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

Financial accountingi abc inc was incorporated on 11512

Financial Accounting I. ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the following capital stock: Preferred Stock: 7%, par value $100 per share, 100,000 shares. Common Stock: $1 par value, 500 ...

Assignment- cost concepts and types of costing1 given the

Assignment- Cost Concepts and Types of Costing 1. Given the cost formula, Y = $7,000 + $1.80X, what would be the total cost for an activity level of 4,000 units? A. $7,200 B. $7,000 C. $200 D. $14,200 2. In describing th ...

Application calculating variances and analyzing the

Application: Calculating Variances and Analyzing the Results While many organizational costs can be planned for, the actual results may vary from the initial projections. Assessing how these variances impact the bottom l ...

Choose one of the following two assignments to complete

Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission. Option #1: Income Statement, Retained Earnings, and Balance ...

Assignment audrey jhingrees ice cream parloraudrey jingle

Assignment: Audrey Jhingree's ice cream parlor Audrey Jingle opened an ice cream parlor in a university town. The parlor specializes in ice cream combinations named after popular professors in the business department of ...

The finance or accounting director has asked you to report

The finance or accounting director has asked you to report on the funds and financial status of your government entity (pretend he or she is your boss). Your boss will present the information to various users, so current ...

Financial statement analysismy company is walmartpart

Financial Statement Analysis My company is Walmart. Part I • Perform at least one profitability ratio to measure the income and operating success of your selected company. • Perform at least one liquidity ratio to measur ...

Part 1beckwith boots invested 100000 in 5-year bonds issued

Part 1 Beckwith Boots invested $100,000 in 5-year bonds issued by Ace Brick Company. The bonds were purchased at par on January 1, 20X1, and bear interest at a rate of 8% per annum, payable semiannually. (a) Prepare the ...

Module two financial statement analysis worksheetthe main

Module Two Financial Statement Analysis Worksheet The main goal of financial statement analysis is to use past and current performance to identify changes and trends that will affect a company. Financial ratios are a wid ...

1 describe the formal procedures associated with issuing

1. Describe the formal procedures associated with issuing long-term debt. 2. Describe the nature, type, and valuation of current liabilities. 3. Explain the accounting for different types of loss contingencies. 4. Explai ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen