Hospitality Management Accounting
CRUCIAL ACCOUNTING SKILLS FOR THE HOSPITALITY PROFESSIONAL
In the fast-growing and increasingly competitive hospitality industry, every business is under extreme pressure to maximize revenue and minimize costs simply to maintain existing profit levels. Hospitality Management Accounting, Seventh Edition gives students a firm grounding in the fundamental concepts and analytical techniques they will need as professionals to take direct control of an accounting system and evaluate the effectiveness of current and past operations.
Filled with case studies, expanded exercise and problem sections, and alternative solution sets that provide multiple problem-solving approaches, this updated new edition is the only text in the field that covers credit card receivables. It features an extensive review of accounting systems and a special section on the use of computers in the hospitality industry.
Important topics covered in this text include:
* Understanding, analyzing, and interpreting financial statements
* Ratio analysis and internal control
* The "bottom up" approach to pricing
* Cost management and the cost volume profit approach to decisions
* Operations budgeting and cash budgeting
* Statement of cash flows and working capital
Hospitality Management Accounting, Seventh Edition equips hospitality management and culinary students with the skills they need to take command of one of the most crucial aspects of the management of any hospitality business.
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Preface vn CHAPTER 1 Accounting Review
Understanding Financial Statements
Analysis and Interpretation of Financial Statements
14 other sections not shown
accounts receivable actual additional adjustments amount analysis annual assume average balance sheet bank basis beverage budget calculated capital cash flow chapter comparative considered contribution cost of sales credit card current assets current liabilities customers Debit debt decision decrease demand depreciation determine discount discussed dollar earnings effect employees equation equipment equity established estimated example Exhibit expenses factors figures fixed costs forecast guest hospitality illustrated income statement increase interest inventory investment less long-term loss margin menu method month motel net income Note objectives occupancy operating operating income owner paid payable payment percentage period prepared present profit purchase ratio records reported restaurant room rate sales revenue seat selling shown shows situation sold stockholders turnover units variable costs wages