Strategic Procurements
What system automates the buying and payment steps (Purchase to Pay)?
A. CRM, B. POS, C. P2P, D. ERP
C. P2P
What is the SCM approach that focuses on lowering environmental harm and waste?
A. JIT, B. P2P, C. GSCM, D. SRM
C. GSCM
Which technology uses sensors to monitor things like food temperature in real-time?
A. AI, B. Blockchain, C. IoT, D. Robotics
C. IoT
Why is accounting referred to as the “language of business” in the hospitality industry?
A) It predicts customer demand
B) It communicates financial performance to investors, managers, and regulators
C) It determines pricing for hotel rooms
D) It manages cash-flow operations
B) It communicates financial performance to investors, managers, and regulators
Which of the following is a major reason the U.S. has not yet adopted IFRS for all companies?
A) IFRS has weaker audit requirements
B) The cost and effort to convert from GAAP would be significant
C) IFRS forbids revenue recognition for services
D) GAAP provides fewer disclosures than IFRS
B) The cost and effort to convert from GAAP would be significant
If a hotel uses many suppliers instead of just one to avoid problems, what strategy is this?
A. Single-Sourcing, B. Just-in-Time, C. Diversification, D. Centralization
C. Diversification
To cut down on transportation pollution (food miles), hotels should prioritize what type of suppliers?
A. International, B. Large-Volume, C. Local/Regional, D. New Vendors
C. Local/Regional
What kind of analysis uses past bookings and trends to guess how much food or amenities a hotel will need?
A. Predictive Forecasting, B. Social Media Marketing, C. Manual Counting, D. Financial Auditing
A. Predictive Forecasting
According to Gavin's presentation, accounting is not which of the following?
A) Tracking and reporting financial activity
B) Predicting or budgeting the future
C) Communicating facts for decisions
D) Recording what already happened
B) Predicting or budgeting the future
Which organization promotes ethical and professional standards for accountants worldwide?
A) FASB
B) IASB
C) IFAC
D) SEC
C) IFAC
The goal of giving everyone easy access to purchasing data for better decisions is called what?
A. Data Restriction, B. Data Siloing, C. Data Centralization, D. Data Democratization
D. Data Democratization
What document must suppliers sign to promise they follow fair labor and environmental rules?
A. Code of Conduct, B. Purchase Order, C. Shipping Invoice, D. Service Agreement
A. Code of Conduct
Which technology creates a tamper-proof record to track ingredients from the farm to the customer's plate?
A. Wi-Fi 6, B. AI, C. Blockchain, D. P2P
C. Blockchain
Why is revenue recognition more complex in hospitality than in retail?
A) Hospitality transactions are often bundled or multi-day services
B) Hospitality revenue is earned in cash only
C) Hospitality uses standard rates for all services
D) Retail requires government reporting
A) Hospitality transactions are often bundled or multi-day services
McDonald’s reports under GAAP in the U.S. but must follow IFRS-based standards abroad.
What does this demonstrate?
A) Companies always choose one standard globally
B) Companies must adapt reporting based on local regulations
C) U.S. firms can ignore IFRS entirely
D) IFRS only applies to European companies
B) Companies must adapt reporting based on local regulations
By using P2P systems, procurement shifts from a cost center to a what?
A. Shipping Hub, B. Value Driver, C. Marketing Tool, D. Staffing Agency
B. Value Driver
Ethical Sourcing is mostly concerned with protecting what aspect of a supplier's workforce?
A. Education Level, B. Social Media Use, C. Fair Wages and Safety, D. Travel Distance
C. Fair Wages and Safety
IoT in equipment can schedule repair work before a machine breaks down. What is this function called?
A. Inventory Control, B. Reverse Logistics, C. Predictive Maintenance, D. Demand Creation
C. Predictive Maintenance
A hotel pre-sells vacation packages for next season. Under accrual accounting, how should this revenue be handled?
A) Record it immediately as revenue
B) Record it only when guests stay
C) Record it when cash is received
D) Split evenly across fiscal quarters
Answer: B) Record it only when guests stay
B) Record it only when guests stay
A hotel in Paris owned by a U.S. company reports in euros but must consolidate with its parent’s U.S. dollar statements. Which IFRS standard governs this process?
A) IAS 12
B) IAS 16
C) IAS 21
D) IFRS 9
C) IAS 21 – The Effects of Changes in Foreign Exchange Rates
To quickly adapt to market changes, procurement needs contracts that are __________ instead of fixed and long-term.
A. Flexible/Agile, B. Expensive, C. Standardized, D. Paper-Based
A. Flexible/Agile
The push for GSCM is strongly driven by the demands of __________ and regulatory compliance.
A. Local Chefs, B. Investors/Consumers, C. Maintenance Teams, D. IT Support
B. Investors/Consumers
What kind of tracking data, enabled by IoT, helps confirm the quality and location of goods while they are being shipped?
A. Financial, B. Social, C. Real-time/Logistics, D. Historical
D. Historical
A resort upgrades its lobby furniture. Which accounting treatment is correct?
A) Expense it immediately because it improves aesthetics
B) Capitalize the cost as an asset and depreciate it over time
C) Record it as deferred revenue
D) Ignore the transaction unless financed
B) Capitalize the cost as an asset and depreciate it over time
A hotel chain using IFRS records long-term lease liabilities on its balance sheet under IFRS 16.
What is the key purpose of this standard?
A) To make leases transparent by recognizing them as assets and liabilities
B) To remove lease expenses from financial reporting
C) To simplify income statements by merging lease payments
D) To standardize depreciation schedules globally
A) To make leases transparent by recognizing them as assets and liabilities