Accounting Skills for Hospitality

The prime function of accounting is to

• Record economic data

                    

• Classifying  and recording business transaction

• Provide the informational basis for action

• Attainnon-economic goals

The rule debit all expenses and losses and credit all income and gains relates to

• Personal Account

• Real Account 

• Nominal Account

• All of the above

The comparison of financial statement of one year with that of another is possible only when ........... concept is followed

• Going concern

• Accrual

• Consistency

• Materiality

Book-keeping is mainly concerned with

• Recording of financial data relating to business operations

• Designing    the systems in recording, classifying, summarizing the recorded data

• Interpreting the data for internal and external end-users

• None of the above

Depreciation of fixed assets is an example of

• Revenue Expenditure

• Deferred Revenue Expenditure

• All of the above

The rent paid to the landlord should be credited to

• Landlord’s Account

• Rent Account

• Cash Account

• None of the above

........... column in cash book need not to be balanced

• Discount

• Bank

• Cash

• None of the above

Balance Sheet is prepared

• For a particular period

• On a particular date

• For the whole date

• None of the above

The financial statements consist of

• Trial Balance

• Profit & Loss Account

• Balance Sheet

• Both (ii) and (iii)

What is the purpose of making a provision for depreciation in the accounts?

• To charge the cost of fixed assets against profits

• To show the current market value of fixed asset

• To make cash available to replace fixed assets

• To make a provision for repairs