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Department of Hotel Management and Catering Technology
Hotel Accounts
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Question 1 : Net loss is --------- of the business
Option-1 :liability
Option-2 :expenses
Option-3 :asset
Option-4 :extra ordinary loss
Question 2 : The debit and credit side of profit and loss account are always equal
Option-1 :true
Option-2 :false
Question 3 : Unearned income is the liability of the business
Option-1 :true
Option-2 :false
Question 4 : Limitation of financial statement
Option-1 :ignores human resource
Option-2 :ignores price level changes
Option-3 :ignore qualitative aspects
Option-4 :all the above
Question 5 : Managers commision on gross profit will be shown at the debit side of profit and loss account and also at the---------------- side, because this is still payable
Option-1 :asset
Option-2 :liability
Option-3 :trading account
Option-4 :none of these
Question 6 : Managers commision on net profit (before charging commision)=--------------------
Option-1 :rate of commission/100*net profit before commission
Option-2 :rate of commission /100+ rate *net profit before commision
Option-3 :either (A) or(B)
Option-4 :none of these
Question 7 : Managers commision on net profit (after charging commision is equal to rate of commision/100+rate *net profit before charging
Option-1 :true
Option-2 :false
Question 8 : Postages charges is treated in the debit side of the profit and loss account
Option-1 :true
Option-2 :false
Question 9 : Expenses which have been paid in advance are called
Option-1 :prepaid expenses
Option-2 :outsanding expenses
Option-3 :neither of these
Question 10 : The purpose of financial accounts is to ascertain
Option-1 :profit
Option-2 :the value of assets
Option-3 :the value of liability
Option-4 :profit and loss and financial position
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