Financial Management and Pricing- Final Exam Flashcards
___-___ is __ if operations are to be successful, especially with today’s economy and competitive market.
cost-effectivness, essential.
Every person responsible for the financial management must ___, __ by __, what __ have ___ ___ and how they ___ with ___ ___.
know, day by day, transactions, taken place, compare, established goals.
Purpose of accounting: ___ (select ___ ___), ___ (___ and ___) and ___ (prep financial __, ___ and __ them).
Identify (financial transactions), Record, (classify and summarize), communicate (reports, analyze and interpret them)
Financial management is an important management function and requires ___ of ___ ___ techniques.
knowledge, fundamental accounting
Financial accounting focuses on ___, ___ and ___ financial transactions that include: ___, ___, ___, ___, ___, and ___ ___.
recording, summarizing, and reporting, revenue, expense, profit, assets, liabilities, and owners’ equity.
Revenue is ___ taken ___.
money, in
Expense is ___ of everything required to ___ the business.
cost, operate
Profit is what ___ ___ all ___ have been paid.
remains, after, expenses.
Assets are ___ ___ by the business.
items, owned.
Liabilities are amounts the ___ __.
business. owes
Owners’ equity is the difference between ___ and ___ is equal to the ___ that ___ have on the ___.
assets and liabilities, claim, owners, assets.
Uniform System of Accounts for Restaurants (USAR)- developed by the ___ ___ ___. Agreed-uopn system of __ for ___ ___.
National Restaurant Association, accounting, foodservice, industry.
Large foodservice organizations (hospitals, universities) may have ___ ___ department. (Foodservice manager works with ___).
own, accounting. CFO
Assets= ___+____
Liabilities + Equity
Balance sheet: (____) is financial ___ of ___ of business on a given ___/___ in ___.
static, summary, health, date/point in time.
Income statement: (____); financial report including: ___, ___, ___ ___ over ___ of ___.
dynamic, revenue, expenses, net income, period of time.
Financial Records: ___ for ___, the ___ ___, the ___ ___ and ___ ___.
records, for control, income statement, balance sheet, ratio analysis.
Careful __ ___ is essential for ___ day-to-day ___ ___ and to serve as the ___ of financial statements.
record keeping, monitoring, financial date, foundation.
____ where the money is going before its gone= ___ of ___ ___.
knowing, responsibility, foodservice manager.
___, ___ of ___, and ___ of ___ depends on organization. (School).
numbers, types of records, freq. of documentation
Most systems are ____. 1st step is to ___ appropraite forms for data ___.
computerized. design, organization.
Records for control: used to collect data on ___ ___ of ___. May be classified by ___: ___ and ___ ___, ___ and ____ records, ___ ___, ___ records, ___ and ___ records, and __ and ___ ___.
major phases, operation. function: purchasing and receiving records, storage and storeroom records, food production, service records, income and expense records, and sales and cash receipts.
Purchasing and receiving records: ____ orders, ___, ___ records, ____, and ____ reports.
purchase, invoices, receiving, requisitions, discrepancy
Records for control: Storage and storeroom records: ___ or ___ issue records, ____ inventory, and ___ inventory.
requisition, storeroom, perpetual, physical
Food production: __, ___ recipes, ___ ___ standards, ___ ___ and ____ report, and ___ and ___.
menu, standardized, portion control, production schedule, leftovers, forecasts and tallies.
Service records: used to collect and __ ___ ___ for eating occasions and individual menu items. Data= ___ ___. Used to ___ ___ of ___ per service unit for upcoming fiscal year.
track actual demand
volume indicators
predict volume business.
Census Record-Keeping form: ___ to commercial foodservice. The “to date” figures are __ for the month. ** Example of ___ ___.
adaptable, cumulative, service record.
Meal Census Summary sheet: meal count summary sheet suitable for ___ ___ ___. Example of ___ ___.
health care facilities, service record.
Catering Agreement form: also serves as a record of ___ ___. Ex: of ___ ___.
numbers served, service record
Income and Expense Records: record of ___ ___ is ___. (__ of ___, ___ of ___, and where ___ goes.)
Several records needed to ___ info.
daily transactions, essential, source, income, amount, income, income. provide info.
Sales and cash receipts: must account for ___ ___. Register= safe place for ___, gives __ ___ on number of ___ and ___ received.
money received, money, accurate counts, sales and cash.
Larger organizations use cash registers of varying degrees including electronic point-of-sale (___) computer terminals.
POS
POS terminals= ___ ___, ___ of ___ ___, and ____.
summary printouts, proof cash collected, programmable.
___ of income from all sales and all payments for items is ___.
records, essential.
No records are on any value unless: ___ ___, ___ and ___ by ___.
kept daily, accurate, used by management.
The ___ ___ is a summary of financial information for a defined accounting period.
income statement.
income statement: shows whether or not the business __ or ___ ___ during ___ ___.
made, lost, money, reporting period.
Cost of food sold in a foodservice establishment is calculated by: ___ at ___ of ____, PLUS ___ made during ___, EQUALS ___ ___ of ___ ___, LESS ___ at ___ of ___, EQUALS ___ of ____ ___ during _____.
inventory, beginning, period, purchases, period, total value of available food, inventory end period, cost of goods sold during period.
