What does accounting primarily deal with?

• Creating investment portfolios

• Recording, classifying, and summarizing financial transactions

• Developing business strategies

• Negotiating with investors

Why is accounting important for a company?

• It helps in advertising the company

• It shows the financial performance of the company, indicating profit or loss

• It only benefits internal employees

• It helps in hiring new employees

What is one of the primary roles of the finance department in hospitality?

• Cleaning guest rooms

• Managing company funds efficiently

• Designing hotel interiors

• Training new employees

Which type of accounting focuses on providing information to managers for use within the organization?

• Tax accounting

• Auditing

• Managerial accounting

• Fund accounting

What is the primary focus of cost accounting?

• Marketing products to customers

• Tracking, analyzing, and understanding the costs involved in business activities

• Designing company logos

• Training new employees

Who is typically at the top of the accounting department's organizational structure?

• Controller

• Managerial Accountant

• Chief Financial Officer (CFO)

• Internal Auditor

Which position focuses on ensuring compliance with tax regulations and preparing tax returns?

• Internal Auditor

• Controller

• Tax Accountant

• Cost Accountant

What type of knowledge is crucial for a staff accountant to have?

• Knowledge of marketing strategies

• Knowledge of accounting principles and standards

• Knowledge of customer service techniques

• Knowledge of graphic design

What is the primary focus of financial accounting?

• Marketing products to customers

• Recording and reporting financial transactions and cash flows

• Training new employees

• Designing company logos

What is the primary role of an internal auditor within the accounting department?

• Managing accounts receivable

• Conducting financial audits to ensure accuracy and compliance

• Preparing financial statements

• Managing cost accounting processes