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HFT 2401 Final Exam questions well answered graded A+

HFT 2401 Exam 2 Questions and Correct Answers Already Passed How many accounts are listed under 'Current Assets'? a. 3 b. 4 c. 5 d. 6 - Answer-b. 4 How many accounts are listed under 'Current Liabilities'? a. 3 b. 4 c. 5 d. 6 - Answer-a. 3 How many accounts are listed under 'Net Property & Equipment? a. 3 b. 4 c. 5 d. 8 - Answer-c. 5 How many accounts are listed under 'Owner's Equity'? a. 3 b. 4 c. 5 d. 6 - Answer-a. 3 What is the amount of...

HFT 2401 Exam 1 Questions with All Correct Answers The major function of the accounting department in a hospitality company is: - Answer-Communication to all hotel departments on financial results A new hotel controller failed to make adjusting entries to account for depreciation of the fixed assets of his hotel. This mistake affects which of the following financial statements? - Answer-Both the income statement and balance sheet The Matching Principle relates to: - Answer-Matching a...

HFT 2401 Quiz 3 Questions with All Correct Answers An important purpose of closing entries is to set permanent account balances to zero in order to begin the next period. - Answer-False The proper sequence for the accounting cycle is - Answer-analyze, journalize, post, adjust, prepare statements, close Closing entries are journalized and posted - Answer-after the financial statements are prepared In preparing closing entries - Answer-each expense account will be credited If the tot...

HFT 2401 Final Exam Questions and Answers All Correct What is the equation for accumulated depreciation? - Answer-Expense=cost-salvage life/periods of useful life Why do we have deferral Adjustments/Unearned Wages? - Answer-Because something has already been recorded and now we make adjustments What is unearned revenue? - Answer-Liability Why do we have accrual adjustments/accrued wages payable? - Answer-They were never recorded; wages that haven't been paid or electrical bill. ...

HFT 2401 Test 2 Questions with All Correct Answers Which of the following financial statements would show how quickly a hospitality operation could convert assets into cash? - Answer-Balance Sheet Which of the following statements best summarizes the role of footnotes on a balance sheet? - Answer-Footnotes should explain balance sheet figures and help users interpret the balance sheet. Cecil, the general manager of a hotel, picks up a balance sheet from the end of the previous fiscal yea...

HFT 2401 TEST QUESTIONS WITH 100% CORRECT ANSWERS The posting records of one transaction ended in the Debit side of the "Cash T-account" for $3,000; and the same transaction also ended in the Credit side of the "Unearned Revenues T-account" for $3,000. Which one of the following descriptions most appropriately describes this transaction? - Answer-The company has received $3,000 of cash from its customer as a deposit for future services. The posting records of another transact...