Accounting Essentials for Hospitality ManagersFor non-accountant hospitality managers, accounting and financial management is often perceived as an inaccessible part of the business. Yet having a grasp of accounting basics is a key part of management. Using an 'easy to read' style, this book provides a comprehensive overview of the most relevant accounting information for hospitality managers. It demonstrates how to organise and analyse accounting data to help make informed decisions with confidence. With its highly practical approach, this new Edition:
The book is written in an accessible and engaging style and structured logically with useful features throughout to aid students’ learning and understanding. It is a key resource for all future hospitality managers. |
Contents
Analysing transactions and preparing yearend financial statements | |
Double entry accounting | |
Adjusting and closing entries | |
Financial statement analysis | |
Flexible budgeting and variance analysis | |
Performance measurement | |
Cost information and pricing | |
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Common terms and phrases
accounting system accounts payable accounts receivable achieved adjusting entries allocated analysis appraisal approach average room rate balance sheet balanced scorecard bank account bank reconciliation breakeven calculated capital cash flow cent centres Chapter company’s contribution margin cost centres Cost of sales debit December 20X1 decision depreciation determine discount dividend double entry accounting earned EBIT equity example Exhibit expense factors fixed asset fixed costs flexible budget group booking guests highlights hotel management hotel operating income statement increase internal control inventory investment labour laundry leverage liabilities Management Accounting manager’s month net present value operating leverage organisation organisation’s owners pastries payment performance measurement system period Prepare present value Problem projected purchase rate of return ratio record Required restaurant result revenue management system Revpar room night sold room sales schedule sell share shareholders signifies sole proprietorship staff transactions turnover variable cost year-end year’s