Chapter 1 - Introduction to Accounting
(rated 100% correct).
accounting ANS - The process of identifying, measuring, and communicating economic information to
permit users to make informed judgments and decisions
accounting systems ANS - The branch of accounting that covers the review of a firm's entire
information system, not just the accounting system
accrual basis accounting ANS - System of reporting revenues and expenses in the period in which they
are considered to have been earned or incurred, regardless of the actual time of collection or payment
adjusting entries ANS - Entries required at the end of an accounting period to record internal
adjustments of various accounts due to the matching principle of accounting
assets ANS - Resources available for use by the business - that is, anything owned by the business that
has monetary value
auditing ANS - The branch of accounting that examines a firm's financial statements and internal
controls for the purpose of expressing opinions regarding the financial statements
balance sheet ANS - Statement of the financial position of the hospitality establishment on a given
date, giving the account balances for assets, liabilities, and ownership equity
bookkeeping ANS - The recording and classification of transactions
business entity principle ANS - An accounting principle that requires a business maintain its own set of
records and accounts that are separate from other financial interests of its owners
cash basis accounting ANS - System of reporting revenues and expenses at the time they are collected
or paid, respectively
(rated 100% correct).
accounting ANS - The process of identifying, measuring, and communicating economic information to
permit users to make informed judgments and decisions
accounting systems ANS - The branch of accounting that covers the review of a firm's entire
information system, not just the accounting system
accrual basis accounting ANS - System of reporting revenues and expenses in the period in which they
are considered to have been earned or incurred, regardless of the actual time of collection or payment
adjusting entries ANS - Entries required at the end of an accounting period to record internal
adjustments of various accounts due to the matching principle of accounting
assets ANS - Resources available for use by the business - that is, anything owned by the business that
has monetary value
auditing ANS - The branch of accounting that examines a firm's financial statements and internal
controls for the purpose of expressing opinions regarding the financial statements
balance sheet ANS - Statement of the financial position of the hospitality establishment on a given
date, giving the account balances for assets, liabilities, and ownership equity
bookkeeping ANS - The recording and classification of transactions
business entity principle ANS - An accounting principle that requires a business maintain its own set of
records and accounts that are separate from other financial interests of its owners
cash basis accounting ANS - System of reporting revenues and expenses at the time they are collected
or paid, respectively
