Hospitality Managerial Accounting TopHat Quiz 1
Hospitality Managerial Accounting TopHat Quiz 1 HRMA 3341
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This 3 page Class Notes was uploaded by Sarah Brucker on Tuesday August 30, 2016. The Class Notes belongs to HRMA 3341 at University of Houston taught by Arlene Ramirez in Summer 2015. Since its upload, it has received 17 views. For similar materials see Hospitality Managerial Accounting in Hotel and Restaurant Management at University of Houston.
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Date Created: 08/30/16
TopHat Quiz Chapter 1 1. Which of the following is not a characteristic of the Hospitality Industry? a. Seasonality of the business b. Laborintensive industry c. Long distribution chain and time span d. Major investment in fixed capital 2. True or False: USALI and GAAP are the same thing. 3. When the value of a current asset is changed because the cost of the asset is lower than the current market value, it is not a violation of the cost principle. Which principle allows for this reduction in value? a. Full Disclosure b. Going Concern c. Objective Evidence d. Conservatism 4. Which principle is based on the concept that the real value of the business is its ability to earn a profit rather than the value of its assets if liquidated? 5. True or False: An accrued revenue is one that has been recognized before cash has been received. 6. Which branch of accounting is tasked with reviewing the reservations system of a hotel? 7. True or False: Assets – Liabilities = Owners’ Equity. 8. Which business organization format creates double taxation? 9. Which comes first in the accounting cycle? a. Closing Entries b. Adjustments c. Adjusted Trial Balance d. Financial Statements Answers: 1. C 2. False 3. D 4. Going Concern 5. True 6. Accounting System 7. True 8. CCorporation 9. B Material taken from TopHat – Professor Ramirez