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Question;Room Sales \$1,850,000;Food Sales 525,000;Food Cost 300,000;Statistical Data;115 rooms available daily for sale;Paid rooms occupied annually: 33,580;Covers: 34,425;The Occupancy percentage is;Answer;A. 75%;B. 70%;C. 65%;D. 80%;Room Sales \$1,850,000;Food Sales 525,000;Food Cost 300,000;Statistical Data;115 rooms available daily for sale;Paid rooms occupied annually: 33,580;Covers: 34,425;Food Contribution Margin as a percentage is;Answer;A. 57.1%;B. 28.3%;C. 44.5%;D. 42.9%;Room Sales \$1,850,000;Food Sales 525,000;Food Cost 300,000;Statistical Data;115 rooms available daily for sale;Paid rooms occupied annually: 33,580;Covers: 34,425;The Average Food Check is;Answer;A. \$15.00;B. \$15.25;C. \$15.70;D. \$16.00;The two elements of revenue are;Answer;A. Semi-variable;and fixed costs;B. Fixed and;variable;C. Price and;cost;D. Volume;and price;Which of the following is found on the Balance Sheet?;Answer;A. Revenue;B. Retained;Earnings;C. Administrative;expenses;D. Operating;expenses;What is the definition of Sales Mix?;Answer;A. Food and;beverage and other items sold;B. Sales;from all departments;C. The;proportion of each revenue center's sales to total sales;D. Sales;shared by two or more departments;What are some reasons why the management of cash flow is;important?;Answer;To make sure there will be enough cash to buy inventory;To pay the payroll;To pay dividends;All of the above;If two companies have the same sales and the same net;incomes, why would one company have a greater profit if sales increase at the;same rate for both companies?;Answer;The company with the lower fixed cost in relation to;variable will have a greater gross profit;This happens only because of financial statement fraud;The company with the greater fixed cost in relation to;variable will have a greater gross profit;There will be no difference;Which of the following are functions that a CPA must perform;during an Audit?;Answer;A. Confirm;the receivables with the company's customers;B. Review;the minutes of the Corporate meetings;C. Verify;the existance of marketable securities and their market value;D. All of;the above

Paper#62117 | Written in 18-Jul-2015

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