Internal Profit Plan

What three things are MIS reports used for?

Evaluate a problem, Make decisions, Track progress

Evaluate a problem, Ask more questions, Buy new software

Ask questions, Take the issue to company executives, Track progress

Increase budgets, Hire more employees, Wait and see what happens

To be useful, what four criteria should the information in an MIS report have?

Researched, Tested, Available, Secure

Relevant, Timely, Accurate, Structured

Readable, Total, Acknowledged, Separate

It depends on how soon the report is needed

Who uses MIS reports?

Only executives

Only middle management

Managers and executives

Stockholders

Which of these is not a characteristic of MIS?

Bringing Uniformity in accounting

Disintegrated.

Information related to income and expenses

Comparison Of Business data

What is Uniform System of accounting for hospitality industry referred to as?

USAHI

USALI

USARI

Is the use of USALI mandatory for lodging industry?

Yes

What can lead to failiure of a MIS?

Use of improper tools for design.

Non-involvement of end-user

Improper Specification

None of the above

MIS is integrated and cannot provide department-wise information on income and expenses.

True

False

Which of these is not an example of a responsibility centre?

Cost- Centre

Revenue- Centre

Profit- Centre

Contribution- Centre

Responsibility accounting is a system that involves identifying responsibility centers and their objectives, developing performance measurement schemes, and preparing and analysing performance reports of the responsibility centers.

True

False

Which of these holds incorrect for Responsibility accounting?

Provides financial information

Helps evaluate efficiency of managers

Helps evaluate effectiveness of managers

Evaluate departmental heads on the basis of financial performance indirectly under their control.

Which of these is incorrect for responsibility centers?

Cost center is only responsible for costs.

Investment center is only responsible for investments.

Revenue center is only responsible for revenues.

Profit center is responsible for both revenues and cost

Which category does A & G come under?

Cost Center

Revenue Center

Profit Center

Investment Center

Which of these is not a part of indirect expenses?

A & G

Marketing

HLP

SWB

GOP is presented as a percentage of Total Net Revenue and______.

Ranges between 35 to 60%

Is usually less than 30%

Is usually greater than 60%

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