Exam (elaborations)

Hospitality Revenue Management FINAL Exam Questions And Answers 2025 Update

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Hospitality Revenue Management

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Hospitality Revenue Management

©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 4:02AM. 1 Hospitality Revenue Management FINAL Exam Questions And Answers 2025 Update. The primary purpose of accounting is to report on an organization's? - Answermoney and valuable property. When does accounting for a business begin? - AnswerBefore th...

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hospitality revenue management final exam question

Institution Hospitality Revenue Management
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©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 4:02AM.

Hospitality Revenue Management FINAL
Exam Questions And Answers 2025 Update.

The primary purpose of accounting is to report on an organization's? - Answer✔money and
valuable property.

When does accounting for a business begin? - Answer✔Before the business opens

The best definition of an accountant is a person who - Answer✔is skilled in the recording and
reporting of financial transactions.
Which governmental entity establishes standards, and then awards qualified individuals the
Certified Public Accountant (CPA) designation? - Answer✔State
Which branch of accounting concerns itself with the independent verification of financial
records? - Answer✔Auditing

Items owned by a business are referred to as - Answer✔assets

Which is the primary concern of financial accounting? - Answer✔Recording financial
transactions
Which is a question that could NOT be best answered strictly on the basis of accounting data? -
Answer✔Which current bartender should we promote to Head Bartender?

Assets = Liabilities + Owners? Equity, is referred to as the - Answer✔basic accounting equation.

When properly used, accounting helps hospitality managers - Answer✔make better decisions.
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 -
Answer✔Matching Principle.
Which is the accounting summary that presents the financial condition, or financial health, of a
business? - Answer✔Balance Sheet

1

, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 4:02AM.

In the hospitality industry, a point of sale (POS) system is used to record - Answer✔guest 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? - Answer✔Financial analysis

Which is the basic accounting equation that is applicable to every business? - Answer✔Assets =
Liabilities + Owners' Equity

Which is the foundation of accurate financial reporting and analysis? - Answer✔Bookkeeping
In the hospitality industry, a property management system (PMS) is used to record -
Answer✔customer transactions that take place at a hotel's front desk.
Which would be the first action to occur in a hospitality business?s transaction recording and
analysis process? - Answer✔Guest purchase
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? -
Answer✔Account
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 -
Answer✔Distinct Business Entity Principle.
A chef invests $40,000 of her own money, and $160,000 borrowed for a bank, to open her new
restaurant. What percentage of this chef's new operation was equity funded? - Answer✔6.7%
Which is the formula a manager would use to calculate a return on investment (ROI)? -
Answer✔Money earned on funds invested / Funds invested = ROI
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? - Answer✔33.3%
Which is the first monetary value listed on a hospitality business?s income statement? -
Answer✔Revenue

In a hospitality business, a cost center is best defined as a - Answer✔unit or department that
generates costs, but no revenues or profits.

Which is an example of a restaurant creditor? - Answer✔A milk supplier who bills the
restaurant once per month for the milk the supplier has delivered

Which is an example of a non-controllable cost? - Answer✔Laundry equipment depreciation

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