AHLEI Final Study Questions | Actual Questions and Answers
Latest Updated 2026/2027 (Graded A+)
• Question
Why is it important that you, a hospitality student or professional, study accounting?
Correct Answer: As a user of financial information, you need to know how the
information is processed and how reports are prepared.
• Question
The fundamental purpose of accounting is to:
Correct Answer: provide accurate, useful, and timely financial information.
• Question
The fundamental accounting equation is:
Correct Answer: assets = liabilities + equity
• Question
In the double-entry system of accounting:
Correct Answer: equal dollar amounts of debits and credits must be entered for each
business transaction.
• Question
The Hospitality Financial & Technology Professionals serves its membership by:
Correct Answer: providing training sessions on hospitality accounting and technology
and conducting professional development seminars for clubs, gaming operations, and
other areas of special interest.
• Question
In a corporation business form:
Correct Answer: profits are retained in the corporation, with shareholders receiving
dividends at the discretion of the board of directors.
• Question
How is a business's income tax computed?
Correct Answer: taxable income multiplied by an applicable tax rate
• Question
Which of the following best describes par value of a corporation's stock?
Correct Answer: It is an established value for a company's stock, generally very low,
below which the stock cannot be originally issued.
, • Question
Which of the following statements regarding the partnership form of business is true?
Correct Answer: It may have any number of limited partners.
• Question
Forming a corporation is a legal procedure performed by:
Correct Answer: filing articles of incorporation with the secretary of corporation's office
in the corporation's home state.
• Question
The financial document that provides information about the results of a company's
operations for a period of time is the:
Correct Answer: statement of income.
• Question
The purpose of a balance sheet is to:
Correct Answer: show the financial position of a company on a given date.
• Question
Which of the following are the basic financial statements prepared by hospitality
businesses?
Correct Answer: statement of income, equity statement, balance sheet, statement of
cash flows.
• Question
Managers, stockholders, investors, creditors, and other interested readers of a
hospitality business's financial statements use the statements to get information about:
Correct Answer: what the hospitality operation has accomplished financially, where cash
came from and where it was spent during the most recent accounting period, and the
operation's ability to pay its bills.
• Question
The statement of retained earnings for a corporation shows:
Correct Answer: the amount of earnings retained by the corporation.
• Question
An unsecured bond backed only by the good faith of the issuer is called a:
Correct Answer: debenture bond.
Latest Updated 2026/2027 (Graded A+)
• Question
Why is it important that you, a hospitality student or professional, study accounting?
Correct Answer: As a user of financial information, you need to know how the
information is processed and how reports are prepared.
• Question
The fundamental purpose of accounting is to:
Correct Answer: provide accurate, useful, and timely financial information.
• Question
The fundamental accounting equation is:
Correct Answer: assets = liabilities + equity
• Question
In the double-entry system of accounting:
Correct Answer: equal dollar amounts of debits and credits must be entered for each
business transaction.
• Question
The Hospitality Financial & Technology Professionals serves its membership by:
Correct Answer: providing training sessions on hospitality accounting and technology
and conducting professional development seminars for clubs, gaming operations, and
other areas of special interest.
• Question
In a corporation business form:
Correct Answer: profits are retained in the corporation, with shareholders receiving
dividends at the discretion of the board of directors.
• Question
How is a business's income tax computed?
Correct Answer: taxable income multiplied by an applicable tax rate
• Question
Which of the following best describes par value of a corporation's stock?
Correct Answer: It is an established value for a company's stock, generally very low,
below which the stock cannot be originally issued.
, • Question
Which of the following statements regarding the partnership form of business is true?
Correct Answer: It may have any number of limited partners.
• Question
Forming a corporation is a legal procedure performed by:
Correct Answer: filing articles of incorporation with the secretary of corporation's office
in the corporation's home state.
• Question
The financial document that provides information about the results of a company's
operations for a period of time is the:
Correct Answer: statement of income.
• Question
The purpose of a balance sheet is to:
Correct Answer: show the financial position of a company on a given date.
• Question
Which of the following are the basic financial statements prepared by hospitality
businesses?
Correct Answer: statement of income, equity statement, balance sheet, statement of
cash flows.
• Question
Managers, stockholders, investors, creditors, and other interested readers of a
hospitality business's financial statements use the statements to get information about:
Correct Answer: what the hospitality operation has accomplished financially, where cash
came from and where it was spent during the most recent accounting period, and the
operation's ability to pay its bills.
• Question
The statement of retained earnings for a corporation shows:
Correct Answer: the amount of earnings retained by the corporation.
• Question
An unsecured bond backed only by the good faith of the issuer is called a:
Correct Answer: debenture bond.
