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Hotel & Restaurant Accounting
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Hotel & Restaurant Accounting
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25 Questions

1. How is gross profit calculated?

2. Why would an accountant use a trial balance?

3. Food cost (cost of sales) must not include cost of employee meals. Give example:

4. What are liabilities?

5. What do security deposits include?

6. What does the GAAP Conservatism serve to do?

7. What is market value?

8. List the operating expenses.

9. What is a feasibility study?

10. What is the objective of an audit?

11. In periodic inventory, where are storeroom and direct purchases recorded?

12. Inventory represents _____; cost of sales represents the _____ to produce guest sales.

13. The GAAP Matching states...

14. For a corporation, how do you calculate income before income taxes?

15. To understand how to arrive at inventory and cost of sales figures in periodic inventory:

16. What does the owner's capital account reflect?

17. How many general partners must a partnership business have?

18. What items don't have a related accumulated depreciation account?

19. The purchase of inventory with credit privileges increases which two bookkeeping accounts?

20. What financial statement focuses on Operating, Investing and Financing activities?

21. Which method must Food & Beverage operations use? Why?

22. What reveals the financial position of a business?

23. List the common intangible assets.

24. What items count under utilities?

25. Common stock issued is shown on financial statement at par value. True or false?

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