Summary
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.
MICHAEL M. COLTMAN was chair of the Department of Hospitality and Tourism Administration at the British Columbia Institute of Technology until his retirement. MARTIN G. JAGELS is Professor Emeritus, School of Hotel, Restaurant, and Tourism at the University of South Carolina, and continues to teach hospitality accounting.
