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business
managerial accounting

Questions and Answers of Managerial Accounting

For most hospitality managers, the “bottom line” is not the most important number on an income statement because managersa. Cannot control all of the factors that affect unit profits.b. Can
A restaurant manager uses vertical analysis to assess her operating results. The manager will use total sales as the denominator in her calculation of operating ratios for all of her expenses
To perform a horizontal analysis of an income statement, a manager must assess a. Changes in revenue and expense.b. The percentage of revenue and expense achieved.c. The dollar amount revenue
Which term best describes the difference between all recorded revenue transactions in a business and all of the business’s recorded expense transactions?a. Net incomeb. Prime costsc. Gross
To increase a restaurant’s revenue, its managers must increase the number of guests served or a. Increase the amount spent by each guests.b. Increase the prices charged to guests.c. Reduce the
The process of carefully considering how a business’s costs will be detailed for reporting purposes is known asa. Expense classification.b. Cost management.c. Gross profit calculation.d. Expense
Which accounting period would always include an equal number of Mondays? a. 28-dayb. Monthc. Quarterd. Annual
On a USALI 11th edition format: Summary Operating Statement (For Operators), which expense would be identified as an undistributed expense?a. Cost of electricityb. Linen costsc. Wine costsd. Cost of
Which is the formula used on a USALI to calculate occupancy percentage?a. Rooms sold / rooms availableb. Rooms available / rooms soldc. Rooms sold x rooms availabled. Rooms available x rooms
Which is an example of a non-controllable restaurant expense?a. Mortgage paymentsb. Utility costsc. Managers’ salariesd. Advertising costs
When using double entry accounting, what is the minimum number of accounts that will be affected when a restaurant sells a food item to a customer? a. 2b. 4c. 3d. 1
Which is the first step in implementing an automated accounting system? a. Eliminating paperb. Syncing datac. Sharing datad. Adding additional features
Electronically matching and reconciling a business’s bank records with its internal financial records is a typical feature of a. Automated accounting.b. Accrual accounting.c. Cash
What would be the impact on a restaurant’s financial accounts when it purchases steaks for resale to guests? a. Decrease in cash, increase in inventory valueb. Decrease in cash, decrease in
In the hospitality business cycle, the sale to guests of a hospitality business’s products or services creates either cash or a. An account receivables.b. An account payable.c. A financial
As the first step in the hospitality business cycle, a hospitality operation uses its cash or credit reserves to a. Purchase products for resale to guests.b. Produce finished goods.c. Generate
Which GAAP would be most relevant if a hotel, in the near future, expected to face the payment of a significant amount of money resulting from a lawsuit that it was very likely to lose?a. Full
Which GAAP applies only to those businesses that use an accrual system of accounting? a. Matching Principleb. Conservatism Principlec. Consistency Principled. Objectivity Principle
Which GAAP prevents a business from switching back and forth between an accrual and a cash accounting system in the same accounting period?a. Consistency Principleb. Conservatism Principlec. Matching
Which GAAP states that recorded financial transactions must have a confirmable (provable) basis in fact?a. Objectivity Principleb. Conservatism Principlec. Matching Principled. Consistency Principle
The USFRC is a series of standardized accounting procedures used bya. Club managers.b. Restaurant managers.c. Full-service hotel managers.d. Select-service hotel managers.
Which is the primary concern of financial accounting?a. Recording financial transactionsb. Identification of tax paymentsc. Control of costsd. Financial management decision making
The primary purpose of accounting is to report on an organization’sa. Money and valuable property.b. Revenue potential.c. Proper staffing levels.d. Estimated market value.
The best definition of an accountant is a person who a. Is skilled in the recording and reporting of financial transactions.b. Holds the title of “general manager” in a business.c. Can read
When does accounting for a business begin?a. Before the business opensb. The first day a business operatesc. At the end of a business’s first month of operationd. At the end of a business’s first
When properly used, accounting helps hospitality managersa. Make better decisions.b. Ensure no errors occur when decisions are made.c. Avoid making difficult decisions.d. Make all of the operational
Which is a question that could NOT be best answered strictly on the basis of accounting data?a. Which current bartender should we promote to Head Bartender?b. At what price should we sell our 12
Items owned by a business are referred to as a. Assets.b. Revenue.c. Liabilities.d. Income.
Assets = Liabilities + Owners’ Equity, is referred to as the a. Basic accounting equation.b. Double-entry accounting formula. c. General ledger formula.d. Auditor’s compliance
Which branch of accounting concerns itself with the independent verification of financial records?a. Auditingb. Tax accountingc. Cost accountingd. Managerial accounting
Which governmental entity establishes standards, and then awards qualified individuals the Certified Public Accountant (CPA) designation?a. Stateb. Federalc. Countyd. City
Which statement best describes hospitality accounting? a. It is a NOT a separate branch of accountingb. It is a separate branch of accountingc. It is used only by hotel managersd. It is used
What is true about those professionals using managerial accounting in the hospitality industry?a. They must have specialized knowledgeb. They must be a Certified Management Accountant (CMA)c. They
ADR is a financial term used by hospitality professionals working in a. Hotels.b. Clubs.c. Restaurants.d. Bars.
The formula used to calculate a contribution margin is a. Selling price - Product costb. Selling price x Product Costc. Rooms revenue / Rooms available to selld. Rooms available to sell / Rooms
Which would be the greatest industry-related challenge to managers who do NOT have an understanding of hospitality accounting? a. They lack specialized knowledgeb. They cannot learn the
The uniform system of accounts used by managers in a specialized segment of the hospitality industry area. A series of standardized accounting procedures.b. A series of mandatory accounting
The USALI is a series of standardized accounting procedures used by a. Hotel managers.b. Club managers.c. Bar managers.d. Restaurant managers.
The USAR is a series of standardized accounting procedures used bya. Restaurant managers.b. Club managers.c. Full-service hotel managers.d. Select-service hotel managers.
The GAAP referred to as the Time Period Principle is concerned with a business’s a. Identification of the dates for which financial transactions have been recorded.b. Status as an ongoing
A restaurant owner records his purchases of food and beverage as an expense when they are purchased, and who does not record end of accounting period inventory values is violating the a.
A restaurant owner who takes home steaks for grilling at a private party she is hosting for her friends, without properly reflecting this in the restaurant’s accounting records, is violating thea.
Which describes the impact of a debit entry?a. ↑ Assets↓ Liabilities↓ Owners’ Equity↓ Revenues↑Expenses b. ↓ Assets↑ Liabilities↑ Owners’ Equity↑ Revenues↓Expensesc. ↑
Which describes the impact of a credit entry?a. ↓ Assets↑ Liabilities↑ Owners’ Equity↑ Revenues↓Expensesb. ↑ Assets↓ Liabilities↓ Owners’ Equity↓ Revenues↑Expensesc. ↑
Which is the accounting statement that reports in detail, and for a very specific time period, a business’s revenue, the expenses required to generate its revenues, and the business’s profits or
Which is the accounting summary that presents the financial condition, or financial health, of a business?a. Balance Sheetb. Income Statementc. Profit and Loss Statementd. Statement of Cash Flows
What is the primary device that accountants use to record increases or decreases in the assets, liabilities or owners’ equity portion of a business’s basic accounting equation?a. Accountb.
Which is the basic accounting equation that is applicable to every business?a. Assets = Liabilities + Owners’ Equityb. Assets = Owners’ Equity – Liabilities c. Assets + Liabilities =
Which portion of a hospitality business’s transaction and analysis process would most often by undertaken by the business’s owner or general manager? a. Financial analysisb. Recording of
Which would be the final action to occur in a hospitality business’s transaction recording and analysis process? a. Financial analysisb. Guest purchase c. Summary accountingd. Basic
Which would be the first action to occur in a hospitality business’s transaction recording and analysis process? a. Guest purchaseb. Financial analysis c. Summary accountingd. Basic
In the hospitality industry, a point of sale (POS) system is used to recorda. Guest sales, payments and other information.b. Rooms sold to guests.c. The activities occurring in a hotel’s
In the hospitality industry, a property management system (PMS) is used to recorda. Customer transactions that take place at a hotel’s front desk.b. Changes to the value of a business’s
Which uniform system of accounts gives hoteliers and their accountants a consistent and easily understood “road-map” to record revenues, expenses and to report a hotel's overall financial
Which is the foundation of accurate financial reporting and analysis? a. Bookkeepingb. Managerial accountingc. Summary accountingd. Cost analysis
It is most important that financial information is always presented in a manner that is both legal and a. Ethical.b. Delivered electronically.c. Easy to calculate.d. Current.
David Berger was about to achieve his dream. Having finished culinary school and then completed his hospitality management degree, David was ready to seek the financial backing he needed to open what
Ethics refers to the choices of proper conduct made by an individual in his or hera. Relationships with all others.b. Personal life only.c. Business life only.d. Relationships with superiors
Rodney Nicole was excited as he talked to his friend Ali Pennycuff. “I bought the truck!” said Rodney. “You bought the food truck you were looking at?” asked Ali. “I sure did. It will only
“This is a bit new for me,” said Maddie, the new controller at the 600‐room Fairmont Hotel. “I know,” said Marcus, the hotel’s general manager, “but you will catch on pretty quick I’m
Samara Tate couldn’t have been happier. As she looked back on the past two years, she realized just how much how her hard work had paid off. First, she had been hired as a waitress at the exclusive
If an action is legal a. It can still be unethical.b. It cannot be unethical.c. It is always ethical.d. It is most often unethical.
Society’s views of acceptable behavior, as well as specific laws affecting manager’s actions a. Change continually.b. Should not be changed.c. Cannot be changed.d. Are rarely changed.
Which is NOT a question managers should ask when assessing whether or not a course of action is ethical? a. Will I get caught?b. Would I publicize my action?c. Am I being honest?d. Is it legal?
Wafer Products, Inc., produces a chemical used in the production of silicon wafers. Wafer Products uses the weighted average method for its process costing system. The Mixing department at Wafer
Paint Products, Inc., produces paint in three processing departments—Mixing, Testing, and Packaging. Transactions for the month of September are shown as follows.1. Direct materials totaling
Refer to Exercise 28. Prepare a production cost report for Southwest Corporation for the month of April using the format shown in Figure 4.9.In Exercise 28Southwest Corporation uses the weighted
Southwest Corporation uses the weighted average method for its process costing system. The Assembly department at Southwest began the month of April with 6,000 units in work-in-process inventory, all
Deluxe Tire Company produces tires in two processing departments—Fabrication and Packaging. Transactions for the month of July are shown as follows.1. Direct materials totaling $15,000 are
Refer to Exercise 25. Prepare a production cost report for Jennings Company for the month of January using the format shown in Figure 4.9.In exercise 25Jennings Company uses the weighted average
Jennings Company uses the weighted average method for its process costing system. The Molding department at Jennings began January with 80,000 units in work-in-process inventory, all of which were
The following information is for the Painting department for the month of December.Required:a. Calculate the costs assigned to units completed and transferred out of the Painting department for
The following information pertains to the Finishing department for the month of April.Required:Calculate the cost per equivalent unit for direct materials, direct labor, overhead, and in total. Show
Complete the requirements for each item in the following.1. A total of 10,000 units of product remain in the Assembly department at the end of the year. Direct materials are 80 percent complete and
Assume a company has two processing departments—Molding and Packaging. Transactions for the month are shown as follows.1. The Molding department requisitioned direct materials totaling $4,000 to be
For each firm listed in the following, identify whether it would use job costing or process costing.1. Canned soup producer 2. Custom automobile restorer 3. Facial tissue
Refer to the dialogue presented at the beginning of the chapter. Required:a. Why was the owner of Desk Products, Inc., concerned about the Assembly department product cost of each desk?b. What
Explain how the cost per equivalent unit might be misleading to managers, particularly when a significant change in production is anticipated.
What is a production cost report, and how is it used by management?
How does a company determine the number of production cost reports to be prepared for each reporting period?
Describe the last two stages of the production process at Hershey.
Describe the basic cost flow equation and explain how it is used to reconcile costs to be accounted for with costs accounted for.
Describe the basic cost flow equation and explain how it is used to reconcile units to be accounted for with units accounted for.
What two important amounts are determined in step 4 of the production cost report?
Describe the four key steps shown in a production cost report assuming the weighted average method is used.
Why do colleges convert the actual number of students attending school to a full-time equivalent number of students?
Explain why direct materials, direct labor, and overhead might be at different stages of completion at the end of a reporting period.
Explain the concept of equivalent units assuming the weighted average method is used.
Explain the difference between physical units and equivalent units.
Why is it likely that Wrigley uses a process costing system rather than a job costing system?
What are transferred-in costs?
What are the three stages of production at Coca-Cola, and what account is used to track production costs for each stage?
Describe the differences between a process costing system and a job costing system.
Describe the similarities between a process costing system and a job costing system.
Which types of companies use a process costing system to account for product costs? Provide at least three examples of products that would require the use of a process costing system.
This problem is an adaptation of the example presented at the end of Chapter 2 for Custom Furniture Company. The only difference is that this problem uses activity-based costing to allocate overhead
Gogle Company recently began providing cafeteria services to its employees. Because revenue from the sale of food at the cafeteria does not fully cover cafeteria expenses, Gogle must pay for the
Recall from the chapter discussion that SailRite uses one plantwide rate based on direct labor hours to allocate manufacturing overhead costs to the company€™s two sailboat
The company president makes the following statement: “Product costs are straightforward. Whatever costs are incurred to produce a product are assigned to that product.” Do you agree with this
A colleague states, “We produce one product, and our operations are relatively simple. Activity-based costing and activity-based management would be a waste of time for our company!” Do you agree

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