261 Hotel & Restaurant Accounts 6th edition Muliple Choice

261 Hotel & Restaurant Accounts 6th edition Muliple Choice

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Chapter 1 Essential Need of Accounting for Business NAME _________________________________________________ DATE ______________________________ 1. The fundamental purpose of accounting is to: a. record business transactions in the accounting records. b. provide accurate, useful, and timely financial information. c. make recommendations to company management regarding cost cutting and streamlining of operations. d. prepare, implement, and track annual operating budgets for client companies. 2. Which of the following is an example of an internal user of a hospitality business’s financial information? a. the business’s board of directors b. department managers c. the general manager d. all of the above 3. Why is it important that you, as a hospitality professional, study accounting? a. You will be called upon to prepare financial reports during the course of your career. b. As a manager, you will have to perform audits on your staff accountants to verify their work. c. As a user of financial information, you need to know how the information is processed and how reports are prepared. d. Since you must approve the external accountants’ audit of your operations and sign off on their work, it is important that you have an in-depth knowledge of the theory and practice of accounting. 4. An audit investigation and subsequent attest function is performed by: a. an accountant from corporate headquarters. b. a government accountant. c. a CPA. d. your company’s internal auditing group. 5. Which of the following is the primary source of statements on auditing standards? a. Financial Accounting Standards Board b. International Association of Hospitality Accountants c. Accounting Principles Board d. American Institute of Certified Public Accountants 6. The Hospitality Financial & Technology Professionals serves its membership by: a. providing industry-specific resources to operate lodging, hospitality, and travel enterprises more efficiently and profitably. b. providing training sessions on hospitality accounting and technology and conducting professional development seminars for clubs, gaming operations, and other areas of special interest. c. establishing and refining accounting standards and directives that members use to audit businesses. d. representing, educating, and promoting professionals in the food and beverage industry. 7. By following generally accepted accounting principles (GAAP), an accountant: a. helps to ensure that consistent accounting procedures are observed across the accounting profession. b. brings the authority of the Securities and Exchange Commission to the accounting function. c. safeguards against corporate fraud. d.
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This note was uploaded on 09/06/2010 for the course PLANNING A 464.7 taught by Professor Conradi during the Spring '10 term at University of Cape Town.

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261 Hotel & Restaurant Accounts 6th edition Muliple Choice

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