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managerial accounting

Managerial Accounting for the Hospitality Industry 2nd edition Lea R. Dopson, David K. Hayes - Solutions

Which is the final step in the computation of the Hubbart room rate formula? a. Calculate the hotel’s required ADRb. Calculate the hotel’s target before-tax net incomec. Calculate the hotel’s estimated non-operating expenses.d. Calculate the hotel’s estimated operating expenses.
What is the name of the rooms pricing structure in place when a hotel charges the highest rates in an area because it offers the best product or service levels?a. Prestige pricingb. Follow the leader pricingc. Discount pricingd. Competitive pricing
What was the original purpose of the front-office call-around?a. To identify other hotels’ current rates before setting a hotel’s own rates b. To provide wake up calls to guests in occupied rooms c. To identify vacancies existing in competitive hotelsd. To determine the average GOPPAR
A Caribbean hotel has 400 rooms. 150 of the rooms contain one double bed. 250 of the rooms contain two double beds. Last might the hotel had 910 guests staying in its rooms. What was the hotel’s Bed Place % last night?a. 70%b. 75%c. 80%d. 65%
The Hubbart formula is a bottom-up method for calculating a targeted ADR because to do so managers must preparea. An income statement from the bottom up.b. A balance sheet from the bottom up.c. A statement of cash flows from the bottom up.d. A manager’s daily from the bottom up.
In which industry did the yield management concept originate? a. Airlineb. Car rentalc. Hoteld. Restaurant
A hotel has 200 rooms available for sale. The hotel’s rack rate is $175 per room. Last night the hotel sold 140 rooms at rack rate. What was this hotel’s yield last night?a. 70%b. 75%c. 80%d. 65%
Which is a formula used to calculate RevPAR?a. ADR x Occupancy % = RevPARb. ADR / Occupancy % = RevPAR c. GOPPAR x Occupancy % = RevPARd. GOPPAR / Occupancy % = RevPAR
A food service manager raises the price of the soft drinks sold in her operation. What will be true as a result of this action? a. Total revenue may increase or decreaseb. Total revenue will increasec. Total revenue will decreased. Total revenue will remain unchanged
Which is the formula that food service managers use to calculate their total revenue? a. Price x Number Sold = Total Revenue b. Price / Number Sold = Total Revenuec. Number of customers x Price = Total Revenued. Number of customers / Price = Total Revenue
A chef carefully monitors the percentage of guests who choose the daily special from a list of ten entrees listed on the menu. Which factor affecting menu prices is this chef monitoring?a. Sales mixb. Meal periodc. Service leveld. Product quality
A poor location may require that a food service operationa. Reduce its prices to attract a sufficient customer base.b. Increase its prices because its location will likely cause it to attract fewer customers. c. Reduce its prices because its ambiance will be below average.d. Increase its
Which is the most likely an example of a food service guest who will NOT be menu price- sensitive?a. An individual buying a hot dog while attending a professional sporting event.b. An office worker buying a hot dog for lunch.c. A working mother buying five hot dogs to feed her family.d. A college
Which is a time-sensitive factor affecting menu prices?a. Meal periodb. Ambiancec. Locationd. Guest type
If it is to be successful, the quality of products offered in a food service operation shoulda. Match the expectations of the operation’s guests.b. Be as high as possible to exceed guest expectations.c. Be as low as possible to allow menu prices to be as low as possible.d. Should vary widely to
Which factor affecting menu prices is LEAST controllable by management? a. Economic conditionsb. Portion sizec. Service levelsd. Product quality
Which factor will MOST heavily influence a food service operation’s menu pricing strategy?a. Sales mixb. Meal periodc. Ambianced. Guest type
As the level of personal service in a hospitality business increases, operating costs a. Increase and selling prices must also be increased.b. Increase and selling prices must be decreased.c. Decrease and selling prices must also be decreased.d. Decrease and selling prices must be increased.
Jessica Castillo had always been interested in food and cooking. After culinary school and several extensive apprentice stints with some of the best chefs in New York and a spectacular year in London, Jessica felt that she was ready to open her own restaurant.Creativity and customer focus were
“We have to lower our prices or we’ll just get killed,” said Hoyt Lamont, director of operations for the 10‐unit Blinky’s sub shops. Blinky’s was known for its modestly priced, but very highquality, sandwiches and soups. Business and profits were good, but now Hoyt and Rachel, who
Using the following information from the first week in November, and taken from the operating and financial reports of Hudson’s steakhouse, what would be the operation’s overall Menu Goal Value, given a variable cost percentage of 28% and a desired average selling price of $18.00?New York Strip
Which is the formula that managers use to create a Goal Value Analysis when evaluating their menu prices? a. (1.00 – Food Cost %) x Number Sold x Selling Price x [1.00 − (Variable Cost % + Food Cost %)] = Goal Valueb. (1.00 + Food Cost %) x Number Sold x Selling Price x [1.00 − (Variable
Using the following information taken from the first week in November operating and financial reports of Hudson€™s steakhouse, what is the operation€™s weighted contribution margin for the six types of steaks it sells?a. $11.20b. $11.70c. $12.20d. $12.70 Contribution Number Menu
At the end of a month a manager finds that his total labor cost percentage and all of his fixed cost percentages exceeded those he had budgeted. His food and beverage cost percentages were equal to their previously budgeted percentages. What is the most likely case in this scenario? a. The
Which is NOT an example of an intellectual capital asset? a. Illuminated electronic signsb. Recipe filesc. Customer listsd. Supplier discount contracts
Financial ratios do NOT measure, or assess, a company’s a. Intellectual capital assets.b. Current assets.c. Capital investments.d. Return on equity.
This January, a restaurant achieved a food cost percentage of 28%. Last January the restaurant achieved a food cost percentage of 26%. What was the percentage change in the restaurant’s food cost percentage this year when compared to last year? a. 7.7%b. 7.0%c. 2.7%d. 2.0%
Operating ratios computed by a manager for a hospitality business typically show a. What happened, but not why it happened. b. Why it happened, by not what happened.c. What happened and why it happened. d. Neither what happened, nor why it happened.
The manager of a chain restaurant wishes to make a comparative analysis of her results in an accounting period. Which of the following would NOT be a comparison she could reasonably make? a. The operating results of her major competitorb. Her previous accounting period resultsc. Published
In March, a restaurant achieved food sales of $750,000 and beverage sales of $150,000. The restaurant achieved a 33.33% food cost and a 20% beverage cost. What was the restaurant’s gross profit margin? a. 68.9%b. 72.9%c. 76.9%d. 64.9%
In February, a restaurant had a beginning inventory of $85,000, made purchases of $235,000 and had an ending inventory of $70,000. Employee meal costs for the month were $12,000. Food revenue for the month of February was $800,000. What was the restaurant’s food cost percentage for the month of
Last year a 500-room hotel was open for 365 days, had rooms department costs of $2,409,000, and achieved a 75% occupancy. What was the hotel’s CPOR for rooms department costs? a. $17.60b. $176c. $1,760d. $1.76
Last night a hotel achieved an ADR of $175.00 and total rooms revenue of $35,000. The hotel had 400 rooms available for sale last night. The hotel’s gross operating profit last night was $20,000. What was the hotel’s GOPPAR? a. $50.00b. $55.00c. $5.00d. $5.50
Andrea Wasserman knows her business, but she often wonders if anyone else really does. Andrea owns and operates a successful catering company. Each catered event she manages is unique. Her company enjoys an excellent reputation because of Andrea’s attention to detail and total commitment to
Which is NOT a proper way to express the ratio of “10 out of each 100?”a. 10b. 0.10c.10%d. 10/100
Which is the formula used to calculate a ratio? a. Part / Whole= Ratiob. Whole / Part =Ratioc. Part x Whole =Ratiod. Whole x Part =Ratio
Which of the following groups generally do not like to see too much debt on a company’s balance sheet? a. Lenders and creditorsb. Owners and investorsc. Owners and creditorsd. Customers and employees
A hotel has 85 rooms with king beds and 125 rooms with double beds. What percentage of the hotel’s rooms have double beds? a. 59.5%b. 68.0%c. 85.0%d. 40.5%
Financial leveraging is defined as the use of debt, reinvested to generate an ROIa. Greater than the cost of obtaining the debt. b. Less than the cost of obtaining the debt.c. Greater than the amount of the debt.d. Less than the amount of the debt.
A hotel owner borrows $10,000 at 8% interest for one year. The owner re-invests the money and achieves a 25% gain in that year. What was the dollar amount of the surplus gain achieved by this hotel owner’s leveraging activity? a. $1,700b. $800c. $2,500d. $3,300
Which type of ratio assesses how readily current assets could be converted to cash?a. Liquidity ratiob. Solvency ratioc. Activity ratiod. Profitability ratio
Which ratio is calculated using the formula: (Cash + Marketable Securities + Accounts Receivable) ÷ Current Liabilities?a. Quick (Acid-Test) ratiob. Current ratioc. Solvency ratiod. Activity ratio
Which of the following is calculated as: Current Assets – Current Liabilities? a. Working capitalb. Cash flowc. Fresh cash flowd. Liquidity
Which is NOT a solvency-related ratio?a. Operating cash flows to current liabilities ratiob. Debt to equity ratioc. Debt to assets ratiod. Times interest earned ratio
A restaurant’s balance sheet shows assets of $600,000, and liabilities of $200,000. What is this restaurant’s debt to equity ratio?a. 0.50 timesb. 5.0 timesc. 50.0 timesd. .05 times
A restaurant achieved $150,000 in net income. The restaurant’s balance sheet shows assets of $600,000, and liabilities of $200,000. What is this restaurant’s return on equity ratio? a. 37.5%b. 0.375%c. 3.75 %d. 37.5%
A hotel is open 365 days per year. It has 125 rooms available for sale. Last year the hotel sold 34,450 rooms. What was the hotel’s occupancy percentage last year? a. 75.5%b. 85.5%rc. 55.5%d. 65.5%
Last night a hotel achieved an ADR of $220.00 and total rooms revenue of $66,000. The hotel has 400 rooms available for sale. What was the hotel’s occupancy percentage last night? a. 75%b. 80%c. 85% d. 70%
Last night a hotel achieved an ADR of $120.00 and total rooms revenue of $18,000. The hotel has 400 rooms available for sale, but 25 were out-of-order last night. What was the hotel’s RevPAR last night? a. $48.00b. $68.00c. $88.00d. $108.00
Larry and Mary are two hotel managers who operate franchised select‐service hotels in neighboring cities. While attending their franchisor’s annual general managers’ meeting, they struck up a conversation over lunch.“Well,” said Larry, “we had a really great year at our hotel. We had
The net cash flow from operating activities this year at a popular restaurant is $256,000.Last year this figure was $210,500. What is the percentage variance in this restaurant’s net cash flow from operating activities? a. 21.6%b. (21.6%)c. 17.8%d. (17.8%)
This year a company generated $1,000,000 in cash from its operating activities, and had a $250,000 increase in cash from its investment activities. It also spent $600,000 on capital expenditures. What was the amount of the company’s free cash flow this year? a. $650,000b. $150,000c.
A business had a +20% variance in cash flow from investing activities this year as compared to last year. The dollar amount of cash flow from investing activities last year was $840,000. What was the dollar amount of cash flow from investing activities for this business in this year? a.
Which is true about a company that consistently has a negative free cash flow?a. It must borrow funds or seek additional investors.b. It is decreasing its investment in inventories.c. It must raise its prices.d. It will show a negative net income amount on its income statement.
The amount of cash a business generates from its operating activities minus the amount of cash it must spend on its investment activities and capital expenditures is calleda. Free cash flow.b. Cash flow.c. Solvency.d. Liquidity.
A business has net cash flow from operating activities of $1,500,250 this year. Last year the amount was $1,240,500. What is the dollar amount of variance from this activity this year as compared to last year? a. $259,750b. ($259,750)c. $2,740,750d. ($2,740,750)
Which is true about the numbers shown on properly prepared SCF?a. Sources of funds are shown as a positive number and uses of funds are shown as a negative number.b. Sources of funds are shown as a negative number and uses of funds are shown as a positive number.c. Sources and uses of funds are
When preparing a SCF, the amount of deprecation listed on the income statement must bea. Added back to net cash flow from operating activities.b. Subtracted from net cash flow from operating activities.c. Added back to net cash flow from financing activities.d. Subtracted from net cash flow from
Which action on the part of a manager would affect a business’s cash flow from investing activities?a. Selling marketable securitiesb. Increasing the size of food inventoriesc. Collecting $25,000 from accounts receivabled. Borrowing $50,000 to expand a parking lot
Which action on the part of a manager would affect a business’s cash flow from operating activities?a. Payment of utility billsb. Buying a new dishwasherc. Selling marketable securitiesd. Borrowing $50,000 to expand a parking lot
Which is listed first in a SCF?a. Cash flow from operating activitiesb. Cash flow from investing activitiesc. Cash flow from financing activitiesd. Net changes in cash
Which is a summary of the accumulated amount of profits generated over the life of the business that have not been distributed as dividends?a. Statement of retained earningsb. Condensed income statementc. Consolidated income statement d. Statement of owners’ equity
Which is NOT needed to prepare a SCF for this year’s results?a. Income statement for last yearb. Income statement for this yearc. Balance sheet from last yeard. Balance sheet from this year
Which of the following represent sources of funds?a. ↓ Assets↑ Liabilities↑ Owners’ Equity↑ Depreciation b. ↑ Assets↓ Liabilities↓ Owners’ Equity ↓ Depreciationc. ↑ Assets↓ Liabilities↑ Owners’ Equity↑ Depreciationd. ↓ Assets↑ Liabilities↓ Owners’
A manager sells a piece of operating equipment. Which of the following represents the impact of the sale? a. Decrease in assets; resulting in source of fundsb. Decrease in assets; resulting from use of fundsc. Increase in assets; resulting in source of fundsd. Increase in assets; resulting
Which change recorded in the liabilities and owners’ equity portion of a balance sheet represents a use of funds? a. Decrease in accounts payableb. Increase in long-term debtc. Increase in paid in capitald. Increase in notes payable
Which change recorded in the liabilities and owners’ equity portion of a balance sheet represents a source of funds? a. Increase in accounts payableb. Decrease in long-term debtc. Decrease in paid in capitald. Decrease in notes payable
Which change recorded in the asset portion of a balance sheet represents a use of funds for SCF purposes?a. Increase in net receivablesb. Decrease in net receivablesc. Decrease in cash on handd. Increase in accumulated depreciation
Which change recorded in the asset portion of a balance sheet represents a source of funds for SCF purposes?a. Cash withdrawal from a business’s bank accountb. Cash deposit into a business’s bank account.c. Increases in inventoryd. Payment of prepaid expenses
A firm that is considered to be a going concern is one thata. Generates enough cash to stay in business.b. Produces regular increases in revenue.c. Produces regular reductions in operating expenses.d. Has cash assets greater than its cash liabilities.
A statement of cash flows is designed to report a business’sa. Sources and uses of cash.b. Changes in accounts receivable.c. Cash on hand.d. Cash and cash equivalents on hand.
Which is a form of cash equivalents in a business?a. Certificates of depositsb. Cashier banksc. Currencyd. Checks on hand
Which is NOT a form of cash in a business?a. Accounts receivableb. Deposits in banksc. Currencyd. Checks on hand
Solvency refers to the ability of a business toa. Pay its bills as they come due.b. Generate a positive cash flow.c. Make an operating profit.d. Ensure its revenue exceeds its expenses.
The Statement of Cash Flows (SCF)shows all sources and uses of a business’s funds resulting from operating,a. Investing, and financing activities.b. Investing, and equity funding activities.c. Equity funding, and debt financing activities.d. Equity funding, and financing activities.
Mary Margaret Glenn knew the going would be tough for the first couple of years. She was now finding out exactly how tough. After five years of working for others, Mary and her former college roommate had pooled their resources and purchased a small building not far from the college campus. In it,
“I still don’t get it,” said Ahmir, “how can all the monthly loan repayments we make to the bank for the dining room expansion project we completed last year not be considered an operating expense? We make the payments out of the money we get from being able to serve more customers.
This year an operation has an accounts payable balance on the balance sheet of $189,025. The previous year, the operation had a balance of $166,400 for this same account. What was the operation’s percentage variance in the account?a. 13.6%b. -13.6%c. 12.0%d. -12.0%
Given an accounts receivable balance on the balance sheet of $250,500, and a previous year’s balance of $275,000 for this same account, what is the dollar amount of the variance?a. ($ 24,500)b. ($ 226,000)c. $ 24,500d. $ 226,000
What is the minimum number of data sets required to perform a horizontal analysis of a balance sheet? a. Twob. Threec. Fourd. One
What is another name for inflation accounting?a. Current dollar accountingb. Accrual accountingc. Double entry accountingd. Deflation accounting
A vertical analysis approach to income statement assessment is based mainly on the use ofa. Percentages.b. Sales histories.c. Expense histories.d. Changes in dollar amounts.
To increase a hotel’s rooms revenue the hotel’s managers must increase the number of rooms sold ora. Increase the hotel’s ADR.b. Decrease the hotel’s ADR.c. Increase the hotel’s EBITDA.d. Decrease the hotel’s EBITDA.
A business has assets of $1,000,000 and liabilities of $600,000. What is the amount of owners’ equity in this business? a. $400,000b. $1,400,000c. $600,000d. $1,600,000
Accounts receivable (AR) refers to the amount of moneya. Owed to a business by its customers. b. A business owes to its vendors. c. A business owes to its creditors. d. Owed to a business by its vendors.
One limitation of a balance sheet is that it does not include information abouta. The relative value of the employees of the business.b. The amount of money owed by the business.c. The amount of money owed to the business.d. The stock issued by the business.
Which approach to establishing the worth of a business assesses the amount of money the business will likely earn for its owners? a. Future value approachb. Historical approachc. Fair value approachd. Replacement value approach
Which statement about a business’s accounts receivable (AR) is true?a. The amount of AR is identified on the balance sheetb. The amount of AR is identified on the income statementc. A large amount of AR means a business’s collection efforts are working welld. A large amount of AR means a
The two basic methods accountants use to display information on a balance sheet are the report format and the a. Account format.b. Debit format.c. Credit format.d. Evaluation format.
Which value is listed first on a balance sheet prepared in a USALI format?a. Assetsb. Liabilitiesc. Revenued. Owners’ equity
Which balance sheet format are managers using when they list a business’s assets on the left side of the balance sheet report, with liabilities and owners’ equity listed on the right side of the report?a. Account formatb. Debit formatc. Credit formatd. Report format
Which is NOT a monetary value that would be listed on a business’s balance sheet?a. Revenueb. Liabilities c. Owners’ equityd. Assets
Which would be listed as a current liability when using the USAR format to prepare a balance sheet? a. Gift cards payableb. Utility depositsc. Beverage inventoriesd. Customer house accounts
Which is an appropriate date for labeling a balance sheet?a. January 1, This Yearb. January This Yearc. January Last Year through January This Yeard. January Last Year
Which are listed on a balance sheet in the order of their liquidity?a. Current assetsb. Current liabilitiesc. Short-term investmentsd. Long-term investments
Creating an allowance for doubtful accounts on the balance sheet has the effect of a. Reducing the amount of a business’s current assets. b. Increasing the amount of a business’s current assets.c. Reducing the amount of a business’s current liabilities.d. Increasing the amount of a
Which is an example of an item that would be listed in the “Current assets; Operating equipment” portion of a restaurant’s balance sheet prepared using the USAR format? a. Glassware used in the bar area of the restaurantb. Refrigerators used to store beer in the bar area of the
A restaurant owner prepares a balance sheet on the last day of each month. On January 1st. the owner pre-pays $24,000 for a one year liability insurance policy. What will be the balance in this pre-paid expense account on the last day of July? a. $10,000b. $12,000c. $14,000d. $24,000
Which of the following current assets is the LEAST liquid?a. Inventoriesb. Cashc. Accounts receivabled. Net receivables
A hotel prepares it balance sheet in USALI recommended format. Which current liability would be listed FIRST on this hotel’s balance sheet?a. Notes payableb. Accounts payablec. Advanced depositsd. Income taxes payable

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