Question 1

Assets are items that have contractual obligations

Accepted Answer

Assets are resources owned by a business or individual that have economic value or potential to provide future benefits, not necessarily items with contractual obligations.

Question 2

Which of the following items is considered as an asset to a hotel?&#10;A) guest charges&#10;B) fountain in lobby&#10;C) both A and B&#10;D) insurance payment

Accepted Answer

Assets in a hotel include both tangible and intangible items that hold value. Guest charges (accounts receivable) represent money owed to the hotel, thus an asset. The fountain in the lobby is a tangible asset, enhancing the property's aesthetic and potentially its value. Insurance payments are considered expenses, not assets.

Question 3

A debit is used to decrease a liability.

Accepted Answer

In accounting, a debit entry decreases a liability account balance.

Question 4

An example of a liability is a contract to pay for a mortgage on a hotel.

Accepted Answer

A mortgage is a type of loan used to finance the purchase of real estate, and the obligation to repay this loan represents a liability for the borrower.

Question 5

This form allows cash disbursement from the front desk clerk's bank.&#10;A) transfer slip&#10;B) paid-out slip&#10;C) folio adjustment&#10;D) none of the above

Accepted Answer

A paid-out slip is used to document cash disbursements made from the front desk clerk's bank, allowing for proper tracking and accounting of cash movements.

Question 6

Chef Louise needs 4 bottles of red wine for her special soup. She sends her assistant to the front desk for cash to pay for it. Which of the following forms will the front desk clerk have to complete?&#10;A) transfer slip&#10;B) paid-out slip&#10;C) folio adjustment&#10;D) none of the above

Accepted Answer

A paid-out slip is used when an employee needs to make a purchase on behalf of the business, in this case, for Chef Louise to buy red wine for her soup. This form tracks the cash given to the employee for the purchase.

Question 7

The front desk clerk has to post a check for the wedding of Mr. Jake's daughter. The desk clerk would post it to Mr. Jake's city ledger account.

Accepted Answer

The city ledger account is used for non-registered guests who have credit arrangements with the hotel, and since Mr. Jake is likely responsible for the expenses related to his daughter's wedding, the check would be posted to his city ledger account for billing and collection purposes.

Question 8

Which of the following errors are common posting errors?&#10;A) transposing dollar amounts&#10;B) transferring charges to incorrect accounts&#10;C) using an incorrect folio&#10;D) all of the above

Accepted Answer

All the listed options are common posting errors in accounting and bookkeeping.

Question 9

Eugene posted $10.91 for a breakfast charge as $10.19. This type of error is referred to as which of the following?&#10;A) transposing dollar amounts&#10;B) transferring charges to incorrect accounts&#10;C) using an incorrect folio&#10;D) all of the above

Accepted Answer

Transposing dollar amounts refers to mistakenly reversing the order of digits in a number, which is exactly what happened when Eugene posted $10.91 as $10.19.

Question 10

This type of ledger is a collection of folios of current guests in the hotel.&#10;A) city ledger&#10;B) reservation ledger&#10;C) guest ledger&#10;D) Face Book ledger

Accepted Answer

The guest ledger, also known as the front office ledger, is a collection of accounts for all currently registered guests in the hotel. It tracks the financial transactions of guests during their stay.

Question 11

This type of ledger is a collection of folios of unregistered hotel guests who maintain accounts with the hotel.&#10;A) city ledger&#10;B) guest ledger&#10;C) LinkedIn&#10;D) hotel notebook

Accepted Answer

The answer of This type of ledger is a collection...

Deck 8: Managing the Financials