Hotel Management Ch 6 with
verified solutions
Accounting - answer The process of summarizing,
reporting, and analyzing financial transaction
Front-Office Accounting - answer The process of
summarizing and reporting financial transactions
occurring at the front desk
Back-Office Accounting - answer The process of
summarizing and documenting the financial
activity of the entire hotel
Certified Public Accountant (CPA) - answer a
professional designation given to an individual who
has passed a national qualifying examination
related to accounting practices and principles. CPA
designations are granted and administered by
state boards of accountancy
Controller - answer The individual (or department)
responsible for maintaining the back-office
accounting system in a hotel
Generally Accepted Accounting Principles (GAAP) -
answer Standards and procedures adopted by
, those responsible for preparing business financial
statement for the purpose of ensuring uniformity
bookeeping - answer the process of recording
financial transactions
Uniform system of accounts for the lodging
industry (USALI) - answer A recommended and
standardized set of accounting procedures used to
report a hotel's financial transactions and financial
condition
Sarbanes-Oxley Act - answer Technically known as
the public company accounting reform and investor
protection act, the law provides criminal penalties
for The found to have committed accounting fraud
Centralized Accounting - answer A financial
management system that collects accounting data
from individual hotels, and then combines and
analyzes the data at a different (central) site.
decentralized accounting - answer a financial
management system that collects accounting data
from an individual hotel site and combines and
analyzes it at the same site
verified solutions
Accounting - answer The process of summarizing,
reporting, and analyzing financial transaction
Front-Office Accounting - answer The process of
summarizing and reporting financial transactions
occurring at the front desk
Back-Office Accounting - answer The process of
summarizing and documenting the financial
activity of the entire hotel
Certified Public Accountant (CPA) - answer a
professional designation given to an individual who
has passed a national qualifying examination
related to accounting practices and principles. CPA
designations are granted and administered by
state boards of accountancy
Controller - answer The individual (or department)
responsible for maintaining the back-office
accounting system in a hotel
Generally Accepted Accounting Principles (GAAP) -
answer Standards and procedures adopted by
, those responsible for preparing business financial
statement for the purpose of ensuring uniformity
bookeeping - answer the process of recording
financial transactions
Uniform system of accounts for the lodging
industry (USALI) - answer A recommended and
standardized set of accounting procedures used to
report a hotel's financial transactions and financial
condition
Sarbanes-Oxley Act - answer Technically known as
the public company accounting reform and investor
protection act, the law provides criminal penalties
for The found to have committed accounting fraud
Centralized Accounting - answer A financial
management system that collects accounting data
from individual hotels, and then combines and
analyzes the data at a different (central) site.
decentralized accounting - answer a financial
management system that collects accounting data
from an individual hotel site and combines and
analyzes it at the same site
