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CCM Review Course > Accounting & Financial > Flashcards

Accounting & Financial Flashcards

1
Q

What is the CMAA Certification Review Course?

A

A program for club managers focusing on professionalism and commitment in the industry.

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2
Q

What are the sources of information for the CMAA Certification Review Course?

A
  • Accounting for Club Operations
  • Cont. Club Management 3rd ed.
  • White Papers on Club Management
  • Food & Beverage Operations
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3
Q

What is the accounting function primarily used for?

A
  • Information-oriented
  • External Users
  • Internal Uses
  • Support Function
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4
Q

What are the main components of Generally Accepted Accounting Principles (GAAP)?

A
  • Cost Principle
  • Business Entity
  • Going Concern
  • Unit of Measurement
  • Objective Evidence
  • Full Disclosure
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5
Q

What are the additional principles under GAAP?

A
  • Consistency
  • Matching
  • Conservatism
  • Materiality
  • Cash Basis vs. Accrual
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6
Q

What are the six branches of accounting?

A
  • Financial Accounting
  • Cost Accounting
  • Managerial Accounting
  • Tax Accounting
  • Auditing
  • Accounting Info Systems
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7
Q

What is the Fundamental Accounting Equation?

A

A = L + OE

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8
Q

What are typical asset accounts?

A
  • Cash
  • Accounts Receivable
  • Food & Beverage Inventory
  • Prepaid Expenses
  • Fixed Assets
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9
Q

What are typical liability accounts?

A
  • Accounts Payable
  • Accrued Expenses
  • Unearned Income
  • Note Payable
  • Mortgage Payable
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10
Q

What are the steps in the accounting cycle?

A
  • Journals
  • Posting
  • Trial Balance
  • Adjusting entries
  • Preparation of Financial Statements
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11
Q

What are the basic forms of business?

A
  • Sole Proprietorship
  • Partnership
  • Limited Partnership
  • Corporation
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12
Q

What is double-entry bookkeeping?

A

A system where every transaction affects at least two accounts.

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13
Q

What are the normal balances for assets, liabilities, and equity?

A
  • Asset: Debit
  • Liability: Credit
  • Equity: Credit
  • Revenue: Credit
  • Expense: Debit
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14
Q

What is involved in preparing a trial balance?

A
  • List all Accounts
  • Debit Balances
  • Credit Balances
  • Add-up the Accounts
  • Compare Totals
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15
Q

What are adjusting entries?

A

Entries made to account for income and expenses that have not yet been recorded.

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16
Q

What does the Statement of Financial Position represent?

A

A ‘snapshot’ of account balances, showing A = L + OE.

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17
Q

What analyses can be performed on the Statement of Financial Position?

A
  • Horizontal Analysis
  • Vertical Analysis
  • Base-year Comparisons
  • Ratio Analysis
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18
Q

What is the Statement of Activities also known as?

A

The Income Statement or P & L.

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19
Q

How is profit calculated in the Statement of Activities?

A

Profit = Revenue – Expenses.

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20
Q

What does the Statement of Cash Flows indicate?

A

How much cash was provided from operations, debt, memberships, and purchases.

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21
Q

What are the classifications of cash flows?

A
  • Operating Activities
  • Investing Activities
  • Financing Activities
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22
Q

What are the methods for preparing the Statement of Cash Flows?

A
  • Direct Method
  • Indirect Method
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23
Q

What are the standards of comparison in Ratio Analysis?

A
  • Historical Past
  • Industry Averages
  • Budget
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24
Q

What are the five classes of ratios?

A
  • Liquidity
  • Solvency
  • Activity
  • Profitability
  • Operating
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25
Q

What ratios are used for liquidity analysis?

A
  • Current Ratio
  • Acid-test Ratio
  • Accounts Receivable Turnover
  • Average Collection Period
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26
Q

What ratios are used for solvency analysis?

A
  • Solvency Ratio
  • Debt-to-Equity
  • Number times Interest Earned
  • Fixed Charge Coverage
  • Operating Cash flows to Total Liabilities
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27
Q

What ratios are used for activity analysis?

A
  • Inventory Turnover
  • Fixed Asset Turnover
  • Total Asset Turnover
  • Paid Occupancy
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28
Q

What ratios are used for profitability analysis?

A
  • Profit Margin
  • Operating Efficiency Ratio
  • Return on Assets
  • Return on Member’s Equity
29
Q

What are the components of cost in cost concepts?

A

Something of value given up to achieve a specific objective.

30
Q

What does C/V/P analysis express?

A

The relationship between various costs, sales volume, and profit.

31
Q

What are the assumptions of C/V/P analysis?

A
  • Fixed costs remain fixed
  • Variable costs vary in direct proportion to volume
  • Revenues vary in direct proportion to volume
  • Mixed costs can be divided
  • Joint costs can be allocated
  • Only considers quantitative factors
32
Q

What are the C/V/P equations?

A
  • Income = Revenue - Expenses
  • Revenue = Price * Quantity
  • Expenses = Variable Cost + Fixed
  • I = (PQ) - [(VQ) + F)]
33
Q

What are the factors in the cost approach to pricing?

A
  • Past prices
  • Value
  • Competition
  • Rounding
34
Q

What are the types of budgets?

A
  • Operations Budget
  • Cash Budget
  • Capital Budget
35
Q

What are the reasons for budgeting?

A
  • Examination of Alternatives
  • Standard of Comparison
  • Requires Forward Thinking
  • Encourages Participation
  • Communication Tool
36
Q

What is the budget preparation process?

A
  • Establish Financial Objectives
  • Develop Revenue Forecast
  • Estimate Expenses
  • Forecast Net Income
  • Board Approval/Rejection
37
Q

What is the budgetary control process?

A
  • Determine Variances
  • Identify Significant Variances
  • Analysis of Significant Variances
  • Identify Problems/Solutions
  • Take Appropriate Corrective Action
38
Q

What is working capital?

A

Current Assets less Current Liabilities.

39
Q

What are the two methods of cash budgeting?

A
  • Cash Receipts & Disbursements
  • Adjusted Net Income Approach
40
Q

What are the methods of inventory valuation?

A
  • FIFO
  • Retail method
  • Gross profit method
41
Q

What are the objectives of internal control?

A
  • Accuracy and Reliability of data
  • Safeguard Assets
  • Promote Operational Efficiency
  • Adherence to Policy
42
Q

What areas do internal controls focus on?

A
  • Cash Control
  • Accounts Receivable
  • Accounts Payable
  • Purchasing & Receiving
  • Inventories
  • Property & Equipment
43
Q

What is capital budgeting used for?

A
  • Meet government requirements
  • Reduce operational costs
  • Increase sales
  • Replace an existing asset
44
Q

What are the time value of money concepts?

A
  • Present Value
  • Future Value
  • Annuities
45
Q

What are the methods of depreciation in fixed asset accounting?

A
  • Straight-line
  • Double declining balance
  • Sum-of-the-years’ digits
  • Units of production
46
Q

What are the reasons for budgeting in clubs?

A
  • Examine alternatives before acting
  • Provides a standard of comparison
  • Encourages forward looking
  • Management involvement at all levels
  • Club objectives communicated
47
Q

What are payroll control features?

A
  • Segregation of responsibilities
  • Limit authorization to make additions
  • Procedures for recording time
  • Pay only by check
  • Reconcile paychecks and time sheets
48
Q

What are the types of software applications used in clubs?

A
  • Word Processing
  • Spreadsheet
  • Database Management
  • Data warehouse
  • Data mining
49
Q

What are the club accounting applications?

A
  • Accounts receivable
  • Accounts payable
  • Payroll accounting
  • Financial reporting
50
Q

What is involved in purchasing computer systems for clubs?

A
  • Appoint a project team
  • Identify Club’s Needs
  • Establish system requirements
  • Gather information
  • Evaluate proposals
  • Develop Technology Plan
51
Q

What are the three common food & beverage management applications?

A
  • Recipe Management
  • Sales Analysis
  • Automated Beverage Control Systems
52
Q

What data is included in the sales analysis application?

A
  • Daily Sales Report data
  • Net sales/sales tax
  • Number of guest checks
  • Number of covers
  • $ per check/$ per cover
  • Sales category
  • Day-part totals
53
Q

What are the components of a POS order-entry unit?

A
  • Cashier terminal
  • Pre-check terminal
  • Keyboards
  • Terminals
  • Printers
54
Q

What files are involved in POS software?

A
  • Open check
  • Inventory
  • Menu item
  • Labor master
55
Q

What information is recorded in the Open Check File?

A
  • Terminal # where check was opened
  • Guest check serial number
  • Server identification number
  • Time guest check was opened
  • Menu items ordered
  • Prices of menu items ordered
  • Applicable tax
  • Total amount due
56
Q

What is included in the Menu Item File?

A

Identification number, Descriptor, Price/Tax, Applicable modifier keys, Amount totals for inventory reporting, Printer routing code

57
Q

What information is contained in the Labor Master File?

A

Employee name/number, Authorized job codes, Corresponding hourly pay rates, Hours worked/total hourly wages, Declared wages/declared tips, Credits for employee meals, Number of guests served, Gross sales

58
Q

What are the components of Consolidated Reports?

A

Sales and payment summary, Sales by time of day, Daily transactions, Productivity reports

59
Q

Define Lease Accounting.

A

An agreement conveying the right to use resources for specified purposes for a limited time.

60
Q

What are the advantages of leases?

A
  • Conserve working capital
  • Less ‘red tape’
  • Easier to change equipment
  • Less restrictive
  • Less impact on financial ratios
  • Reduces need for capital budget
61
Q

What are the disadvantages of leases?

A
  • No beneficial residual value
  • Higher cost
  • Additional costs of early termination
62
Q

What are the classifications of leases?

A

Operating Leases, Capital Leases

63
Q

What is a title transfer provision?

A

A provision in a lease that allows the transfer of ownership of the asset at the end of the lease term.

64
Q

What is a bargain purchase provision?

A

A provision in a lease that allows the lessee to purchase the leased asset at a price significantly lower than its fair market value.

65
Q

What is an economic life provision?

A

A provision related to the duration for which an asset is expected to be usable.

66
Q

What is a value recovery provision?

A

A provision that outlines the expected recovery of value at the end of the lease term.

67
Q

True or False: Leases have no impact on financial ratios.

A

False

68
Q

Fill in the blank: An ‘inventory’ of items to identify areas that you are prepared for is called a _______.

A

[inventory]

CCM Review Course (11 decks)

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