Managerial Accounting for the Hospitality Industry

by Lea R. Dopson (University of North Texas. Denton, Texas); David K. Hayes (Lansing, Michigan)

• ISBN13: 9780470293256
• ISBN10: 047029325X
• Format: eBook
• Copyright: 2008-12-01
• Publisher: Wiley

Summary

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.

Table of Contents

Preface

Accounting Fundamentals

Hospitality Industry Accounting

Unique Aspects of the Hospitality Industry

The Purpose of Accounting in the Hospitality Industry

Branches of Accounting

Why Hospitality Managers Use Managerial Accounting

Uniform System of Accounts

Ethics and Hospitality Accounting

The Blue Lagoon Waterpark Resort: A Case Study

Can You Do the Math?

Review of Learning Outcomes

Apply What You Have Learned

Key Terms and Concepts

Test Your Skills

Accounting Fundamentals Review

Bookkeeping and Accounting

The Accounting Formula

Recording Changes to The Accounting Formula

Generally Accepted Accounting Principles

The Hospitality Business Cycle

Review of Learning Outcomes

Apply What You Have Learned

Key Terms and Concepts

Test Your Skills

Financial Statements

The Income Statement

The Purpose of the Income Statement

Income Statement Preparation

Income Statement Analysis

Review of Learning Outcomes

Apply What You Have Learned

Key Terms and Concepts

Test Your Skills

The Balance Sheet

The Purpose of the Balance Sheet

Balance Sheet Formats

Balance Sheet Content

Components of the Balance Sheet

Balance Sheet Analysis

Review of Learning Outcomes

Apply What You Have Learned

Key Terms and Concepts

Test Your Skills

The Statement of Cash Flows

Understanding Cash Flows

The Purpose of the Statement of Cash Flows (SCF)

Sources and Uses of Funds

Creating the Statement of Cash Flows

Statement of Cash Flows Analysis

Review of Learning Outcomes

Apply What You Have Learned

Key Terms and Concepts

Test Your Skills

Ratio Analysis

Purpose and Value of Ratios

Types of Ratios

Comparative Analysis of Ratios

Ratio Analysis Limitations

Review of Learning Outcomes

Apply What You Have Learned

Key Terms and Concepts

Test Your Skills

Management of Revenue and Expense

Food and Beverage Pricing

Factors Affecting Menu Pricing

Assigning Menu Prices

Menu Price Analysis

Review of Learning Outcomes

Apply What You Have Learned

Key Terms and Concepts

Test Your Skills

Revenue Management for Hotels

Overview

Establishing Room Rates

Revenue Management

Non-Room Revenue

Apply What You Have Learned

Key Terms and Concepts

Test Your Skills

Managerial Accounting for Costs

The Concept of Cost

Types of Costs

Cost/Volume/Profit Analysis

Review of Learning Outcomes

Apply What You Have Learned

Key Terms and Concepts

Test Your Skills

Accounting Information for Planning

Forecasting In the Hospitality Industry

Overview

The Importance of Accurate Forecasts

Forecast Methodology

Utilizing Trend Lines in Forecasting

Review of Learning Outcomes

Apply What You Have Learned

Key Terms and Concepts

Test Your Skills

Budgeting and Internal Controls

The Importance of Budgets

Types of Budgets

Operations Budget Essentials

Developing an Operations Budget

Monitoring an Operations Budget

Cash Budgeting

Managing Budgets through Internal Controls

Apply What You have Learned

Key terms and Concepts

Test Your Skills

Capital Investment, Leasing, and Taxation

Capita

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