HAMG2332

The purpose of conducting a financial history analysis is to

Food product waste is food that has been

“Sales per labor hour” indicate the

Which item would be considered the highest priority in a capital budget?

The difference between what an operation owns and what it owes is known as owner’s

Which cost is made up of employee wages, both fixed and variable?

What are the payment rules established for an account?

A business transaction occurs when a

One use of the data found in the profit and loss report is to

One reason that food costs within a projected budget would increase is

An operation’s mortgage is an example of which kind of cost?

To which budgetary category are furniture, fixtures, and equipment assigned?

menu item with a high menu-mix-percentage category and a low contribution-margin category?

After management develops a capital wish list, the next step is to

If a menu item is classified as a puzzle, which action should management take?

When making change for a customer, what should the cashier do first?

Centralized accounting is mostly used in operations that are

When calculating total sales, which items are included?

The relationship between a business’s assets, liabilities, and owner’s equity is known as the

Which is key to accurate cost forecasting?

When comparing actual costs to historical costs, it is best to compare

The system of assigning actual costs on invoices to predetermined cost areas is invoice…

A restaurant concept statement includes: menu items, unique features of the operation, and a

The first step in preparing a profit and loss statement is to identify the

Which part of a business plan mentions other restaurants selling similar products and services?

An operation’s food cost is forecast by

Comparing budgeted results to actual results is the most common way to as

Restaurants track and collect accounts receivable in order to

Vendors give cash discounts on accounts payable in order to

If a lease is $3,000 a month plus 2% of sales, which type of cost is this?

A profit and loss report is a

All invoices that are due at any given point in time are an operation’s

A puzzle is a menu item that is

The purpose of an economy study is to

One way to keep a record of payments made to vendors is by a(n)

When managers look at percentages to control cost variances, they must also look at

Who reviews and approves the capital budget for an operation?

A manager sets a profit target of $5,000 per quarter. This operational goal is the

An example of an asset is

When performing reconciliation, which step is best done by two people in each other’s presence?

The purpose of an aging schedule is to

Which occurrence would increase an operation’s food cost percentage?

Inaccurate sales projections can lead to

A chart of accounts is a list of

Regardless of other priorities, replacements must be made for equipment that

A capital budget does NOT include which kind of expenses?

An important reason for categorizing costs in managerial accounting is that it

A corrective action can be used to affect which cost?

Which kind of cost is the manager’s salary?

Which type of cost does management have little power over?

The legal requirements for serving alcoholic beverages is an example of which conditions?

When accountants value assets and liabilities at their actual costs, they are adhering to the

The purpose of an account code is to

When making a forecast, where can managers find valuable historical data?

Which type of payment is the largest cause of reported fraud in the United States?

How is the expected profit or loss of an operation calculated?

A moving average is calculated by averaging

If an operation does not have a point-ofsales system, sales should be determined by totaling