Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

CCM Review Course > Accounting & Financial > Flashcards

Accounting & Financial Flashcards

(68 cards)

Start Studying
1
Q

What is the CMAA Certification Review Course?

A

A program for club managers focusing on professionalism and commitment in the industry.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the sources of information for the CMAA Certification Review Course?

A
  • Accounting for Club Operations
  • Cont. Club Management 3rd ed.
  • White Papers on Club Management
  • Food & Beverage Operations
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the accounting function primarily used for?

A
  • Information-oriented
  • External Users
  • Internal Uses
  • Support Function
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the main components of Generally Accepted Accounting Principles (GAAP)?

A
  • Cost Principle
  • Business Entity
  • Going Concern
  • Unit of Measurement
  • Objective Evidence
  • Full Disclosure
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the additional principles under GAAP?

A
  • Consistency
  • Matching
  • Conservatism
  • Materiality
  • Cash Basis vs. Accrual
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the six branches of accounting?

A
  • Financial Accounting
  • Cost Accounting
  • Managerial Accounting
  • Tax Accounting
  • Auditing
  • Accounting Info Systems
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the Fundamental Accounting Equation?

A

A = L + OE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are typical asset accounts?

A
  • Cash
  • Accounts Receivable
  • Food & Beverage Inventory
  • Prepaid Expenses
  • Fixed Assets
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are typical liability accounts?

A
  • Accounts Payable
  • Accrued Expenses
  • Unearned Income
  • Note Payable
  • Mortgage Payable
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are the steps in the accounting cycle?

A
  • Journals
  • Posting
  • Trial Balance
  • Adjusting entries
  • Preparation of Financial Statements
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the basic forms of business?

A
  • Sole Proprietorship
  • Partnership
  • Limited Partnership
  • Corporation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is double-entry bookkeeping?

A

A system where every transaction affects at least two accounts.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are the normal balances for assets, liabilities, and equity?

A
  • Asset: Debit
  • Liability: Credit
  • Equity: Credit
  • Revenue: Credit
  • Expense: Debit
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is involved in preparing a trial balance?

A
  • List all Accounts
  • Debit Balances
  • Credit Balances
  • Add-up the Accounts
  • Compare Totals
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are adjusting entries?

A

Entries made to account for income and expenses that have not yet been recorded.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What does the Statement of Financial Position represent?

A

A ‘snapshot’ of account balances, showing A = L + OE.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What analyses can be performed on the Statement of Financial Position?

A
  • Horizontal Analysis
  • Vertical Analysis
  • Base-year Comparisons
  • Ratio Analysis
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is the Statement of Activities also known as?

A

The Income Statement or P & L.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

How is profit calculated in the Statement of Activities?

A

Profit = Revenue – Expenses.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What does the Statement of Cash Flows indicate?

A

How much cash was provided from operations, debt, memberships, and purchases.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What are the classifications of cash flows?

A
  • Operating Activities
  • Investing Activities
  • Financing Activities
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What are the methods for preparing the Statement of Cash Flows?

A
  • Direct Method
  • Indirect Method
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What are the standards of comparison in Ratio Analysis?

A
  • Historical Past
  • Industry Averages
  • Budget
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What are the five classes of ratios?

A
  • Liquidity
  • Solvency
  • Activity
  • Profitability
  • Operating
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What ratios are used for liquidity analysis?
* Current Ratio * Acid-test Ratio * Accounts Receivable Turnover * Average Collection Period
26
What ratios are used for solvency analysis?
* Solvency Ratio * Debt-to-Equity * Number times Interest Earned * Fixed Charge Coverage * Operating Cash flows to Total Liabilities
27
What ratios are used for activity analysis?
* Inventory Turnover * Fixed Asset Turnover * Total Asset Turnover * Paid Occupancy
28
What ratios are used for profitability analysis?
* Profit Margin * Operating Efficiency Ratio * Return on Assets * Return on Member’s Equity
29
What are the components of cost in cost concepts?
Something of value given up to achieve a specific objective.
30
What does C/V/P analysis express?
The relationship between various costs, sales volume, and profit.
31
What are the assumptions of C/V/P analysis?
* Fixed costs remain fixed * Variable costs vary in direct proportion to volume * Revenues vary in direct proportion to volume * Mixed costs can be divided * Joint costs can be allocated * Only considers quantitative factors
32
What are the C/V/P equations?
* Income = Revenue - Expenses * Revenue = Price * Quantity * Expenses = Variable Cost + Fixed * I = (P*Q) - [(V*Q) + F)]
33
What are the factors in the cost approach to pricing?
* Past prices * Value * Competition * Rounding
34
What are the types of budgets?
* Operations Budget * Cash Budget * Capital Budget
35
What are the reasons for budgeting?
* Examination of Alternatives * Standard of Comparison * Requires Forward Thinking * Encourages Participation * Communication Tool
36
What is the budget preparation process?
* Establish Financial Objectives * Develop Revenue Forecast * Estimate Expenses * Forecast Net Income * Board Approval/Rejection
37
What is the budgetary control process?
* Determine Variances * Identify Significant Variances * Analysis of Significant Variances * Identify Problems/Solutions * Take Appropriate Corrective Action
38
What is working capital?
Current Assets less Current Liabilities.
39
What are the two methods of cash budgeting?
* Cash Receipts & Disbursements * Adjusted Net Income Approach
40
What are the methods of inventory valuation?
* FIFO * Retail method * Gross profit method
41
What are the objectives of internal control?
* Accuracy and Reliability of data * Safeguard Assets * Promote Operational Efficiency * Adherence to Policy
42
What areas do internal controls focus on?
* Cash Control * Accounts Receivable * Accounts Payable * Purchasing & Receiving * Inventories * Property & Equipment
43
What is capital budgeting used for?
* Meet government requirements * Reduce operational costs * Increase sales * Replace an existing asset
44
What are the time value of money concepts?
* Present Value * Future Value * Annuities
45
What are the methods of depreciation in fixed asset accounting?
* Straight-line * Double declining balance * Sum-of-the-years’ digits * Units of production
46
What are the reasons for budgeting in clubs?
* Examine alternatives before acting * Provides a standard of comparison * Encourages forward looking * Management involvement at all levels * Club objectives communicated
47
What are payroll control features?
* Segregation of responsibilities * Limit authorization to make additions * Procedures for recording time * Pay only by check * Reconcile paychecks and time sheets
48
What are the types of software applications used in clubs?
* Word Processing * Spreadsheet * Database Management * Data warehouse * Data mining
49
What are the club accounting applications?
* Accounts receivable * Accounts payable * Payroll accounting * Financial reporting
50
What is involved in purchasing computer systems for clubs?
* Appoint a project team * Identify Club’s Needs * Establish system requirements * Gather information * Evaluate proposals * Develop Technology Plan
51
What are the three common food & beverage management applications?
* Recipe Management * Sales Analysis * Automated Beverage Control Systems
52
What data is included in the sales analysis application?
* Daily Sales Report data * Net sales/sales tax * Number of guest checks * Number of covers * $ per check/$ per cover * Sales category * Day-part totals
53
What are the components of a POS order-entry unit?
* Cashier terminal * Pre-check terminal * Keyboards * Terminals * Printers
54
What files are involved in POS software?
* Open check * Inventory * Menu item * Labor master
55
What information is recorded in the Open Check File?
* Terminal # where check was opened * Guest check serial number * Server identification number * Time guest check was opened * Menu items ordered * Prices of menu items ordered * Applicable tax * Total amount due
56
What is included in the Menu Item File?
Identification number, Descriptor, Price/Tax, Applicable modifier keys, Amount totals for inventory reporting, Printer routing code
57
What information is contained in the Labor Master File?
Employee name/number, Authorized job codes, Corresponding hourly pay rates, Hours worked/total hourly wages, Declared wages/declared tips, Credits for employee meals, Number of guests served, Gross sales
58
What are the components of Consolidated Reports?
Sales and payment summary, Sales by time of day, Daily transactions, Productivity reports
59
Define Lease Accounting.
An agreement conveying the right to use resources for specified purposes for a limited time.
60
What are the advantages of leases?
* Conserve working capital * Less 'red tape' * Easier to change equipment * Less restrictive * Less impact on financial ratios * Reduces need for capital budget
61
What are the disadvantages of leases?
* No beneficial residual value * Higher cost * Additional costs of early termination
62
What are the classifications of leases?
Operating Leases, Capital Leases
63
What is a title transfer provision?
A provision in a lease that allows the transfer of ownership of the asset at the end of the lease term.
64
What is a bargain purchase provision?
A provision in a lease that allows the lessee to purchase the leased asset at a price significantly lower than its fair market value.
65
What is an economic life provision?
A provision related to the duration for which an asset is expected to be usable.
66
What is a value recovery provision?
A provision that outlines the expected recovery of value at the end of the lease term.
67
True or False: Leases have no impact on financial ratios.
False
68
Fill in the blank: An 'inventory' of items to identify areas that you are prepared for is called a _______.
[inventory]

CCM Review Course (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions