Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem: Which of the following events would be recorded as an accounting event?

a) A guest purchases a meal in a food outlet.
b) A guest enters the dining room and is seated by a host.
c) A valet parks a guest's vehicle.
d) A guest complains to front office representatives about a dirty guestroom.

problem: What happens to the fundamental accounting equation when the sole proprietor of a business invests more cash in it?

a) Assets increase, liabilities increase, and owner's equity decreases.
b) Assets increase, liabilities increase, and owner's equity remains the same.
c) Assets increase, liabilities remain the same, and owner's equity increases.
d) Assets remain the same, liabilities increase, and owner's equity increases.

problem: The branch of accounting that involves reviewing and evaluating documents, records, and control systems is called:

a) Financial accounting.
b) Cost accounting.
c) Auditing.
d) Managerial accounting.

problem: Which of the following groups has the most influence over the development of accounting principles in the private sector?

a) Financial Accounting Standards Board (FASB)
b) Securities and Exchange Commission (SEC)
c) Hospitality Financial and Technology Professionals (HFTP)
d) Internal Revenue Service (IRS)

problem: The organization that administers the certification programs for Certified Hotel Account Executives and Certified Hotel Technology Professionals is:

a) The Internal Revenue Service (IRS).
b) The Securities and Exchange Commission (SEC).
c) Hospitality Financial and Technology Professionals (HFTP).
d) The Financial Accounting Standards Board (FASB).

problem: The major disadvantage of the corporate form of business organization is:

a) Limited liability.
b) Double taxation.
c) Difficulty in raising capital.
d) All of the above.

problem: Regardless of the size of an operation's accounting department, the diversity of its responsibilities, or the number and types of reports produced, the accounting staff is responsible for providing:

a) Clean rooms that is ready for sale.
b) Service.
c) Guest comment cards.
d) Inventory counts.

problem: The generally accepted accounting principle of matching requires that:

a) Hospitality businesses use the cash basis of accounting.
b) Expenses are matched with the revenues they generate.
c) Accounting adjustments are made at least quarterly.
d) Balance sheet accounts and income statement accounts match.

problem: The Tech Hotel purchased a computer for $3,000. The retail value of the computer per the salesperson is $3,500; however, it is projected that the computer will have a market value of only $2,500 one year from now. The cost principle dictates that the computer purchase be recorded at the date of purchase for:

a) $3,000.
b) $2,500.
c) $3,500.
d) Cannot be determined.

problem: Which of the following statements best describes the accounting principle of objective evidence?

a) It involves recording, classifying, and summarizing transactions in order to prepare reports.
b) It requires supporting documents for accounting transactions whenever possible.
c) It requires that all events that would make a difference to the user of a financial report be accounted for.
d) It assumes that the business will survive for the foreseeable future.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M9116
  • Price:- $20

Guranteed 24 Hours Delivery, In Price:- $20

Have any Question? 


Related Questions in Financial Accounting

Asignmentthe regal cycle company manufactures three types

Asignment The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow:   Total Dirt Bikes Mountain Bikes Racing Bik ...

Nbspaccounting assignmentbelow are the balance sheet and

Accounting Assignment Below are the balance sheet and income statement for Happy Hamburger Company. Happy Hamburger Company Balance Sheet as of December 31, 20XX Assets Liabilities and Shareholder Equity Cash 78,000 Acco ...

What projects can restore the rights and dignity of people

What Projects can restore the rights and dignity of people and societies who may be, or are forced into motion due to social injustices, politics, economic pressures, climate change and war.

Problem 1on january 1 2010 branson designers issued 900

Problem 1 On January 1, 2010, Branson Designers issued $900 Million of its 8% bonds $836 million. The bonds were then prices to yield 10%. The interest will be payable on June 30 and December 31. Branson records interest ...

Effective-interest versus straight-line bond amortization

(Effective-Interest versus Straight-Line Bond Amortization) On January 1, 2013, Phantom Company acquires $200,000 of Spiderman Products, Inc. 9% bonds at a price of $185,589 The interest is payable each December 31, and ...

1-balance sheet computationsbalance sheet presented below

1-Balance sheet computations. (Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.   Debit Credit Cash 295,000   Sales Revenue   $12,150 Debt Investments (trading) (at cost, ...

No simple ldquoone-size-fits-allrdquo panacea exists for

No simple “one-size-fits-all” panacea exists for resolving the conflict between decision management versus decision control when it comes to budgeting. Nor is such a solution ever likely to be found.

Discussionanswer in 2-3 paragraphs and use

DISCUSSION ANSWER IN 2-3 PARAGRAPHS AND USE SCHOLARLY SOURCE(S) First, search the internet for the official website of your local city government. If you cannot find your city, select your state. After reviewing this web ...

Assignmentholden graham started the graham co a new

Assignment Holden Graham started The Graham Co., a new business that began operations on May 1. The Co. completed the following transactions during its first month of operations. H. Graham invested $43,500 cash in the co ...

The ryde and rowe inc had the following account balances as

The Ryde and Rowe Inc. had the following account balances as of January 1: Direct Materials Inventory $ 8,700 Work in Process Inventory 76,500 Finished Goods Inventory 53,000 Manufacturing Overhead 0 During the month of ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro