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business
introductory financial accounting
Questions and Answers of
Introductory Financial Accounting
Give the format of the following:(a) Profit and Loss Statement for the month(b) Balance Sheet(c) Fund Flow Statement (d) Receivables Report (e) Capital Expenditure Statement (f) Expenses Statement
___________ report indicates the previous day’s sales income from various revenue centres
___________ statement provides information regarding number of covers, sales value, average spend per cover, normal food cost percentage based on the company pricing policy, food cost in actual cost
___________ report indicates details of revenue from various sales outlets and expenses that can be directly identified with F&B Department.
___________ report indicates whether the income is at least at the budgeted level.
___________ report indicates what is owed to the business and when the amounts are due.
What is the meaning of night audit? How is it useful for hotels?
What is meant by: (a) Occupancy percentage (b) Multiple occupancy ratio (c) Average daily rate (d) Average rate per guest (e) Foreigners to domestic visitors ratio
What is a city ledger?
What is accounts transfer?
What is VPO?
Discuss the modes of credit settlement.
Discuss the various modes of cash settlement.
How is the double entry completed when the VTL is maintained?
What is VTL?
What is a split bill?
What are the features of a guest account?
If a guest account is not settled in full by cash payment at checkout, the guest's folio balance is transferred from the guest ledger in the front office to the_________. in the accounting division
If the guest had a credit balance in his account at the time of checkout, it has to be refunded to the guest through a __________
When certain charges are paid by the company or agency and the rest are to be borne by the guest himself, the split is made on the basis of charges. The bill in such a case is called_______ bill.
Sometimes, the room and charges are shared by two guests who would like to have their bill split into two identical halves. Such as bill is called ______
The front office also maintains non-guest accounts to extend in-house charge privileges to local businesses or agencies as a means of promotion, or to groups sponsoring meetings at the hotel. These
What do you understand by internal audit? How is it different from statutory audit?
Discuss the internal audit process in hotels.
What do you understand by internal control? What are the advantages of internal control?
"Internal control is concerned with authorization and recording procedures and the division of staff duties. It relates mainly to cash and goods." Comment.
Differentiate between internal control and internal audit.
What do you mean by internal audit?
State the characteristics of internal control.
What do you mean by internal control?
What are objects of internal check?
What do you mean by internal check?
______ helps to locate errors and fraud in accounts at an early date.
______ is defined as "an ongoing appraisal of the financial health of a company's operations by its own employees".
______, a leading American Accountant defines auditing as "a systematic examination of the books and records of a business or other organization in order to ascertain or verify and to report upon the
_______ is the plan of an organization and all the methods and procedures adopted by the management of an entity to achieve the objective of ensuring, as far as practicable, the orderly and efficient
_______ is a continuous check on the day-to-day transactions carried out within the entity by arranging staff function in such a manner a person’s duties are automatically checked by the other
The following balances were extracted from the accounts of the Dalmia Limited at 31st December 2003. Prepare the Income Statement in accordance with the Uniform System of accounting introduced by the
From the following information, you are required to make an Income Statement in accordance with the format introduced by the American Motel and Hotel Association:Net Sales: `Rooms 12,00,000 Food and
Ron Curcio, the owner of Ron’s Resort has hired you to prepare a resort’s income statement for the year ended 31 December 2007. He has provided you with the balances of each of the general ledger
From the following information of Blue Gen Hotel, you are required to prepare an Income Statement in a good form showing Departmental Profits, Gross Operating Income and Gross Operating Profit and
Prepare a Statement of Income and Expenses for XYZ Hotel in accordance with the USHA based on the following ledger balances for the year ended April 30, 2005:Net Sales Payroll and Related Expenses
Prepare a statement of Income and Expenses for APB Hotel in accordance with the USHA, based on the following ledger balances for the year ended September 30, 2005:Heat, Light and Power Payroll and
From the following information extracted from the books of Modern Hotel, you are required to prepare the Income Statement for the year ended 31st December 2005 in accordance with the Uniform System
The following balances were extracted from the accounts of the Blue Moon Hotel at 31st December 2005. Prepar the Income Statement in accordance with the Uniform System of Hotel Accounting introduced
From the following information, prepare departmental trading and profit and loss account of Barista Restaurant:Stock on 1st January 2002 Food 17,400 Beverages 14,700 Purchases Food 35,000 Beverages
What is gross operating income?
What is gross operating profit?
What do you mean by schedules under USHA?
What are the conditions to be satisfied for introducing uniform system?
When clear cut methods have been prescribed in the basic accounting systems, why is it that the uniform systems for hotels have been specially devised for hotels?
In an income statement based on USHA, what information is reported in the operated departments section?
Draw a neat from at the sales summary when a restaurant sales book is maintained. How is the double entry completed when a restaurant sales book is maintained?
Give a list of undistributed operating expenses as per USHA.
Write a short note on uniform system of accounting.
What are the advantages of USHA?
What is uniform system of hotel accounting?
How is accounting in hotels different from other industries?
What is department accounting?
Under USHA ______refers to meaningfully allocating costs as closely as possible to the relates sale.
Under USHA,_____ refers to the extent to which costs can be controlled in the income statement and the classification of costs is determined by the level at which this control occurs.
Under USHA,_____ refers to grouping revenue and expense items, so that the performance of the individual responsible for that particular segment of the operation can be measured and judged.
The system that provides uniform classification of accounts and standardized method of presenting the financial results is known as ______
_____ accounts are those accounts that disclose not only the profits of the whole business, but also the profits of the various departments in the hotel such as Rooms, Restaurants, Banquets, Bar, etc.
Several accounts from the Hilton Hotel’s General ledger that pertain to the rooms department are listed below.Sales Transient- Regular 1,00,000 Salaries 10,000 Commission 1000 Uniforms 500 Linen
Prepare an Income Statement for ABC Hotel in accordance with USHA, based on the following ledger balances for the year ended 30th April, 2005. Also prepare a Balance Sheet as on that date.Accounts
The following balances were extracted from the accounts of the High Mountain Hotel on 31 December 1992. Prepare the Income Statement in accordance with USHA.Sales:Rooms 3,00,000 Food and Beverage
From the following information, prepare balance sheet as on 30th Sept. 2005: Cash in hand 4000, Plant and Machinery 8100, Bills payable 2800 Drawings 2400, Capital 15,000, Cash at Bank 9320, Sundry
In 2008, some grocery was purchased but these could not be used that year. The invoice price of this grocery was 10,000 and that 1000 was spent as freight and 1800 as godown rent. On 31st December
Classify the following into capital, revenue and deferred revenue expenditure with reasons: (a) Money spent on the transportation and installation of new machine purchased (b) Money spent on repairs
State whether the following are capital or revenue: 1. Cost of acquisition of copyrights 2. Repairs to building 3. Additions to factory building 4. Freight for bringing new furniture for office 5.
Explain the following terms giving examples wherever possible: Accounts receivable Inventory Fixed assets Current assets Current liability . Outstanding expenses Accrued income Unearned income
Explain what information is conveyed by the following balances standing in the ledger of a restaurant at 31st December 2005 after balancing the accounts and preparing the final accounts for the year
Distinguish between: (a) Capital expenditure and revenue expenditure (b) Gross profit and net profit (c) Profit and loss account and balance sheet (d) Trial balance and balance sheet (e) Trading
When preparing the Trading and Profit and Loss Account, how will you treat the following items: (a) Purchase Returns (b) Carriage outwards (c) Packaging on goods sold (d) Trade expenses (e) Salaries
What are prepaid expenses? Give examples.
What is the difference between the current and non-current items in the balance sheets?
What do you mean by adjustments? Explain giving at least two examples.
How do you value closing stock?
Why closing stock is not shown in the trial balance?
Define trading account and state the objectives of preparing it.
What do you understand by final accounts? Why are they prepared?
State which alternative in each of the following cases is correct:(a) Unearned income is (i) A liability (ii) An asset (iii) An expense (b) Stock in trade is valued at (i) Cost price (ii) Market
State whether the following statements are true or false: (a) Gross profit is always the difference between Sales and Purchases. (b) Trading expenses are always debited in the Trading Account. (c)
From the following particulars, prepare a Bank Reconciliation statement as on 31 March 2002:(a) Bank balance as per cash book on 31 March 2002, 8000. (b) Out of cheques amounting to 3200 paid into
On checking Casino Restaurant's cash book with bank statement of their overdrawn Current Account for the month of March 2001, you find the following:(a) Cash book showed an overdraft of 4500. (b) The
From the following particulars, prepare a Bank Reconciliation Statement as on 31 December 1999:(a) Bank overdraft as per passbook 26,000 (b) A cheque for (c) Cheques for were presented 3000 sent for
The cash book of Nagarjuna Restaurant shows8364 as the balance at bank as on 31 December 2002. But you find that this does not agree with the balance as per the bank passbook. On scrutiny, you find
Prepare a Bank Reconciliation Statement from the following information:(a) Bank overdraft as per cash book on 31 March 2002 12,500 (b) A cheque for 1200 sent for collection was returned dishonoured,
From the following, information, prepare a Bank Reconciliation Statement as per passbook on 31 December 2005:(a) Bank balance as per cash book 10,000. (b) Cheques issued during December, but
Explain why the balance as per the cash book and the balance as per the passbook must theoretically agree.
State the reasons for the difference between the cash book balance and the passbook balance
What is the need for preparing a bank reconciliation statement?
What is a passbook?
What is a bank reconciliation statement?
Choose the statement which you consider to be correct out of the following:(i) A Bank Reconciliation Statement is prepared so that(a) The difference in the balance in the bank and the cash balances
Fill in the blanks:(a) A Bank Reconciliation Statement is prepared to reconcile the difference in balance between ____and ____(b) Bank Overdraft means________ balance in Cash Book and _____balance in
On 31 December 1992, the cash book of The Trident showed an overdraft of 5670.From the following particulars, prepare a Bank Reconciliation Statement.(a) Cheques drawn but not cashed before 31
On examining the bank passbook of Oberoi Ltd., it is found that the balance shown on 31 March 1993, the close of the company's financial year, differs from the bank balance of *23,650 shown by the
Steak House finds that the bank balance shown by their cash book on 31 December 1992 is 40,500 (credit), but the passbook shows a difference due to the following reasons:(a) A cheque for 5000 drawn
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