Principle of hospitality Finance

Chapter: Hospitality industry Accounting

True/False

12. Managerial accounting is the system of recording and analyzing transactions for the purpose of making management decisions.
    1. True
    2. False

14. An audit is the method of recording financial transactions within a specific industry segment.
    1. True
    2. False

15. Liabilities are the amounts left over in a business after subtracting the expenses from the revenues.
    1. True
    2. False
16. If an accounting activity is legal, it must also be ethical.
    1. True
    2. False

17. The USFRC is a financial reporting system geared specifically for member-owned, not-for-profit city and country clubs.
    1. True
    2. False

18. Since hotels pay occupancy taxes, they do not have to collect and pay sales taxes.
    1. True
    2. False

19. A Certified Public Accountant assists businesses by integrating accounting information in the business decision process.
    1. True
    2. False

20. External auditors are individuals who are directly employed by a company to examine that companys accounting procedures.
    1. True
    2. False