hospitality revenue management Final
Which is the primary concern of financial accounting? - Question and
answersRecording financial transactions
Which is a question that could NOT be best answered strictly on the basis of accounting
data? - Question and answersWhich current bartender should we promote to Head
Bartender?
Which governmental entity establishes standards, and then awards qualified individuals
the Certified Public Accountant (CPA) designation? - Question and answersState
The primary purpose of accounting is to report on an organization?s - Question and
answersmoney and valuable property.
Which branch of accounting concerns itself with the independent verification of financial
records? - Question and answersAuditing
When properly used, accounting helps hospitality managers - Question and
answersmake better decisions.
Items owned by a business are referred to as - Question and answersassets
Assets = Liabilities + Owners? Equity, is referred to as the - Question and answersbasic
accounting equation.
When does accounting for a business begin? - Question and answersbefore a business
opens
The best definition of an accountant is a person who - Question and answersis skilled in
the recording and reporting of financial transactions.
In the hospitality industry, a property management system (PMS) is used to record -
Question and answerscustomer transactions that take place at a hotel?s front desk.
A restaurant owner who takes home steaks for grilling at a private party she is hosting
for her friends, without properly reflecting this in the restaurant?s accounting records, is
violating the - Question and answersDistinct Business Entity Principle.
Which is the foundation of accurate financial reporting and analysis? - Question and
answersbookkeeping
Which is the basic accounting equation that is applicable to every business? - Question
and answersAssets = Liabilities + Owners' Equity
, What is the primary device that accountants use to record increases or decreases in the
assets, liabilities or owners? equity portion of a business?s basic accounting equation? -
Question and answersAccount
A restaurant owner records his purchases of food and beverage as an expense when
they are purchased, and who does not record end of accounting period inventory values
is violating the - Question and answersMatching Principle.
In the hospitality industry, a point of sale (POS) system is used to record - Question and
answersguest sales, payments and other information.
Which portion of a hospitality business?s transaction and analysis process would most
often by undertaken by the business?s owner or general manager? - Question and
answersFinancial analysis
Which would be the first action to occur in a hospitality business?s transaction recording
and analysis process? - Question and answersguest purchase
Which is the accounting summary that presents the financial condition, or financial
health, of a business? - Question and answersbalance sheet
One year ago, an individual invested $75,000 in a business and today that investment is
worth $100,000. What was this investor?s ROI for the year? - Question and
answers33.3%
A chef invests $40,000 of her own money, and $160,000 borrowed from a bank, to open
her new restaurant. What percentage of this chef's new operation was equity funded? -
Question and answers20%
What is an example of a restaurant creditor? - Question and answersA milk supplier
who bills the restaurant once per month for the milk the supplier has delivered
What is the formula a manager would use to calculate a return on investment (ROI)? -
Question and answersMoney earned on funds invested / Funds invested = ROI
In a hospitality business, a cost center is best defined as a - Question and answersunit
or department that generates costs, but no revenues or profits.
Which group will have the greatest interest in the success of a hospitality business? -
Question and answersOwners
Which term describes the money personally invested in a business by the business?s
owners? - Question and answersEquity
Which is the first monetary value listed on a hospitality business?s income statement? -
Question and answersRevenue
Which is the primary concern of financial accounting? - Question and
answersRecording financial transactions
Which is a question that could NOT be best answered strictly on the basis of accounting
data? - Question and answersWhich current bartender should we promote to Head
Bartender?
Which governmental entity establishes standards, and then awards qualified individuals
the Certified Public Accountant (CPA) designation? - Question and answersState
The primary purpose of accounting is to report on an organization?s - Question and
answersmoney and valuable property.
Which branch of accounting concerns itself with the independent verification of financial
records? - Question and answersAuditing
When properly used, accounting helps hospitality managers - Question and
answersmake better decisions.
Items owned by a business are referred to as - Question and answersassets
Assets = Liabilities + Owners? Equity, is referred to as the - Question and answersbasic
accounting equation.
When does accounting for a business begin? - Question and answersbefore a business
opens
The best definition of an accountant is a person who - Question and answersis skilled in
the recording and reporting of financial transactions.
In the hospitality industry, a property management system (PMS) is used to record -
Question and answerscustomer transactions that take place at a hotel?s front desk.
A restaurant owner who takes home steaks for grilling at a private party she is hosting
for her friends, without properly reflecting this in the restaurant?s accounting records, is
violating the - Question and answersDistinct Business Entity Principle.
Which is the foundation of accurate financial reporting and analysis? - Question and
answersbookkeeping
Which is the basic accounting equation that is applicable to every business? - Question
and answersAssets = Liabilities + Owners' Equity
, What is the primary device that accountants use to record increases or decreases in the
assets, liabilities or owners? equity portion of a business?s basic accounting equation? -
Question and answersAccount
A restaurant owner records his purchases of food and beverage as an expense when
they are purchased, and who does not record end of accounting period inventory values
is violating the - Question and answersMatching Principle.
In the hospitality industry, a point of sale (POS) system is used to record - Question and
answersguest sales, payments and other information.
Which portion of a hospitality business?s transaction and analysis process would most
often by undertaken by the business?s owner or general manager? - Question and
answersFinancial analysis
Which would be the first action to occur in a hospitality business?s transaction recording
and analysis process? - Question and answersguest purchase
Which is the accounting summary that presents the financial condition, or financial
health, of a business? - Question and answersbalance sheet
One year ago, an individual invested $75,000 in a business and today that investment is
worth $100,000. What was this investor?s ROI for the year? - Question and
answers33.3%
A chef invests $40,000 of her own money, and $160,000 borrowed from a bank, to open
her new restaurant. What percentage of this chef's new operation was equity funded? -
Question and answers20%
What is an example of a restaurant creditor? - Question and answersA milk supplier
who bills the restaurant once per month for the milk the supplier has delivered
What is the formula a manager would use to calculate a return on investment (ROI)? -
Question and answersMoney earned on funds invested / Funds invested = ROI
In a hospitality business, a cost center is best defined as a - Question and answersunit
or department that generates costs, but no revenues or profits.
Which group will have the greatest interest in the success of a hospitality business? -
Question and answersOwners
Which term describes the money personally invested in a business by the business?s
owners? - Question and answersEquity
Which is the first monetary value listed on a hospitality business?s income statement? -
Question and answersRevenue
