Exam (elaborations)

Hospitality Industry Financial Accounting with Answer Sheet (AHLEI) 4th Edition By Raymond Schm (Test Bank)

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Hospitality Industry Financial Accounting with Ans

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Hospitality Industry Financial Accounting With Ans

Hospitality Industry Financial Accounting with Answer Sheet (AHLEI) 4e Raymond Schm (Test Bank) Hospitality Industry Financial Accounting with Answer Sheet (AHLEI) 4e Raymond Schm (Test Bank)

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hospitality industry financial accounting with answer sheet ahlei 4e raymond schm test bank

Institution Hospitality Industry Financial Accounting with Ans
Module Hospitality Industry Financial Accounting with Ans

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Hospitality
Industry Financial
Accounting with
Answer Sheet
(AHLEI) 4e
Raymond Schm
(Test Bank all
Chapters)

, TABLE OF CONTENTS

CHAPTER 1 INTRODUCTION TO ACCOUNTING

CHAPTER 2 ACCOUNTING FOR BUSINESS TRANSACTIONS

CHAPTER 3 ACCOUNTING ADJUSTMENTS

CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE

CHAPTER 5 INCOME STATEMENT

CHAPTER 6 BALANCE SHEET

CHAPTER 7 SPECIALIZED JOURNALS AND SUBSIDIARY LEDGERS

CHAPTER 8 CASH

CHAPTER 9 RECEIVABLES AND PAYABLES

CHAPTER 10 INVENTORY

CHAPTER 11 PROPERTY, EQUIPMENT, AND OTHER ASSETS

CHAPTER 12 CURRENT LIABLILITIES AND PAYROLL

CHAPTER 13 PARTNERSHIPS

CHAPTER 14 CORPORATE ACCOUNTING

CHAPTER 15 BONDS, LEASES, AND MORGAGES PAYABLE

CHAPTER 16 INVESTMENTS IN CORPORATE SECURITIES

CHAPTER 17 STATEMENT OF CASH FLOWS

CHAPTER 18 ANALYSIS AND INTERPRETATION OF FINANCIAL STATEMENTS

,2 260T Hospitality Industry Financial Accounting

CHAPTER 1

THE SUPERVISOR AND THE MANAGEMENT PROCESS

CHAPTER 1 MULTIPLE CHOICE

1. Which of the following events would be recorded as an accounting event?
a. A guest enters the dining room and is seated by a host.
b. A guest complains to front office representatives about a dirty guestroom.
c. A valet parks a guest’s vehicle.
d. A guest purchases a meal in a food outlet.
Answer: d

2. The branch of accounting that involves reviewing and evaluating documents, records, and
control systems is called:
a. financial accounting.
b. cost accounting.
c. managerial accounting.
d. auditing.
Answer: d

3. Which of the following groups has the most influence over the development of accounting
principles in the private sector?
a. Financial Accounting Standards Board (FASB)
b. Securities and Exchange Commission (SEC)
c. Internal Revenue Service (IRS)
d. Hospitality Financial and Technology Professionals (HFTP)
Answer: a

4. The organization that administers the certification programs for Certified Hotel Account
Executives and Certified Hotel Technology Professionals is:
a. the Internal Revenue Service (IRS).
b. the Securities and Exchange Commission (SEC).
c. Hospitality Financial and Technology Professionals (HFTP).
d. the Financial Accounting Standards Board (FASB).

, 260T Hospitality Industry Financial Accounting 3

Answer: c

5. The major disadvantage of the corporate form of business organization is:
a. double taxation.
b. limited liability.
c. difficulty in raising capital.
d. all of the above.
Answer: a

6. Regardless of the size of an operation’s accounting department, the diversity of its
responsibilities, or the number and types of reports produced, the accounting staff is
responsible for providing:
a. service.
b. clean rooms that are ready for sale.
c. inventory counts.
d. guest comment cards.
Answer: a

7. The generally accepted accounting principle of matching requires that:
a. accounting adjustments be made at least quarterly.
b. balance sheet accounts and income statement accounts match.
c. expenses be matched with the revenues they generate.
d. hospitality businesses use the cash basis of accounting.
Answer: c

8. The Tech Hotel purchased a computer for $3,000. The retail value of the computer per the
salesperson is $3,500; however, it is projected that the computer will have a market value
of only $2,500 one year from now. The cost principle dictates that the computer purchase
be recorded at the date of purchase for:
a. $2,500.
b. $3,000.
c. $3,500.
d. cannot be determined
Answer: b

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