Hotel and Tourism Accounting
Quiz 1 Fall 2015
Questions 1-23 are 2 points each
True False (Highlight the correct answer in Bold or a color)
The cost principle states that assets should be recorded at their actual cost.
Chapter 5 Exercises
Section: Tues, Thurs 3:30-4:45pm
The work sheet is essentially a working tool of the accounting.
The work sheet cannot be used as a basis for posting to ledgers.
3 FALSE The work sheet is distrib
What is Accounting?
Accounting: An information system that identifies, records, and communicates the
economic events of an organisation to interested users.
1. Identifying economic events = selecting economic activities relevant to an
1. What does GAAP stand for and what are they?
a. Generally Accepted Accounting Principles
Periodic: make count at last day, compute cost of goods sold
Perpetual: take physical inventory at some time
Determining inventory quantities consists of:
1. Taking a physical inventory of goods on hand
2. Determining ownership of goods
Taking a physical