Question $11$ pts

What is the formula used to calculate business profits?

Group of answer choices

Revenue $(+)$ Expenses $=$ Profits

Revenue $(-)$ Expenses $=$ Profits

Expenses $(+)$ Revenue $=$ Profits

Expenses $(-)$ Revenue $=$ Profits

Flag question: Question $2$

Question $21$ pts

The bookkeeping and accounting tasks performed in a hotel's front office are considered

Group of answer choices

property accounting.

back$-$office accounting.

front$-$office accounting.

managerial accounting.

Flag question: Question $3$

Question $31$ pts

What is the purpose of bookkeeping?

Group of answer choices

Record financial transactions

Analyze financial transactions

Record monthly financial statements

Analyze monthly financial statements

Flag question: Question $4$

Question $41$ pts

What is the name of the accounting procedures suggested for use in the hotel industry?

Group of answer choices

USR

USL

USAR

USALI

Flag question: Question $5$

Question $51$ pts

What is the purpose of GAAP?

Group of answer choices

Increase profits

Reduce expenses

Ensure uniformity

Provide flexibility

Flag question: Question $6$

Question $61$ pts

Which activity is a bookkeeping activity?

Group of answer choices

Calculate month$-$to$-$date ADR

Record the sale of a guest room

Assemble monthly P&L statements

Assess hotel cash flow from investing activities

Flag question: Question $7$

Question $71$ pts

What is the fundamental purpose of the Sarbanes$-$Oxley Act?

Group of answer choices

Reward innovation in accounting.

Standardize accounting procedures.

Standardize bookkeeping procedures.

Penalize fraudulent accounting practices.

Flag question: Question $8$

Question $81$ pts

What is the primary purpose of a hotel controller?

Group of answer choices

Serve as the chairperson of the EOC.

Advise the GM on pricing decisions.

Manage the hotel's payroll and benefits costs.

Oversee bookkeeping and accounting functions.

Flag question: Question $9$

Question $91$ pts

Who would most often decide if a hotel used a centralized or a decentralized accounting system?

Group of answer choices

Hotel GM

Hotel owner

Hotel controller

Hotel brand managers

Flag question: Question $10$

Question $101$ pts

Which property would most likely use a decentralized accounting system?

Group of answer choices

A single hotel owned and operated by a single individual

A hotel owned and operated by a single individual who owns $20$ hotels

A hotel owned and operated by a real estate company that owns and operates $20$ hotels

A hotel owned and operated by a franchise company that owns and operates $20$ of its own hotels

Flag question: Question $11$

Question $111$ pts

In a large hotel property utilizing a decentralized accounting system the hotel's controller is likely to be a

Group of answer choices

CHA.

CPA.

CFBE.

USAL.

Flag question: Question $12$

Question $121$ pts

In which type of accounting system would a hotel's data be combined with data from other hotels prior to its analysis?

Group of answer choices

Centralized

Decentralized

GAAP system

USALI system

Flag question: Question $13$

Question $131$ pts

Who would be the best person to conduct an audit of a hotel's financial procedures?

Group of answer choices

The hotel's GM

The hotel's controller

An independent and qualified CHA

An independent and qualified CPA

Flag question: Question $14$

Question $141$ pts

Which financial tool would help a GM determine the best time to temporarily close a large number of guest rooms for renovation?

Group of answer choices

Audit

Budget

Revenue forecast

Statement of cash flows

Flag question: Question $15$

Question $151$ pts

Which financial tool is an estimate of a hotel's future revenue and expense?

Group of answer choices

P&L

Budget

Balance sheet

Income statement

Flag question: Question $16$

Question $161$ pts

What is the purpose of coding hotel expenses?

Group of answer choices

Reduce per guest operating costs

Assign costs to specific hotel areas

Increase the speed of invoice payment

Decrease the speed of invoice payment

Flag question: Question $17$

Question $171$ pts

What is the formula accountants use to create a Balance sheet?

Group of answer choices

Assets $=$ Liabilities $-$ Owners' equity

Assets $=$ Liabilities $+$ Owners' equity

Assets $=$ Liabilities $-$: Owners' equity

Assets $=$ Liabilities x Owners' equity

Flag question: Question $18$

Question $181$ pts

Which type of budget would be best used for scheduling needed capital expenditures?

Group of answer choices

Weekly

Monthly

Annual

Long range

Flag question: Question $19$

Question $191$ pts

A hotel's AR balance increases when

Group of answer choices

products and services are sold to customers on credit.

invoices for products purchased by the hotel are paid.

legitimate invoices have been received by a hotel for payment.