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Hospitality Revenue Management FINAL QUESTIONS & ANSWERS

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Hospitality Revenue Management FINAL The primary purpose of accounting is to report on an organization's? - Answer- money and valuable property. When does accounting for a business begin? - Answer- Before the business opens The best definition of an accountant is a person who - Answer-...

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  • May 8, 2024
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  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • before the business opens
  • which is the
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Hospitality Revenue Management FINAL
The primary purpose of accounting is to report on an organization's? - Answer- money and
valuable property.

When does accounting for a business begin? - Answer- Before the business opens

The best definition of an accountant is a person who - Answer- 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? - Answer- State

Which branch of accounting concerns itself with the independent verification of financial
records? - Answer- Auditing

Items owned by a business are referred to as - Answer- assets

Which is the primary concern of financial accounting? - Answer- Recording financial
transactions

Which is a question that could NOT be best answered strictly on the basis of accounting data? -
Answer- Which current bartender should we promote to Head Bartender?

Assets = Liabilities + Owners? Equity, is referred to as the - Answer- basic accounting
equation.

When properly used, accounting helps hospitality managers - Answer- 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 -
Answer- Matching Principle.

Which is the accounting summary that presents the financial condition, or financial health, of a
business? - Answer- Balance Sheet

In the hospitality industry, a point of sale (POS) system is used to record - Answer- 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? - Answer- Financial analysis

Which is the basic accounting equation that is applicable to every business? - Answer- Assets
= Liabilities + Owners' Equity

Which is the foundation of accurate financial reporting and analysis? - Answer- Bookkeeping

In the hospitality industry, a property management system (PMS) is used to record - Answer-
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? - Answer- 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? - Answer-
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 -
Answer- 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? - Answer- 6.7%

Which is the formula a manager would use to calculate a return on investment (ROI)? - Answer-
Money earned on funds invested / Funds invested = ROI

One year ago, an individual invested $75,000 in a business and today that investment is worth
$100,000. What was this investor?s ROI for the year? - Answer- 33.3%

Which is the first monetary value listed on a hospitality business?s income statement? -
Answer- Revenue

In a hospitality business, a cost center is best defined as a - Answer- unit or department that
generates costs, but no revenues or profits.

Which is an example of a restaurant creditor? - Answer- A milk supplier who bills the
restaurant once per month for the milk the supplier has delivered

Which is an example of a non-controllable cost? - Answer- Laundry equipment depreciation

Which group will have the greatest interest in the success of a hospitality business? - Answer-
Owners

Which term describes the money personally invested in a business by the business's owners? -
Answer- Equity

Which is NOT a monetary value that would be listed on a business?s balance sheet? - Answer-
Revenue

Which statement about a business?s accounts receivable (AR) is true? - Answer- The amount
of AR is identified on the balance sheet

Which approach to establishing the worth of a business assesses the amount of money the
business will likely earn for its owners? - Answer- Future value approach

A business has assets of $1,000,000 and liabilities of $600,000. What is the amount of owners?
equity in this business? - Answer- $400,000

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