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Adjusting entries are prepared from 1. When using a worksheet, adjusting entries are journalized a. after the worksheet is completed and before financial statements are prepared. b. before the adjustments are entered on to the worksheet. c. after the worksheet is completed and after financial statements have been prepared. d. before the adjusted trial balance is extended to the proper financial statement columns. 2. Assuming that ...

Other / Other 31 Mar 2016

The Dividends account is closed to the Income Summary 1. No permanent account balances are changed in the closing process. 2. Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year. 3. The Dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period. 4. After closing entries have been j ...

Other / Other 31 Mar 2016

The procedures used to prepare the worksheet 1. The adjusted trial balance columns of a worksheet are obtained by subtracting the adjustment columns from the trial balance columns. 2. The balance of the depreciation expense account will appear in the income statement debit column of a worksheet. 3. The procedures used to prepare the worksheet are the same under both IFRS and GAAP. 4. The last 2 columns on a worksheet prep ...

Other / Other 31 Mar 2016

The Dividends account is a permanent account 1. Closing the Dividends account to Retained Earnings is not necessary if net income is greater than dividends paid during the period. 2. The Dividends account is a permanent account whose balance is carried forward to the next accounting period. 3. Closing entries are journalized after adjusting entries have been journalized. 4. The amounts appearing on an income statemen ...

Other / Other 31 Mar 2016

The adjustments on a worksheet can be posted directly 1. A worksheet is a mandatory form that must be prepared along with an income statement and statement of financial position. 2. If a worksheet is used, financial statements can be prepared before adjusting entries are journalized. 3. If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income. 4. It is not neces ...

Other / Other 31 Mar 2016

IFRS requires that current asset be reported in the order 1. Current assets are the first category of assets reported on the Statement of Financial Position. 2. IFRS permits the noncurrent classifications to be reported before the current classifications on the Statement of Financial Position 3. IFRS requires that current asset be reported in the order of their liquidity. 4. A company's operating cycle and fiscal year are usu ...

Other / Other 31 Mar 2016

Every guest experience is unique TRUE/FALSE 1. In the hospitality industry, the people part of the delivery system is the more important component. 2. Every guest experience is unique. 3. In the hospitality industry, the service encounter is usually a manager-to-guest interaction. 4. Hospitality organizations try to estimate guest expectations accurately, then meet them. 5. The principles of guestology w ...

Other / Other 30 Mar 2016

The primary challenge to the hospitality service provider 1. We have transitioned from a service economy to a/an a. industrial economy. b. information economy. c. experience economy. d. luxury economy. 2. A guestologist a. asks guests their opinion of the service experience. b. plans for the expectations of a company’s targeted customers. c. is an experienced guest. d. is someone who interacts with guests during the se ...

Other / Other 30 Mar 2016

Guest-focused organizations should trace information TRUE/FALSE 1. Internal customers are customers who are patronizing the business. 2. The tangible part of a service experience is called the service package. 3. Guest experience = service setting + service delivery system + service product. 4. Services tend to be tangible as well as produced and consumed and then paid for. 5. Guest-focused organizations should tr ...

Other / Other 30 Mar 2016

Service can be rendered to people 1. The study of guests is important because a. sometimes they do what you want and sometimes they don’t. b. managing guests is like making cars—you have to study them to understand them. c. guest-focused organizations have higher employee morale. d. it all starts with the guest. 2. Service can be rendered to people a. directly by person-to-person service encounters. b. directly ...

Other / Other 30 Mar 2016