HOSPITALITY FINANCIAL ACCOUNTING AND CONTROL

Summary Activity

1. Why would you think Accounting is necessary for a Business?

2. Name an example of an internal and an example of an external user of the financial

accounting information.

3. Economic resources owned by a business are referred to as: ----------------------.

4. ----------------- are Obligations of a business to others.

5. According to the accounting equation, assets equal liabilities plus: ------------------------.

6. Resources used up in producing goods or services are referred to as:----------------------.

7. If revenue exceeds expenses, the difference is called:--------------------------.

8. Rent is an example of:------------------------.

9. Using the same accounting method over a period of years is referred to as the
-------------------------- principle.