s personal assets should be included with the assets of the business

F entity.

3. The cost principle of valuing assets may not indicate the true value of the assets as time

T goes by.

4. Accrual accounting is based on the principle of matching sales revenue with expenses.

T

5. Cash basis accounting is never used in business. F

6. The full-disclosure principle states that all accounting records should be available at

F any time to anyone who wants to look at them.

1

,Created By: A Solution


7. Changing depreciation methods from one period to the next would not conform to the

T principle of consistency.

8. The materiality of a particular transaction may need to be considered in deciding T

whether or not to conform to other accounting principles.

9. Depreciation is a method of allocating the cost of a long-lived asset to an expense over

T the life of the asset.

10. Straight-line depreciation allocates the cost of a long-lived asset in equal units of time

T over the life of the asset.

11. Assets plus liabilities equal ownership equity. F

12. T

13. The term operating income identifies operating income before income tax. T

14. .T

15. Double-entry-accrual accounting ensures the balance sheet equation is always kept in

T balance, as long as no errors are made in recording and posting transactions.



16. The debit side of a ledger account is always the left column. It is used to post debit

T values of a transaction.

17. A debit entry to a debit balanced ledger account will decrease the balance of the F

account.

18. A credit entry to a credit balanced account will increase the account balance. T

19. An expense account carries a normal debit balance. T

20. A trial balance showing the total of the debit and credit balanced accounts are equal at

F the end of an accounting period indicates all entries have been correctly posted.


2

,Created By: A Solution


21. Adjusting entries are normally necessary at the end of an accounting period to conform

T to the matching principle.

22. T

23. A sales revenue account is debit balanced. F

24. The portion of a prepaid account to be expensed will require a debit to the prepaid F

account and a credit to an expense account.

25. End of period adjusting entries is recorded in a journal before the adjustments are T

posted to the ledger accounts.



MULTIPLE CHOICE QUESTIONS

(Correct answers indicated by asterisk)

1. A cocktail lounge owner who takes home liquor for private parties at home without

reflecting this in the lounge’s accounting records is violating the:

(a) Matching principle

(b) Going concern concept

* (c) Business entity concept

(d) Cost principle

2. A restaurant that records all purchases of food and beverages as an expense at the time of

purchase and does not consider the end of period inventories would be violating the:

(a) Cost principle

(b) Materiality concept

(c) Full disclosure principle

* (d) Matching principle


3

, Created By: A Solution


3. The cost principle is concerned with:

* (a) Recording items in the accounting records at their actual cost

(b) Matching the cost of items with the related sales revenue

(c) Valuing long-lived assets at their current market value rather than at cost

(d) Setting menu prices at a certain mark-up over cost



4. The balance sheet equation can be expressed as:

(a) Assets = Liabilities + Owners’ equity

(b) Owners’ equity

(c)

* (d) All of the above

5. A restaurant purchased a new point of sale terminal by paying one-half of its cost in cash

and owing the balance on account. The journal entry requires a:

(a) debit to an asset and a credit to two liability accounts

* (b) debit to an asset, a credit to an asset, and a credit to a liability

(c) debit to an asset, a debit to a liability, and a credit to a liability

(d) debit to two assets and a credit to a liability account

6. The length of the period of an accounting cycle is:

* (a) A length of time that the business deems desirable and appropriate

(b) A week at least

(c) Monthly for all hospitality enterprises

(d) Quarterly for a resort hotel




4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 ASolution. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$12.99
  • (0)
Add to cart
Added