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

Illustration of pension funds, Normal 0 false false false ...

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4

Grants are not necessarily recognized as revenue, Grants are not necessaril...

Grants are not necessarily recognized as revenue when they are awarded. Columbus City was awarded a state reimbursement grant of $150,000 to assist its adult literacy program. The

Modern advanced accounting, Problem 1 (28 marks) Pre-Contribution Balance ...

Problem 1 (28 marks) Pre-Contribution Balance Sheets and Fair Values June 30, 20X9 (in thousands of $) Swag Co. Perk Ltd. Pre- Contribution Fair Value Pre- Contributi

Show equity and debt issues, A company is necessary by law to offer an issu...

A company is necessary by law to offer an issue of new equity finance on a pro-rata basis to its existing shareholders. This makes sure that the existing pattern of ownership and c

Prepare the journal entries, Clarkston Inc issued $1,000,000 of convertible...

Clarkston Inc issued $1,000,000 of convertible 10- year, 11% bonds on July 1, 2014. The interest is payable semiannually on January 1 and July 1. The discount in connection with th

Service revenue earned on account, what type of transaction is a service re...

what type of transaction is a service revenue earned on account? a) asset source, b) asset use, c) asset exchange or d) claims exchange?

Mutual dealings-bankruptcy and liquidation, MUTUAL DEALINGS A right of ...

MUTUAL DEALINGS A right of set-off is allowed where there have been - (a) Mutual credits, debts or other dealings resulting in pecuniary liabilities, (b) Between the debtor an

Calculate current average cost of processing order, SF is a division of Sel...

SF is a division of Sell.com, an internet retailer. SF operates two large server farms, each of which is a set of interconnected computers and hard drives that are used to process

Sensitivity analysis of project, Q. Sensitivity Analysis of Project? Th...

Q. Sensitivity Analysis of Project? This system measures the change in project NPV arising from a fixed change in each project variable or measures the change in every project

Statement of surplus capital-partnership, Statement of surplus capital ...

Statement of surplus capital v\:* {behavior:url(#default#VML);} o\:* {behavior:url(#default#VML);} w\:* {behavior:url(#default#VML);} .shape {behavior:url(#default#VML

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