**Disregard yellow boxes, it was a formatting issue**

Question 1

Hospitality Accounting is a separate branch of accounting.

True False

Question 2

From the following, select the accurate equations that relate to the accounting equation (i.e. assets, liabilities, and owner's equity).

*Multiple answers may apply

	A.	Assets = Liabilities - Owner's Equity
	B.	Assets = Liabilities + Owner's Equity
	C.	Liabilities = Assets - Owner's Equity
	D.	Owner's Equity = Assets - Liabilities
	E.	Owner's Equity = Assets + Liabilities

Question 3

Which branch of accounting is used to determine whether all food purchases made in the last month were documented with legitimate invoices?

	A.	Tax
	B.	Cost
	C.	Auditing
	D.	Financial
	E.	Manageriall

Question 4

The uniform system of accounts used by managers in a specialized segment of the hospitality industry are...

	A.	those accounting procedures required by local law.
	B.	those accounting procedures required by state law.
	C.	a series of standardized accounting procedures.
	D.	a series of mandatory accounting procedures.
	E.	those accounting procedures required by federal law.

Question 5

From the following, select examples of taxes that hospitality managers may be responsible for.

*Multiple answers may apply

	A.	Transient Accommodations Taxes (TAT)
	B.	Payroll Taxes
	C.	General Excise Taxes (GET)
	D.	Sales Taxes
	E.	Occupancy Taxes

Question 6

Which branch of accounting is used to determine how much to pay for maintenance for a hotel's swimming pool this year?

	A.	Financial
	B.	Auditing
	C.	Tax
	D.	Managerial
	E.	Cost

Question 7

The primary purpose of accounting is to reporting on an organization's...

	A.	Customer satisfaction
	B.	Proper staffing levels
	C.	Estimated market value
	D.	Revenue potential
	E.	Money and valuable property

Question 8

Accounting for a business can begin before the business is operational.

True False