Hospitality Revenue Management Final Exam – Qs And
As (100%)
Which is the primary concern of financial accounting? Right Ans -
Recording financial transactions
Which is a question that could NOT be best answered strictly on the basis of
accounting data? Right Ans - Which current bartender should we promote
to Head Bartender?
Which governmental entity establishes standards, and then awards qualified
individuals the Certified Public Accountant (CPA) designation? Right Ans -
State
The primary purpose of accounting is to report on an organization?s Right
Ans - money and valuable property.
Which branch of accounting concerns itself with the independent verification
of financial records? Right Ans - Auditing
When properly used, accounting helps hospitality managers Right Ans -
make better decisions.
Items owned by a business are referred to as Right Ans - assets
Assets = Liabilities + Owners? Equity, is referred to as the Right Ans - basic
accounting equation.
When does accounting for a business begin? Right Ans - before a business
opens
The best definition of an accountant is a person who Right Ans - is skilled
in the recording and reporting of financial transactions.
In the hospitality industry, a property management system (PMS) is used to
record Right Ans - customer 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 Right Ans - Distinct Business Entity
Principle.
Which is the foundation of accurate financial reporting and analysis? Right
Ans - bookkeeping
Which is the basic accounting equation that is applicable to every business?
Right Ans - Assets = 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? Right Ans - Account
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 Right Ans - Matching Principle.
In the hospitality industry, a point of sale (POS) system is used to record
Right Ans - 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? Right Ans - Financial analysis
Which would be the first action to occur in a hospitality business?s
transaction recording and analysis process? Right Ans - guest purchase
Which is the accounting summary that presents the financial condition, or
financial health, of a business? Right Ans - balance 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?
Right Ans - 33.3%
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? Right Ans - 20%
As (100%)
Which is the primary concern of financial accounting? Right Ans -
Recording financial transactions
Which is a question that could NOT be best answered strictly on the basis of
accounting data? Right Ans - Which current bartender should we promote
to Head Bartender?
Which governmental entity establishes standards, and then awards qualified
individuals the Certified Public Accountant (CPA) designation? Right Ans -
State
The primary purpose of accounting is to report on an organization?s Right
Ans - money and valuable property.
Which branch of accounting concerns itself with the independent verification
of financial records? Right Ans - Auditing
When properly used, accounting helps hospitality managers Right Ans -
make better decisions.
Items owned by a business are referred to as Right Ans - assets
Assets = Liabilities + Owners? Equity, is referred to as the Right Ans - basic
accounting equation.
When does accounting for a business begin? Right Ans - before a business
opens
The best definition of an accountant is a person who Right Ans - is skilled
in the recording and reporting of financial transactions.
In the hospitality industry, a property management system (PMS) is used to
record Right Ans - customer 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 Right Ans - Distinct Business Entity
Principle.
Which is the foundation of accurate financial reporting and analysis? Right
Ans - bookkeeping
Which is the basic accounting equation that is applicable to every business?
Right Ans - Assets = 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? Right Ans - Account
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 Right Ans - Matching Principle.
In the hospitality industry, a point of sale (POS) system is used to record
Right Ans - 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? Right Ans - Financial analysis
Which would be the first action to occur in a hospitality business?s
transaction recording and analysis process? Right Ans - guest purchase
Which is the accounting summary that presents the financial condition, or
financial health, of a business? Right Ans - balance 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?
Right Ans - 33.3%
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? Right Ans - 20%
