Accounting final ahlei - Study guides, Class notes & Summaries

AHLEI Exam Q&A Solved 100% correct QUESTIONS AND ANSWERS 2023 Account receivable system - ANSWER a system to account for revenue that is due. has been earned but not yet collected Accrual accounting system - ANSWER An accounting system that matches revenue generated with the expenses incurred to generate the revenue Commercial food service operations - ANSWER Food service operations found in lodging properties, clubs, restaurants, and other businesses. These operations exist to make a p...

Why is it important that you, a hospitality student or professional, study accounting? - 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: - provide accurate, useful, and timely financial information. The fundamental accounting equation is: - assets = liabilities + equity In the double-entry system of accounting: - equal dollar amounts of debits and credits must be entered for ea...