Preface | p. vii |
Part I Accounting Fundamentals | p. 1 |
Chapter 1 Hospitality Industry Accounting | p. 3 |
Unique Aspects of the Hospitality Industry | p. 4 |
The Purpose of Accounting in the Hospitality Industry | p. 6 |
Branches of Accounting | p. 7 |
Why Hospitality Managers Use Managerial Accounting | p. 15 |
The Uniform System of Accounts | p. 16 |
Ethics and Hospitality Accounting | p. 18 |
The Blue Lagoon Water Park Resort: A Case Study | p. 22 |
Can You Do the Math? | p. 24 |
Apply What You Have Learned | p. 25 |
Key Terms and Concepts | p. 26 |
Test Your Skills | p. 26 |
Chapter 2 Accounting Fundamentals Review | p. 29 |
Bookkeeping and Accounting | p. 30 |
The Accounting Formula | p. 31 |
Recording Changes to The Accounting Formula | p. 32 |
Generally Accepted Accounting Principles | p. 43 |
The Hospitality Business Cycle | p. 54 |
Apply What You Have Learned | p. 55 |
Key Terms and Concepts | p. 56 |
Test Your Skills | p. 56 |
Part II Financial Statements | p. 61 |
Chapter 3 The Income Statement | p. 63 |
The Purpose of the Income Statement | p. 64 |
Income Statement Preparation | p. 70 |
Income Statement Analysis | p. 86 |
Apply What You Have Learned | p. 105 |
Key Terms and Concepts | p. 105 |
Test Your Skills | p. 106 |
Chapter 4 The Balance Sheet | p. 112 |
The Purpose of the Balance Sheet | p. 113 |
Balance Sheet Formats | p. 119 |
Balance Sheet Content | p. 120 |
Components of the Balance Sheet | p. 123 |
Balance Sheet Analysis | p. 129 |
Apply What You Have Learned | p. 136 |
Key Terms and Concepts | p. 136 |
Test Your Skills | p. 137 |
Chapter 5 The Statement of Cash Flows | p. 143 |
Understanding Cash Flows | p. 144 |
The Purpose of the Statement of Cash Flows | p. 145 |
Sources and Uses of Funds | p. 147 |
Creating the Statement of Cash Flows | p. 155 |
Statement of Cash Flows Analysis | p. 167 |
Apply What You Have Learned | p. 171 |
Key Terms and Concepts | p. 171 |
Test Your Skills | p. 172 |
Chapter 6 Ratio Analysis | p. 180 |
Purpose and Value of Ratios | p. 181 |
Types of Ratios | p. 185 |
Comparative Analysis of Ratios | p. 225 |
Ratio Analysis Limitations | p. 226 |
Apply What You Have Learned | p. 228 |
Key Terms and Concepts | p. 229 |
Test Your Skills | p. 230 |
Part III Management of Revenue and Expense | p. 237 |
Chapter 7 Food and Beverage Pricing | p. 239 |
Factors Affecting Menu Pricing | p. 240 |
Assigning Menu Prices | p. 242 |
Menu Price Analysis | p. 249 |
Apply What You Have Learned | p. 268 |
Key Terms and Concepts | p. 268 |
Test Your Skills | p. 269 |
Chapter 8 Revenue Management for Hotels | p. 274 |
Establishing Room Rates | p. 275 |
Revenue Management | p. 287 |
Non-Room Revenue | p. 300 |
Apply What You Have Learned | p. 305 |
Key Terms and Concepts | p. 306 |
Test Your Skills | p. 307 |
Chapter 9 Managerial Accounting for Costs | p. 313 |
The Concept of Cost | p. 314 |
Types of Costs | p. 315 |
Cost/Volume/Profit Analysis | p. 335 |
Apply What You Have Learned | p. 342 |
Key Terms and Concepts | p. 343 |
Test Your Skills | p. 343 |
Part IV Accounting Information for Planning | p. 351 |
Chapter 10 Forecasting in the Hospitality Industry | p. 353 |
The Importance of Accurate Forecasts | p. 354 |
Forecast Methodology | p. 357 |
Utilizing Trend Lines in Forecasting | p. 374 |
Apply What You Have Learned | p. 376 |
Key Terms and Concepts | p. 376 |
Test Your Skills | p. 377 |
Chapter 11 Budgeting and Internal Controls | p. 380 |
The Importance of Budgets | p. 381 |
Types of Budgets | p. 383 |
Operations Budget Essentials | p. 387 |
Developing an Operations Budget | p. 388 |
Monitoring an Operations Budget | p. 397 |
Cash Budgeting | p. 406 |
Managing Budgets through Internal Controls | p. 413 |
Apply What You Have Learned | p. 418 |
Key Terms and Concepts | p. 419 |
Test Your Skills | p. 420 |
Chapter 12 Capital Investment, Leasing, and Taxation | p. 428 |
Capital Budgeting | p. 430 |
Capital Investment | p. 433 |
Financing Alternatives | p. 447 |
Taxation | p. 454 |
Apply What You Have Learned | p. 461 |
Key Terms and Concepts | p. 461 |
Test Your Skills | p. 462 |
Glossary | p. 469 |
About the Authors | p. 489 |
Index | p. 491 |