commonly responsible 1 Consider the table below that lists finance-related tasks for which hospitality managers are responsibility. Branches of Accounting: Auditing Cost Financial Managerial Tax Test Your Skills 21 Branch of Accounting Area of Management Responsibility Recording financial transactions Identifying and controlling costs Compating taxes due Verifying accounting data and procedures Making management decisions using accounting information 2. Match the branch of accounting that would be best used to answer the following questions. Question Branch of Accounting How should I record transactions associated with cash, payroll, and short-term debt How much does it cost to pay for maintenance for my swimming pool this year? What occupancy tax is owed by the hotel this month? How should I record transactions associated with revenue, expenses, and profit? How much sales tax should we have collected this month? Are all food purchases made this month documented with legitimate invoices? IFI wanted to achieve a profit of $10,000 in the month of April, how many pizzas will I need to sell? Are all bomuses paid to managers supported by documented revenue performance measures? What were the total costs of salaries and wages incurred by the restaurant this month? Would it be more profitable if I made my potato salad from scratch or purchased it preprepared? 3 Kelly Pratt is the general manager of the Cherry Hill Hotel. Last month, Kelly's operation generated $85,000 in room sales revenue and $5000 in non-rooms revenue. The expenses required to generate her rooms revenue last month was $71,000 and the expenses incurred to generate a $5000 in non-rooms revenue were $1500 as summarized below, Use this information to determine the total amount of profit generated by the Cherry Hill Hotel last month? Cherry Hill Hotel: Last Month Room sales revenue $85.000 $5,000 Non-rooms revenue Room expenses Non-rooms expenses $71,000 $1,500 Cherry Hill Hotel: Last Month Profit Revenue Expenses Profit formulas so that Richard has a good idea about his current profit situation. Chapter 1 Hospitality Industry Accounting 22 Profit/Loss ($) Expenses ($) 1258.75 Week Revenue ($) 956.34 1687.54 2 2286.45 2563.87 2678.91 4. 1378.95 1875.23 Month a. In which week did Richard have the most profit? b. Did Richard show a profit for alL four weeks? If not, which week(s) did he experience a loss? C. As the owner, Richard wanted a profit of $1000 for the month. Did he reach his goal?