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MPrinciple of hospitality Finance Chapter: Hospitality industry Accounting ultiple Choice Choose the letter of the best answer to the questions listed below. Which of the
MPrinciple of hospitality Finance
Chapter: Hospitality industry Accounting
ultiple Choice
Choose the letter of the best answer to the questions listed below.
- Which of the following is an effective way to classify segments of the hospitality industry?
- Profit vs. non-profit
- Lodging vs. food & beverage
- Corporate vs. privately owned
- All of the above
- The process of recording, summarizing and accurately reporting financial transactions is called .
- Financial management
- Hospitality management
- Accounting
- Financial performance
- Assets = Liabilities + Owners Equity is:
- The balance sheet equation
- The auditors formula
- The general ledger formula
- Double-entry accounting
- Which of the following is the primary concern of financial accounting?
- Tax payments
- Recording financial transactions
- Accuracy of financial reports
- Departmental costs
- Which of the following is the primary concern of cost accounting?
- Tax payments
- Recording financial transactions
- Accuracy of financial reports
- Departmental costs
- Which of the following is the primary concern of auditors?
- Tax payments
- Recording financial transactions
- Accuracy of financial reports
- Departmental costs
- Identify the law passed in 2002 providing criminal penalties for committing accounting fraud.
- Certified Public Accounting Act
- Sarbanes-Oxley Act
- Accounting Fraud Act
- Internal Audit Regulation Act
- What is the title of the person responsible for managing a hotels accounting processes?
- Controller
- General manager
- Manager on duty
- Front desk supervisor
- A person who meets a states requirements for practicing accounting is called a .
- Certified Public Manager (CPM)
- Chief Financial Officer (CFO)
- Certified Financial Accountant (CFA)
- Certified Public Accountant (CPA)
- Hospitality professionals who work extensively in the areas of accounting and technology often become members of the .
- Hospitality Financial and Technology Professionals
- Certified Financial and Technology Professionals
- Professional Managerial Accountants
- Professional Hospitality Accountants
- USAR is an acronym for .
- Unified system of accounting for restaurants
- Uniform system of accounts for restaurants
- United systems for assets and revenues
- Uniform system for accounting resources
- Which of the following is not a guideline for evaluating ethical behavior?
- Am I being honest?
- Would I publicize my action?
- Will I get caught?
- Is it legal?
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