TCA 321 TEST #1 - MANAGERIAL ACCOUNTING EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
The income statement is for a point in time. - ANSWER-False
Which is not a current liability?
a. Prepaid Marketing
b. Advance Deposits
c. Current portion of long-term debt
d. Accounts payable - ANSWER-Prepaid Marketing
In accounting what the company owns is called ___________?
a. Liabilities
b. Assets
c. Owners Equity
d. Stuff - ANSWER-Assets
In a hotel department, what is generally the largest expense to a firm?
a. Amenities Expense
b. Cost of Goods Sold
c. Payroll Expense
d. Sales Tax - ANSWER-Payroll Expense
Food cost of good sold is listed on which section of an income statement?
,a. Undistributed Expenses
b. Departmental (Direct) Expenses
c. Fixed Charges
d. Revenue - ANSWER-Departmental (Direct) Expenses
Which of the following branches of accounting is often limited to preparing and distributing
financial reports?
a. Managerial Accounting
b. Auditing
c. Financial Accounting
d. Cost Accounting - ANSWER-Financial Accounting
Which of the following statements about accrual basis accounting is true?
a. Accrual basis accounting is used only by small hospitality businesses.
b. Accrual basis accounting generally requires that several adjusting entries be recorded at the
end of the accounting period.
c. Accrual basis accounting is reflected on the statement of cash flows.
d.Accrual basis accounting allows a business to show greater profits than cash basis
accounting. - ANSWER-Accrual basis accounting generally requires that several adjusting
entries be recorded at the end of the accounting period.
Which of the following financial statements reflects the financial position of the hospitality
operation for a period of time?
, a. Income Statement
b. Balance Sheet
c. Statement of Cash Flows
d. Statement of Retained Earnings/Owners Equity
e. A, C, and D
f. A and c
g. All of the above - ANSWER-A, C, and D
Which branch of accounting is concerned with revenues, expenses, assets, and liabilities?
a. Auditing
b. Cost
c. Tax
d. Managerial
e. Financial - ANSWER-Financial
The hotel building would be classified on a firm's balance sheet as:
a. an investment.
b. a current liability.
c. other assets.
d. property and equipment. - ANSWER-property and equipment.
ACTUAL QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
The income statement is for a point in time. - ANSWER-False
Which is not a current liability?
a. Prepaid Marketing
b. Advance Deposits
c. Current portion of long-term debt
d. Accounts payable - ANSWER-Prepaid Marketing
In accounting what the company owns is called ___________?
a. Liabilities
b. Assets
c. Owners Equity
d. Stuff - ANSWER-Assets
In a hotel department, what is generally the largest expense to a firm?
a. Amenities Expense
b. Cost of Goods Sold
c. Payroll Expense
d. Sales Tax - ANSWER-Payroll Expense
Food cost of good sold is listed on which section of an income statement?
,a. Undistributed Expenses
b. Departmental (Direct) Expenses
c. Fixed Charges
d. Revenue - ANSWER-Departmental (Direct) Expenses
Which of the following branches of accounting is often limited to preparing and distributing
financial reports?
a. Managerial Accounting
b. Auditing
c. Financial Accounting
d. Cost Accounting - ANSWER-Financial Accounting
Which of the following statements about accrual basis accounting is true?
a. Accrual basis accounting is used only by small hospitality businesses.
b. Accrual basis accounting generally requires that several adjusting entries be recorded at the
end of the accounting period.
c. Accrual basis accounting is reflected on the statement of cash flows.
d.Accrual basis accounting allows a business to show greater profits than cash basis
accounting. - ANSWER-Accrual basis accounting generally requires that several adjusting
entries be recorded at the end of the accounting period.
Which of the following financial statements reflects the financial position of the hospitality
operation for a period of time?
, a. Income Statement
b. Balance Sheet
c. Statement of Cash Flows
d. Statement of Retained Earnings/Owners Equity
e. A, C, and D
f. A and c
g. All of the above - ANSWER-A, C, and D
Which branch of accounting is concerned with revenues, expenses, assets, and liabilities?
a. Auditing
b. Cost
c. Tax
d. Managerial
e. Financial - ANSWER-Financial
The hotel building would be classified on a firm's balance sheet as:
a. an investment.
b. a current liability.
c. other assets.
d. property and equipment. - ANSWER-property and equipment.
