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

Annual Report, Before nominations for a board position should the annual re...

Before nominations for a board position should the annual report be available

Describe the meaning and the purpose of financial instrument, Question A T...

Question A The key functions of financial system are to provide a link between savers and investors. What are the key functions of financial market Question B Describe the me

With the ddm formula calculated growth rate, Using CAPM's formula, Retur...

Using CAPM's formula, Return on equity = Risk-free rate + Beta*(Expected market return - risk-free rate) With the given information, Return on equity = 1% + 1.7*(9% - 1%)

Computations, This is a comprehensive assessment of the material related to...

This is a comprehensive assessment of the material related to our first two class meetings.  You are NOT being tested on material related to capital budgeting (NPV, IRR, etc.). Tha

Calculate economic profit, Calculate Economic profit: Suppose a monopo...

Calculate Economic profit: Suppose a monopolistically competitive firm is facing the following demand and cost information. a.  If the firm is a profit maximizer, how

State the benefits of accounting information, State the Benefits of account...

State the Benefits of accounting information Benefits of accounting information ultimately decline. Cost of providing information, though, will rise with every additional piec

Small business stock, Small Business Stock -No corporate investors can excl...

Small Business Stock -No corporate investors can exclude up to 50 percent of the GAIN they realize on disposition of qualified small business stock issued after Aug. 10, 1993 and h

Registration of deeds of arrangement and assent of creditors, Registration ...

Registration of a D of A and assent of creditors A D of A will be void unless it is registered with the Registrar within 7 clear days after first execution and is properly stam

Deferred tax-income tax-financial statement, Deferred tax A company may e...

Deferred tax A company may enter into transactions in the current financial period that may result in the firm either paying or saving some tax in the future. The tax that may be

Explain the term reporting interval - management accounting, Explain the te...

Explain the term Reporting interval - Management accounting For most businesses, financial accounting reports are produced on an annual basis, though some large businesses prod

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