Chp 22 Accounting Lesson

A system of recording and summarizing financial transactions and analyzing and reporting the results is ________.

Accounting systems are based on debits and credits.

The marketing and sales department handles all the money that flows in and out of the business.

The Uniform System of Accounts makes it possible and common to compare financial data among different ____.

True or False? If business costs rise, the accounting department determines how to reduce them.

A(n) ____ summarizes all the revenue made and all the expenses paid out during a specific period of time, such as a month or a year.

Who supervises the preparation of budgets?

The accounting division of a large hotel is usually divided into the following departments: ____.

Which accounting department collects the money owed to the business?

Why are audits done?

One of the responsibilities of the night auditor is to balance the daily financial transactions.

Record that shows whether a person or a business pays its bills promptly.

Two qualities needed by accounting personnel include business accounting knowledge and ability to pay close attention to detail.

Place where goods or services are sold and money is collected.

The use of technology has reduced the workload of the accounting department in hotels.