The fundamental accounting, Financial Accounting

Assignment Help:

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)


Related Discussions:- The fundamental accounting

Writing a dissertation, I want to do a custom dissertation on IAS 40 invest...

I want to do a custom dissertation on IAS 40 investment property which needs to include a brief outline, positive as well as negative international critique with respect to the sta

Income statements, how to solve the question income statements

how to solve the question income statements

Calculate free cash flow to equity, (a)  In order to obtain free cash flow...

(a)  In order to obtain free cash flow to equity (FCFE), the two adjustments that Shaar must make to cash flow from operations (CFO) are  i.   CFO does not consider the inves

Determine the yield to maturity of the bond, The current market price of a ...

The current market price of a Leigh bond is $1,297.6. If the coupon rate is 10% and the par value is equal to $1,000, what is the yield to maturity of the bond if it matures in 10

Efficiency ratios, Efficiency Ratios - These ratios include Receivables T...

Efficiency Ratios - These ratios include Receivables Turnover, Inventory Turnover, Asset Turnover and Net Working Capital Turnover ratios. Efficiency ratios demonstrate the utili

Fraudulent preferences-fraudulent conveyances, Fraudulent preferences ...

Fraudulent preferences The trustee can set aside any transaction effected within the six months preceding the presentation of the petition in circumstances such as to make it

Financial break , OCF 218200 will result in a zero net present value for th...

OCF 218200 will result in a zero net present value for the project. The FC 329000 and CM 216.4 per unit. Financial break even?

Items reducing the deficit-liquidation of companies, Items reducing the def...

Items reducing the deficit: Items reducing the deficit would include: (a)    Profits from trading; (b)    Estimated profit on the realisation of assets. Notes: (a) Whe

The deficiency account-bankruptcy accounts, The Deficiency Account Pur...

The Deficiency Account Purpose of deficiency account : The purpose of the deficiency account is to explain the deficit shown on the statement of affairs. The deficiency acc

Duties of trustees-trusts laws and accounts, DUTIES OF TRUSTEES 1) Not ...

DUTIES OF TRUSTEES 1) Not to profit from the trust : A trustee may not receive remuneration except: By order of the court, if the trust is very onerous or the services of the

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd