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

Comprehensive problem - lou barlow a divisional manager for

Comprehensive Problem - Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of two new products for a five-year period. His annual pay raises are determined by his division's ...

Supply and demand graphto complete this assignment address

Supply and Demand Graph To complete this assignment, address the following requests: 1. Based on the information from the US Energy Information Administration, create the supply and demand graph in the space below. This ...

Exercise 1 copying formatting and calculating sums and

EXERCISE 1: COPYING, FORMATTING, AND CALCULATING SUMS AND AVERAGES Let's assume that Groth Donut Company has three stores, only one of which is shown at the top of the sheet titled "p = r-­-e". The revenue and expenses f ...

Lease classification considering firm guidance issues

Lease Classification, Considering Firm Guidance (Issues Memo) Facts: Tech Startup Inc. ("Lessee") is entering into a contract with Developer Inc. ("Landlord") to rent Landlord's newly constructed office building located ...

Oil services corp reports the following eps data in its

Oil Services Corp. reports the following EPS data in its 2017 annual report (in million except per share data). Net income $1,827 Earnings per share: Basic $1.56 Diluted $1.54 Weighted average shares outstanding: Basic 1 ...

Budgets and managerial responsibilitythis module explores

Budgets and Managerial Responsibility This module explores budgets and the benefits of creating budgets. In recent years, many organizations faced one of the hardest economic conditions with the recession. Many organizat ...

Establish and maintain accounting info systems and provide

Establish and maintain accounting info systems and Provide management accounting information Assignment - Assignment 1 - Case Studies Case Study 1 - Review the case study information below and complete the steps mentione ...

Assignment -part a -background saturn petcare australia and

Assignment - Part A - Background: Saturn Petcare Australia and New Zealand is Australia's largest manufacturer of pet care products. Saturn have been part of the Australian and New Zealand pet care landscape since openin ...

Assessment task 1question no 1assessment taskbilby cos

Assessment Task 1 Question no. 1 Assessment Task: Bilby Co's income statement for the year ended 31 December 2015 and statements of financial position at 31 December 2014 and 31 December 2015 were as follows: Bilby co's ...

On december 1 of the current year the following accounts

On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $50 par (240,000 shares authorized, 86,000 shares issued)$4,300,00 ...

  • 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As