Which of the following events would be recorded as an accounting event?
Answer
|
|
a.
|
A guest purchases a meal in a food outlet.
|
|
|
b.
|
A guest enters the dining room and is seated by a host.
|
|
|
c.
|
A valet parks a guest's vehicle.
|
|
|
d.
|
A guest complains to front office representatives about a dirty guestroom.
|
Question
What happens to the fundamental accounting equation when the sole proprietor of a business invests more cash in it?
Answer
|
|
a.
|
Assets increase, liabilities increase, and owner's equity decreases.
|
|
|
b.
|
Assets increase, liabilities increase, and owner's equity remains the same.
|
|
|
c.
|
Assets increase, liabilities remain the same, and owner's equity increases.
|
|
|
d.
|
Assets remain the same, liabilities increase, and owner's equity increases.
|
Question
The branch of accounting that involves reviewing and evaluating documents, records, and control systems is called:
Answer
|
|
a.
|
financial accounting.
|
|
|
b.
|
cost accounting.
|
|
|
c.
|
auditing.
|
|
|
d.
|
Managerial accounting.
|
Question
Which of the following groups has the most influence over the development of accounting principles in the private sector?
Answer
|
|
a.
|
Financial Accounting Standards Board (FASB)
|
|
|
b.
|
Securities and Exchange Commission (SEC)
|
|
|
c.
|
Hospitality Financial and Technology Professionals (HFTP)
|
|
|
d.
|
Internal Revenue Service (IRS)
|