Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following fees are most likely to be excluded from the quoted room rate at a hotel?

Resort fees

Taxes already included in the quoted rate

Room cleaning included in standard rate

Base nightly charge

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Verified step by step guidance

Understand the concept of quoted room rate: The quoted room rate is the price advertised by the hotel for a night's stay, which typically includes the base nightly charge and may include certain standard services like room cleaning.

Identify the nature of resort fees: Resort fees are additional charges that hotels often add to the quoted room rate to cover amenities such as pool access, gym usage, or Wi-Fi. These fees are usually not included in the quoted rate and are charged separately.

Analyze taxes included in the quoted rate: Taxes are often included in the quoted room rate, depending on the hotel's policy and local regulations. If taxes are already included, they are not excluded from the quoted rate.

Evaluate room cleaning fees: Room cleaning is typically included in the standard rate unless the hotel specifies additional charges for special cleaning services. Therefore, it is unlikely to be excluded from the quoted rate.

Conclude that resort fees are most likely excluded: Resort fees are commonly excluded from the quoted room rate, making them the correct answer in this context.