Accounting essentials for hospitality managers [electronic resource] / Chris Guilding.

ISBN:

9781135021016

Title:

Author:

Guilding, Chris.

Personal Author:

Guilding, Chris.

Edition:

3rd ed.

Publication Information:

Hoboken : Taylor and Francis, 2014.

Physical Description:

1 online resource (384 p.)

General Note:

Description based upon print version of record.

Contents:

Cover; Title Page; Copyright Page; Dedication; Table of Contents; List of figures; List of tables; List of boxes; List of schedules; List of exhibits; List of financial decision making and control in action cases; Preface; 1 Introduction: hospitality decision makers' use of accounting; Key characteristics of the hospitality industry; Accounting and business management; Accounting and hospitality decision makers; Uniform system of accounts; Organisational forms; 2 Analysing transactions and preparing year-end financial statements; The balance sheet and income statement

Classifying transactions according to assets, liabilities and owners' equityThe importance of understanding financial accounting basics; 3 Double entry accounting; Double entry accounting: some background concepts; Double entry accounting: a worked example; Journal entries; 4 Adjusting and closing entries; Why do we need closing entries?; Why do we need adjusting entries?; Worked examples highlighting types of adjusting entry; 5 Financial statement analysis; Profit performance; Financial stability; Ratios using operational measures; 6 Internal control; Internal control principles

Internal control procedures used for specific hotel activitiesBank reconciliation: an important internal control procedure; Accounting for petty cash; 7 Cost management issues; Management's need for cost information; Major cost classifi cation schemes; Qualitative and behavioural factors in management decisions; 8 Cost-volume-profit analysis; Contribution margin; Breakeven analysis; The assumptions of cost-volume-profit analysis; 9 Budgeting and responsibility accounting; Responsibility accounting; Issues of cost, revenue, profit and investment centre design; Roles of the budget

Behavioural aspects of budgeting; Technical aspects of budget preparation; 10 Flexible budgeting and variance analysis; Flexible budgeting; Variance analysis; Benchmarking; 11 Performance measurement; Shortcomings of conventional financial performance measures; Key issues in performance measurement system design; The balanced scorecard; 12 Cost information and pricing; Factors affecting pricing; Traditionally applied pricing methods; 13 Working capital management; Cash management; Accounts receivable management; Inventory management; Accounts payable management; Working capital management

14 Investment decision makingAccounting rate of return; Payback; Net present value (NPV); Internal rate of return; Integrating the four investment appraisal techniques; 15 Other managerial finance issues; What should be the over-riding business objective in financial management?; Agency issues; Trading shares in publicly listed companies; Share valuation; Dividends; Operating and financial leverage; 16 Revenue management; Business characteristics conducive to revenue management application; Demand forecasting; Gauging a hotel's need for revenue management

Revenue management system requirements

Subject Term:

Hospitality industry -- Accounting.

Hospitality industry -- Management.

Format:

Electronic Resources

Electronic Access:

Click here to view book

Publication Date:

2014

Publication Information:

Hoboken : Taylor and Francis, 2014.

Available:*

Shelf Number	Material Type	Copy	Shelf Location	Status
657.837 GUI	1:E-BOOK	1	1:ONLINE	Searching... Unknown

Bound With These Titles

On Order

Summary

For 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:

Quickly develops the reader's ability to adeptly use and interpret accounting information to further organisational decision making and control Demonstrates how an appropriate analysis of financial reports can drive your business strategy forward from a well-informed base Develops mastery of key accounting concepts through financial decision making cases that take a hospitality manager's perspective on business issues Presents accounting problems in the context of a range of countries and currencies Includes a new chapter that addresses a range of financial management topics that include share market workings, agency issues, dividend policy as well as operating and financial leverage Includes a further new chapter that provides a financial perspective on revenue management Includes accounting problems at the end of each chapter to be used to test knowledge and apply understanding to real life situations Offers extensive web support for instructors and students that includes powerpoint slides, solutions to end of chapter problems, test bank and additional exercises.

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.

Author Notes

Chris Guilding is Professor of Hotel Management in the Department of Tourism, Sport and Hotel Management at Griffith University, Australia. His teaching specialism is in management accounting and he has taught on MBA, Masters in Hospitality Management, Professional Golfers Association, Australian Institute of Company Directors courses as well as undergraduate programmes. In addition to Australia, he has taught in Canada, Holland, Hong Kong, New Zealand, Singapore and the UK.