Matakuliah
Tahun
: V0232 – Akuntansi Keuangan Hotel
: 2009
Hospitality Financial Accounting
Week 13
Review Meeting
Week 1 Review
TRUE OR FALSE STATEMENT
1. Hospitality managers are the only people who need financial accounting
information.
2. Accounting communicates financial information about a business enterprise
to both internal and external users.
3. Accountants rely on a fundamental business concept—ethical behavior—in
reporting financial information.
4. The Securities and Exchange Commission has the power to enforce the
form and content of financial statements of all businesses.
5. The cost principle states that assets should be recorded at their fair market
value.
Week 2 Review
TRUE OR FALSE STATEMENT
1. When the volume of transactions is large, recording them in tabular form is
more efficient than using journals and ledgers.
2. A debit to an account always indicates an increase in that account.
3. 3. The dividends account is a subdivision of the retained earnings
account and appears as an expense on the income statement.
4. Transactions are entered in the ledger accounts and then transferred to
journals.
5. A compound journal entry requires several debits to one account and
several credits to one account.
Week 3 Review
TRUE OR FALSE STATEMENT
1. The time period assumption is often referred to as the matching principle.
2. Expense recognition often follows revenue recognition.
3. Adjusting entries are not necessary if the trial balance debit and credit
columns balances are equal.
4. An adjusting entry always involves two balance sheet accounts.
5. Accrued revenues are revenues which have been received but not yet
earned.
Week 4 Review
TRUE OR FALSE STATEMENT
1. If total credits in the income statement columns of a work sheet exceed
total debits, the enterprise has net income.
2. The adjusted trial balance columns of a work sheet are obtained by
subtracting the adjustment columns from the trial balance columns.
3. After closing entries have been journalized and posted, all temporary
accounts in the ledger should have zero balances.
4. The Dividends account is a permanent account whose balance is carried
forward to the next accounting period.
5. Closing entries are journalized after adjusting entries have been
journalized.
Week 5 Review
TRUE OR FALSE STATEMENT
1.
2.
3.
4.
5.
Selling expenses relate to general operating activities such as personnel
management.
Merchandise inventory is classified as a current asset on a classified
balance sheet.
Gross profit is a measure of the overall profitability of a company.
A consolidated income statement is a summary statement of all the
departmental income statements of a property.
For external reporting, a company must prepare either an income
statement or a statement of cash flows, but not both.
Week 6 Review
TRUE OR FALSE STATEMENT
1. Intracompany comparisons of the same financial statement items can often
detect changes in financial relationships and significant trends.
2. Measures of a company's liquidity are concerned with the company’s
ability to service long-term debt.
3. Horizontal, vertical, and circular analyses are the most common tools of
financial statement analysis.
4. In a vertical analysis of an income statement, each item on the income
statement is expressed as a percentage of sales.
5. Common size analysis expresses each item within a financial statement in
terms of a percent of a base amount.
Week 7 Review
TRUE OR FALSE STATEMENT
1. Retailers and wholesalers are both considered merchandisers.
2. The steps in the accounting cycle are different for a merchandiser than for
a service enterprise.
3. Under a perpetual inventory system, the cost of goods sold is determined
each time a sale occurs.
4. A periodic inventory system requires a detailed inventory record of
inventory items.
5. Sales revenues are earned during the period cash is collected from the
buyer.
Week 8 Review
TRUE OR FALSE STATEMENT
1. Transactions that affect inventories on hand have an effect on both the
balance sheet and the income statement.
2. Consigned goods are goods held for sale by one party although ownership
of the goods is retained by another party.
3. Management may choose any inventory costing method it desires as long
as the cost flow assumption chosen is consistent with the physical
movement of goods in the company.
4. Freight-in is an account that is subtracted from the Purchases account to
arrive at cost of goods purchased.
5. The cost of goods sold section of an income statement prepared under a
periodic inventory system will contain more detail than under a perpetual
inventory system.
Week 9 Review
TRUE OR FALSE STATEMENT
1. A highly automated computerized system of accounting eliminates the
need for internal control.
2. A business’s assets need to be safeguarded from employee theft and
unauthorized use.
3. Requiring employees to take vacations is a weakness in the system of
internal controls because it does not promote operational efficiency.
4. Segregation of duties means that employees should duplicate efforts so
that one employee can evaluate the work of the other.
5. For efficiency of operations and better control over cash, a company
should maintain only one bank account.
Week 10 Review
TRUE OR FALSE STATEMENT
1. Other receivables include nontrade receivables such as loans to company
officers.
2. Accounts receivable are the result of cash and credit sales.
3. The percentage of receivables basis of estimating expected uncollectible
accounts emphasizes income statement relationships.
4. The percentage of sales basis for estimating uncollectible accounts always
results in more Bad Debts Expense being recognized than the percentage
of receivables basis.
5. A factor purchases receivables from businesses for a fee and collects the
remittances directly from customers.
Week 11 Review
TRUE OR FALSE STATEMENT
1. When purchasing delivery equipment, sales taxes and motor vehicle
licenses should be charged to Delivery Equipment.
2. The depreciable cost of a long-term asset is its original cost minus
obsolescence.
3. The Accumulated Depreciation account represents a cash fund available
to replace long-term assets.
4. The declining-balance method of depreciation is called an accelerated
depreciation method because it depreciates an asset in a shorter period of
time than the asset's useful life.
5. To determine a new depreciation amount after a change in estimate of a
long-term asset's useful life, the asset's remaining depreciable cost is
divided by its remaining useful life.
Week 12 Review
TRUE OR FALSE STATEMENT
1. In a partnership each partner is personally and individually liable for all
partnership liabilities.
2. Each partner’s initial investment in a partnership should be recorded at the
book value of the asset at the date of their transfer to the partnership.
3. In a partnership the same basis of division usually applies to both net
income and net loss.
4. If a corporation pays taxes on its income, then stockholders will not have to
pay taxes on the dividends received from that corporation.
5. Organization costs are expensed immediately, even though they
conceptually benefit the corporation over its entire life.