AHLEI Final Exam With 100% Correct Answers

AHLEI Final Exam With 100% Correct Answers Why is it important that you, a hospitality student or professional, study accounting? - answerAs 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: - answerprovide accurate, useful, and timely financial information. The fundamental accounting equation is: - answerassets = liabilities + equity In the double-entry system of accounting: - answerequal dollar amounts of debits and credits must be entered for each business transaction. The Hospitality Financial & Technology Professionals serves its membership by: - answerproviding 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: - answerprofits 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? - answertaxable income multiplied by an applicable tax rate Which of the following best describes par value of a corporation's stock? - answerIt 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? - answerIt may have any number of limited partners. Forming a corporation is a legal procedure performed by: - answerfiling articles of incorporation with the secretary of corporation's office in the corporation's home state. The financial document that provides information about the results of a company's operations for a period of time is the: - answerstatement of income. The purpose of a balance sheet is to: - answershow the financial position of a company on a given date