Chp 22 Accounting Lesson

Chp 22 Accounting Lesson

Multiple Choice

A system of recording and summarizing financial transactions and analyzing and reporting the results is ________.

• accounting

• financial transaction

• audits

• payroll

Multiple Choice

Accounting systems are based on debits and credits.

• True

• False

Open Ended

What is the difference between debits and credits?

Multiple Choice

The marketing and sales department handles all the money that flows in and out of the business.

• True

• False

Multiple Choice

The Uniform System of Accounts makes it possible and common to compare financial data among different ____.

• accounting departments

• accounting divisions

• hotels and lodging properties

• restaurants and cafés

Multiple Choice

True or False? If business costs rise, the accounting department determines how to reduce them.

• True

• False

Multiple Choice

A(n) ____ summarizes all the revenue made and all the expenses paid out during a specific period of time, such as a month or a year.

• balance sheet

• cash flow statement

• income statement

• point of sale

Multiple Choice

Who supervises the preparation of budgets?

• POS system

• the controller

• the accountant

Multiple Choice

The accounting division of a large hotel is usually divided into the following departments: ____.

• accounting, debit department, credit, POS, and PMS

• accounts receivable, accounts payable, night audit, credit, and food and beverage controller

• audit department, information technology department, comptroller’s office, payments department, and credit

• payroll, POS, accounts payable, audits, and credit department

Multiple Choice

Which accounting department collects the money owed to the business?

• accounts payable

• accounts receivable

Multiple Choice

Why are audits done?

• to see how a business' profits are doing

• to make sure the company does not go into debt

• to discover errors and make sure accounting procedures are followed

Multiple Choice

One of the responsibilities of the night auditor is to balance the daily financial transactions.

• True

• False

Multiple Choice

Record that shows whether a person or a business pays its bills promptly.

• credit

• credit history

• debt receipts

Multiple Choice

Two qualities needed by accounting personnel include business accounting knowledge and ability to pay close attention to detail.

• True

• False

Multiple Choice

Place where goods or services are sold and money is collected.

• point of sale

• POS system

• PDS system

Multiple Choice

The use of technology has reduced the workload of the accounting department in hotels.

• True

• False