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

Transactions affecting retained earnings, shown below in T-account format a...

shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2011. At January 1,2011, the corporation had outstanding 105 mill

Public debt, effects of public debt on production, d

effects of public debt on production, d

Margin movement, A quick glance at the trend in the Operating and Net Profi...

A quick glance at the trend in the Operating and Net Profit Margin figure indicates an improvement in the margins over the 2 year period. As is evident from the graph above HAIL du

Finance management, Establish a budget and allocate funds in accordance wit...

Establish a budget and allocate funds in accordance with statutory and organisational requirements

Calculate and graph the average annual returns , This is an individual asse...

This is an individual assessment contributing 50% of your marks for the module. The assignment is intended to help you develop skills of implementing financial models in Excel. The

Describe the effects of each transaction on assets, KAM Computer Timeshare ...

KAM Computer Timeshare Company entered into the following transactions durnig May 2014 Decribe the effects of each transaction on assets, liabilities, and owner's equity. 1. Purcha

Main factors establishing a pricing policy, What are main factors that Nor'...

What are main factors that Nor'easters should take into account in establishing a pricing policy? The minor revenue generators of Nor'easters include corporate sponsorships and

Show advantages of financial intermediation, Q. Show Advantages of financia...

Q. Show Advantages of financial intermediation? The advantages of financial intermediation are as follows Investors are able to pool their funds in a bank deposit account to

Numerical question, Data for 2013 were as follows: PBO, January 1, $244,000...

Data for 2013 were as follows: PBO, January 1, $244,000 and December 31, $274,000; pension plan assets (fair value) January 1, $190,000, and December 31, $233,000. The projected be

What is the cost per dinner based on average sales, Question: Airways C...

Question: Airways Catering prepares dinner for several airlines, and sales average 500,000 dinners per month. The cost of each dinner is made up principally of the cost of meat

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