HOSPITALITY REVENUE MANAGEMENT
PRACTICE TEST 2026 PRECISE QUESTIONS
GRADED A+
⩥ When does accounting for a business begin? Answer: Before the
business opens
⩥ The best definition of an accountant is a person who Answer: is
skilled in the recording and reporting of financial transactions.
⩥ Which governmental entity establishes standards, and then awards
qualified individuals the Certified Public Accountant (CPA) designation?
Answer: State
⩥ Which branch of accounting concerns itself with the independent
verification of financial records? Answer: Auditing
⩥ Items owned by a business are referred to as Answer: assets
⩥ Which is the primary concern of financial accounting? Answer:
Recording financial transactions
,⩥ Which is a question that could NOT be best answered strictly on the
basis of accounting data? Answer: Which current bartender should we
promote to Head Bartender?
⩥ Assets = Liabilities + Owners? Equity, is referred to as the Answer:
basic accounting equation.
⩥ When properly used, accounting helps hospitality managers Answer:
make better decisions.
⩥ A restaurant owner records his purchases of food and beverage as an
expense when they are purchased, and who does not record end of
accounting period inventory values is violating the Answer: Matching
Principle.
⩥ Which is the accounting summary that presents the financial
condition, or financial health, of a business? Answer: Balance Sheet
⩥ In the hospitality industry, a point of sale (POS) system is used to
record Answer: guest sales, payments and other information.
⩥ Which portion of a hospitality business?s transaction and analysis
process would most often by undertaken by the business?s owner or
general manager? Answer: Financial analysis
, ⩥ Which is the basic accounting equation that is applicable to every
business? Answer: Assets = Liabilities + Owners' Equity
⩥ Which is the foundation of accurate financial reporting and analysis?
Answer: Bookkeeping
⩥ In the hospitality industry, a property management system (PMS) is
used to record Answer: customer transactions that take place at a hotel's
front desk.
⩥ Which would be the first action to occur in a hospitality business?s
transaction recording and analysis process? Answer: Guest purchase
⩥ What is the primary device that accountants use to record increases or
decreases in the assets, liabilities or owners? equity portion of a
business?s basic accounting equation? Answer: Account
⩥ A restaurant owner who takes home steaks for grilling at a private
party she is hosting for her friends, without properly reflecting this in the
restaurant's accounting records, is violating the Answer: Distinct
Business Entity Principle.
⩥ A chef invests $40,000 of her own money, and $160,000 borrowed for
a bank, to open her new restaurant. What percentage of this chef's new
operation was equity funded? Answer: 6.7%
PRACTICE TEST 2026 PRECISE QUESTIONS
GRADED A+
⩥ When does accounting for a business begin? Answer: Before the
business opens
⩥ The best definition of an accountant is a person who Answer: is
skilled in the recording and reporting of financial transactions.
⩥ Which governmental entity establishes standards, and then awards
qualified individuals the Certified Public Accountant (CPA) designation?
Answer: State
⩥ Which branch of accounting concerns itself with the independent
verification of financial records? Answer: Auditing
⩥ Items owned by a business are referred to as Answer: assets
⩥ Which is the primary concern of financial accounting? Answer:
Recording financial transactions
,⩥ Which is a question that could NOT be best answered strictly on the
basis of accounting data? Answer: Which current bartender should we
promote to Head Bartender?
⩥ Assets = Liabilities + Owners? Equity, is referred to as the Answer:
basic accounting equation.
⩥ When properly used, accounting helps hospitality managers Answer:
make better decisions.
⩥ A restaurant owner records his purchases of food and beverage as an
expense when they are purchased, and who does not record end of
accounting period inventory values is violating the Answer: Matching
Principle.
⩥ Which is the accounting summary that presents the financial
condition, or financial health, of a business? Answer: Balance Sheet
⩥ In the hospitality industry, a point of sale (POS) system is used to
record Answer: guest sales, payments and other information.
⩥ Which portion of a hospitality business?s transaction and analysis
process would most often by undertaken by the business?s owner or
general manager? Answer: Financial analysis
, ⩥ Which is the basic accounting equation that is applicable to every
business? Answer: Assets = Liabilities + Owners' Equity
⩥ Which is the foundation of accurate financial reporting and analysis?
Answer: Bookkeeping
⩥ In the hospitality industry, a property management system (PMS) is
used to record Answer: customer transactions that take place at a hotel's
front desk.
⩥ Which would be the first action to occur in a hospitality business?s
transaction recording and analysis process? Answer: Guest purchase
⩥ What is the primary device that accountants use to record increases or
decreases in the assets, liabilities or owners? equity portion of a
business?s basic accounting equation? Answer: Account
⩥ A restaurant owner who takes home steaks for grilling at a private
party she is hosting for her friends, without properly reflecting this in the
restaurant's accounting records, is violating the Answer: Distinct
Business Entity Principle.
⩥ A chef invests $40,000 of her own money, and $160,000 borrowed for
a bank, to open her new restaurant. What percentage of this chef's new
operation was equity funded? Answer: 6.7%
