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Managerial Accounting for the Hospitality Industry,9780471723370
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Managerial Accounting for the Hospitality Industry



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Though not all hospitality students want to be accountants, managerial accounting is a crucial skill for all hospitality students. Written for aspiring hospitality managers rather than accountants, this resource focuses on how accounting principles apply directly to hospitality management. With a reader-friendly style suitable for those with no prior accounting background, this book makes accounting fun with practical examples scattered throughout each chapter that clearly illustrate accounting concepts and theories. A running case study helps readers immediately apply what they ve learned to the types of key management decisions made at a full-service resort.

Author Biography

Lea R. Dopson, EdD, is Chair of Hospitality Management at the University of North Texas inDenton, Texas.

David K. Hayes, PhD, is an author and consultant in Okemos, Michigan. He previously held faculty positions at Purdue University, Texas Tech University, and the University of Houston. Most recently, he was the Managing Owner of the Clarion Hotel and Conference Center in Lansing, Michigan.

Table of Contents

Prefacep. vii
Accounting Fundamentalsp. 1
Hospitality Industry Accountingp. 3
Unique Aspects of the Hospitality Industryp. 4
The Purpose of Accounting in the Hospitality Industryp. 6
Branches of Accountingp. 7
Why Hospitality Managers Use Managerial Accountingp. 15
The Uniform System of Accountsp. 16
Ethics and Hospitality Accountingp. 18
The Blue Lagoon Water Park Resort: A Case Studyp. 22
Can You Do the Math?p. 24
Apply What You Have Learnedp. 25
Key Terms and Conceptsp. 26
Test Your Skillsp. 26
Accounting Fundamentals Reviewp. 29
Bookkeeping and Accountingp. 30
The Accounting Formulap. 31
Recording Changes to The Accounting Formulap. 32
Generally Accepted Accounting Principlesp. 43
The Hospitality Business Cyclep. 54
Apply What You Have Learnedp. 55
Key Terms and Conceptsp. 56
Test Your Skillsp. 56
Financial Statementsp. 61
The Income Statementp. 63
The Purpose of the Income Statementp. 64
Income Statement Preparationp. 70
Income Statement Analysisp. 86
Apply What You Have Learnedp. 105
Key Terms and Conceptsp. 105
Test Your Skillsp. 106
The Balance Sheetp. 112
The Purpose of the Balance Sheetp. 113
Balance Sheet Formatsp. 119
Balance Sheet Contentp. 120
Components of the Balance Sheetp. 123
Balance Sheet Analysisp. 129
Apply What You Have Learnedp. 136
Key Terms and Conceptsp. 136
Test Your Skillsp. 137
The Statement of Cash Flowsp. 143
Understanding Cash Flowsp. 144
The Purpose of the Statement of Cash Flowsp. 145
Sources and Uses of Fundsp. 147
Creating the Statement of Cash Flowsp. 155
Statement of Cash Flows Analysisp. 167
Apply What You Have Learnedp. 171
Key Terms and Conceptsp. 171
Test Your Skillsp. 172
Ratio Analysisp. 180
Purpose and Value of Ratiosp. 181
Types of Ratiosp. 185
Comparative Analysis of Ratiosp. 225
Ratio Analysis Limitationsp. 226
Apply What You Have Learnedp. 228
Key Terms and Conceptsp. 229
Test Your Skillsp. 230
Management of Revenue and Expensep. 237
Food and Beverage Pricingp. 239
Factors Affecting Menu Pricingp. 240
Assigning Menu Pricesp. 242
Menu Price Analysisp. 249
Apply What You Have Learnedp. 268
Key Terms and Conceptsp. 268
Test Your Skillsp. 269
Revenue Management for Hotelsp. 274
Establishing Room Ratesp. 275
Revenue Managementp. 287
Non-Room Revenuep. 300
Apply What You Have Learnedp. 305
Key Terms and Conceptsp. 306
Test Your Skillsp. 307
Managerial Accounting for Costsp. 313
The Concept of Costp. 314
Types of Costsp. 315
Cost/Volume/Profit Analysisp. 335
Apply What You Have Learnedp. 342
Key Terms and Conceptsp. 343
Test Your Skillsp. 343
Accounting Information for Planningp. 351
Forecasting in the Hospitality Industryp. 353
The Importance of Accurate Forecastsp. 354
Forecast Methodologyp. 357
Utilizing Trend Lines in Forecastingp. 374
Apply What You Have Learnedp. 376
Key Terms and Conceptsp. 376
Test Your Skillsp. 377
Budgeting and Internal Controlsp. 380
The Importance of Budgetsp. 381
Types of Budgetsp. 383
Operations Budget Essentialsp. 387
Developing an Operations Budgetp. 388
Monitoring an Operations Budgetp. 397
Cash Budgetingp. 406
Managing Budgets through Internal Controlsp. 413
Apply What You Have Learnedp. 418
Key Terms and Conceptsp. 419
Test Your Skillsp. 420
Capital Investment, Leasing, and Taxationp. 428
Capital Budgetingp. 430
Capital Investmentp. 433
Financing Alternativesp. 447
Taxationp. 454
Apply What You Have Learnedp. 461
Key Terms and Conceptsp. 461
Test Your Skillsp. 462
Glossaryp. 469
About the Authorsp. 489
Indexp. 491
Table of Contents provided by Ingram. All Rights Reserved.

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