AHLEI Final Exam Questions with correct Answers

AHLEI Final Exam Questions with correct Answers Why is it important that you, a hospitality student or professional, study accounting? - Ans ️️ - 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: - Ans ️️ -provide accurate, useful, and timely financial information. The fundamental accounting equation is: - Ans ️️ -assets = liabilities + equity In the double-entry system of accounting: - Ans ️️ -equal dollar amounts of debits and credits must be entered for each business transaction. The Hospitality Financial & Technology Professionals serves its membership by: - Ans ️️ - providing training sessions on hospitality accounting and technology and conducting professional development seminars for clubs, gaming operations, and other areas of special interest. In a corporation business form: - Ans ️️ -profits are retained in the corporation, with shareholders receiving dividends at the discretion of the board of directors. How is a business's income tax computed? - Ans ️️ -taxable income multiplied by an applicable tax rate Which of the following best describes par value of a corporation's stock? - Ans ️️ -It is an established value for a company's stock, generally very low, below which the stock cannot be originally issued. Which of the following statements regarding the partnership form of business is true? - Ans ️️ - It may have any number of limited partners. Forming a corporation is a legal procedure performed by: - Ans ️️ -filing articles of incorporation with the secretary of corporation's office in the corporation's home state