lesson 4

Question 1

What is hospitality accounting?

Answer 1

A specialized area focusing on accounting techniques and practices used in restaurants, hotels, clubs, etc.

Question 2

What knowledge do practitioners of managerial accounting in the hospitality industry possess?

Answer 2

Specialized knowledge gained from understanding the intricacies of the restaurant or hotel business.

Question 3

What is the uniform system of accounts?

Answer 3

A series of suggested accounting procedures created specifically for different segments of the hospitality industry.

Question 4

What does ERP stand for in the context of hospitality?

Answer 4

Enterprise Resource Planning

Question 5

True or False: An accounting activity can be legal but still unethical.

Answer 5

True

Question 6

What do ethics refer to in hospitality accounting?

Answer 6

Choices of proper conduct made by an individual in their relationships with others.

Question 7

List the ethical guidelines that should be followed in hospitality accounting.

Answer 7

• Is it legal?
• Does it hurt anyone?
• Am I being honest?
• Would I care if it happened to me?
• Would I publicize my actions?

Question 8

What are the key factors in management accounting?

Answer 8

• Cost and efficiency
• Quality
• Time
• Innovation