Hotel Accounting
TEST PAPER 1
Subject: Hotel Accounting 1 Serial No: 72367B Test No: 1 Edition: 1
Student Name: Cosme, Felicia Student Number: 10011439164
Question 1: Assets
Liabilities
Owner's Equity
1. Cash (Example)
√
2. Bank Overdraft √ 3. Capital
√
4. Loans √ 5. Salaries Payable
√
6. Land and buildings
√
7. Telephone payable √ 8. Advertising payable √ 9. Stock on hand
√
10. Purchases
√
11. Rent expense
√
Question 2:
(a) Customers:
There are two main levels of customers namely trade customers (this is if you are a manufacturer) and then final customers (this will be the user or consumer of the product).
(b) Suppliers:
It is very common nowadays for companies to conduct their business through buying on credit from multiple suppliers. Manufacturing companies, wholesalers and retailers are all examples of organizations that have suppliers. (c) Government:
There are two main levels of government in South Africa namely the Local government (these are companies set up within communities. The company shows their capability to establish itself within the community, offer employment, pay various rates and work towards goals). The other level is National government ( which is basically where the government is responsible to manage the economy to the best interest of the whole country’s population. Also things like collecting taxes).
TEST PAPER 1
Subject: Hotel Accounting 1 Serial No: 72367B Test No: 1 Edition: 1
Student Name: Cosme, Felicia Student Number: 10011439164
Question 3:
(a) T-account: An informal term for a set of financial records that use double-entry bookkeeping. The term T-account describes the appearance of the bookkeeping entries.
(b) Accounting cycle: The name given to the collective process of recording and processing the accounting events of a
Subject: Hotel Accounting 1 Serial No: 72367B Test No: 1 Edition: 1
Student Name: Cosme, Felicia Student Number: 10011439164
Question 1: Assets
Liabilities
Owner's Equity
1. Cash (Example)
√
2. Bank Overdraft √ 3. Capital
√
4. Loans √ 5. Salaries Payable
√
6. Land and buildings
√
7. Telephone payable √ 8. Advertising payable √ 9. Stock on hand
√
10. Purchases
√
11. Rent expense
√
Question 2:
(a) Customers:
There are two main levels of customers namely trade customers (this is if you are a manufacturer) and then final customers (this will be the user or consumer of the product).
(b) Suppliers:
It is very common nowadays for companies to conduct their business through buying on credit from multiple suppliers. Manufacturing companies, wholesalers and retailers are all examples of organizations that have suppliers. (c) Government:
There are two main levels of government in South Africa namely the Local government (these are companies set up within communities. The company shows their capability to establish itself within the community, offer employment, pay various rates and work towards goals). The other level is National government ( which is basically where the government is responsible to manage the economy to the best interest of the whole country’s population. Also things like collecting taxes).
TEST PAPER 1
Subject: Hotel Accounting 1 Serial No: 72367B Test No: 1 Edition: 1
Student Name: Cosme, Felicia Student Number: 10011439164
Question 3:
(a) T-account: An informal term for a set of financial records that use double-entry bookkeeping. The term T-account describes the appearance of the bookkeeping entries.
(b) Accounting cycle: The name given to the collective process of recording and processing the accounting events of a