Q: 1. Which is the accounting summary that presents the financial condition
1. Which is the accounting summary that presents the financial condition, or financial health, of a business? A. Balance Sheet B. Income Statement C. Profit and Loss Statement D. Statement of Cash Flo...
See AnswerQ: 1. Which GAAP prevents a business from switching back and forth
1. Which GAAP prevents a business from switching back and forth between an accrual and a cash accounting system in the same accounting period? A. Consistency Principle B. Conservatism Principle C. Mat...
See AnswerQ: “We have to lower our prices or we’ll just get killed
“We have to lower our prices or we’ll just get killed,” said Hoyt Lamont, director of operations for the 10‐unit Blinky’s sub shops. Blinky’s was known for its modestly priced, but very high‐ quality,...
See AnswerQ: 1. The USALI is a series of standardized accounting procedures used
1. The USALI is a series of standardized accounting procedures used by A. hotel managers B. club managers C. bar managers D. restaurant managers 2. The USAR is a series of standardized accounting pr...
See AnswerQ: 1. The primary purpose of accounting is to report on an
1. The primary purpose of accounting is to report on an organization’s A. money and valuable property. B. revenue potential. C. proper staffing levels. D. estimated market value. 2. The best definiti...
See AnswerQ: 1. Which is the primary concern of financial accounting?
1. Which is the primary concern of financial accounting? A. Recording financial transactions B. Identification of tax payments C. Control of costs D. Financial management decision making 2. Which go...
See AnswerQ: 1. Which is the foundation of accurate financial reporting and analysis
1. Which is the foundation of accurate financial reporting and analysis? A. Bookkeeping B. Managerial accounting C. Summary accounting D. Cost analysis 2. In the hospitality industry, a property man...
See AnswerQ: 1. In a hospitality business, a cost center is best
1. In a hospitality business, a cost center is best defined as a A. unit or department that generates costs, but no revenues or profits B. department in charge of product purchases C. unit responsibl...
See AnswerQ: 1. What are the two expenses, listed on the income
1. What are the two expenses, listed on the income statement, that make up a restaurant’s prime costs? A. Cost of sales and cost of labor B. Cost of sales and occupancy costs C. Occupancy costs and co...
See AnswerQ: 1. To increase a restaurant’s revenue, its managers must increase
1. To increase a restaurant’s revenue, its managers must increase the number of guests served or A. increase the amount spent by each guests B. increase the prices charged to guests C. reduce the ope...
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