4. Finance and Accounting
Financial Basics — Quiz
Test your understanding of financial basics with 5 practice questions.
Practice Questions
Question 1
Which of the following accounting concepts assumes that a business will continue to operate indefinitely?
Question 2
When a hospitality business records a transaction, what is the minimum number of accounts affected?
Question 3
A hotel purchases new linens for $1,500$ on credit. Which of the following journal entries correctly records this transaction?
Question 4
What is the primary purpose of the 'Chart of Accounts' in hospitality accounting?
Question 5
Which of the following is an example of a 'revenue' account in a hospitality business?