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By following generally accepted accounting principles (GAAP), an accountant:

helps to ensure that consistent accounting procedures are observed across the accounting profession.

The fundamental purpose of accounting is to:

provide accurate, useful, and timely financial information.

The Hospitality Financial & Technology Professionals serves its membership by:

providing training sessions on hospitality accounting and technology and conducting professional development seminars for clubs, gaming operations, and other areas of special interest.

Which of the following is an example of an internal user of a hospitality business's financial information?

the business's board of directors department managers the general manager

Which of the following is the primary source of statements on auditing standards?

American Institute of Certified Public Accountants

Why is it important that you, a hospitality student or professional, study accounting?

As a user of financial information, you need to know how the information is processed and how reports are prepared

Which of the following statements about accounting income versus taxable income is true?

The method of accounting for revenue and expenses under generally accepted accounting principles differs from procedures dictated by income tax law.

An audit investigation and subsequent attest function is performed by:

a CPA.

The fundamental accounting equation is:

assets = liabilities + equity

Which generally accepted accounting principle states that, once an accounting method has been adopted, it should be consistently followed from period to period?

consistency

In the double-entry system of accounting:

equal dollar amounts of debits and credits must be entered for each business transaction.