Accounting Essentials for Hospitality Managers

Front Cover
Routledge, 2009 - Business & Economics - 347 pages
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For non-accountant hospitality managers, accounting and financial management is often perceived as an inaccessible part of the business, yet understanding is crucial for success. Using an 'easy to read' style, this book provides a comprehensive overview of the most relevant accounting information for managers. It demonstrates how to organise and analyse accounting data to help make informed decisions with confidence.

With its highly practical approach, this book:

• Quickly develops the reader's ability to adeptly use and interpret accounting information to further organisational decision making and control
• Demonstrates how an appropriate analysis of financial reports can drive your business strategy forward from a well-informed base
• Develops mastery of the key accounting concepts through financial decision making cases that take a hospitality manager's perspective on an issue
• Sets financial problems in the context of a range of countries and currencies
• Includes two new chapters on internal control and performance management
• Offers further resources at Textbooks.Elsevier.com including a suite of worked contextualised cases in Tourism, Events and Sport Management

The all new companion website includes the suite of contextualised examples,
PowerPoint lectures aligned to each chapter, solutions to all end-of-chapter
problems, a student revision test bank and a password protected test bank
available to lecturers who adopt this book as required student reading. These
resources are SCORM compliant and compatible with institutions' Learning
Management Systems.

Dr. Chris Guilding is professor of Hotel management at Griffith University. He is a qualified member of the Chartered Institute of Management Accountants and has held
full time lecturing positions in universities in Australia, Canada, England and New Zealand. His research interests concern accounting applications in the hospitality sector and he has more than 40 refereed publications in a range of top journals that span the accounting, hospitality and tourism management fields.

KEY FEATURES
* includes two new chapters on internal control and performance management, covering the increasingly important balanced scorecard
*develops mastery of the key accounting concepts through financial decision making cases that take a hospitality manager's perspective on an issue
*develops familiarity of financial problems in the context of a range of countries and currencies, including coverage of key accounting terms and financial statement types used in different countries
* makes key concepts accessible
 

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Contents

Hospitality Decision Makers Use of Accounting
1
Chapter 2 Analysing Transactions and Preparing YearEnd Financial Statements
17
Chapter 3 Double Entry Accounting
33
Chapter 4 Adjusting and ClosingEntries
49
Chapter 5 Financial Statement Analysis
73
Chapter 6 Internal Control
97
Chapter 7 Cost Management Issues
125
Chapter 8 CostVolumeProfit Analysis
149
Chapter 10 Flexible Budgeting and Variance Analysis
199
Chapter 11 Performance Measurement
221
Chapter 12 Cost Information and Pricing
247
Chapter 13 Working Capital Management
269
Chapter 14 Investment DecisionMaking
293
Solutions to First Three Problems in Each Chapter
315
Index
345
Copyright

Chapter 9 Budgeting and Responsibility Accounting
167

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About the author (2009)

Chris Guilding was Associate Professor in the school of Accounting Finance and Economics and since 2004 has been Professor of Hotel Management in the department of Tourism, Leisure, Hotel and Sport Management. His teaching specialism is in management accounting and he has taught on the MBA, Masters in Hospitality Management, Professional Golfers Association, Australian Institute of Company Directors Course and Undergraduate programmes. He is also Inaugural Director of the Services Industry research Centre (established 2003). He is co-editor for the journal Accounting, Accountability and Performance since 1998. In addition to the first edition of the proposed title, which was called Financial Management for Hospitality Decision Makers (2002), Chris Guilding has written with P. Auyeung and D. Delaney, The Key Elements of Introductory Accounting, 3rd edition (2006), John Wiley & Sons Australia Ltd and contributed to our International Encyclopedia of Hospitality Management (2005).

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