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Hotel Accounting Procedures! Trivia Questions Quiz

Question 1 of 3

Q1 . In the double-entry system value received is thought of like a debit, and value given is thought of as a credit.

Q2 . There are many different approaches to learning the techniques of ______ entry bookkeeping.

Q3 . The accuracy of the recording can now be tested by preparing a sales ______ control account.

Q4 . When goods are bought on credit from a supplier, the value received is in the form of purchases (goods for resale) and value is given by a supplier.

Q5 . Expenditure on fixed assets is called ______ expenditure.

Q6 . Bank statements and bank accounts are records of the same set of transactions and should, therefore, agree.

Q7 . If there are many small transactions, then the Cash Book can be simplified by the use of a ______ Cash Book.

Q8 . The general rule is that assets and expenditure have credit balances, and liabilities and income have debit balances.

Q9 . When assets are bought on credit they are treated exactly the same as purchases.

Q10 . In the Trading Account the net profit is calculated by subtracting the net expenses from other income after gross profit.

Q11 . The Profit and Loss Account is a statement that is prepared in order to show the financial position of a business.