Accounting Essentials for Hospitality Managers

NOTE EDITORE

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 techniques and 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 fourth edition: Quickly develops the reader’s ability to adeptly use and interpret accounting information to enhance organisational decision-making and control. Demonstrates how an appropriate analysis of financial reports can drive your business strategy forward from a well-informed base. Presents new accounting problems in the context of a range of countries and currencies throughout. Develops mastery of the key accounting concepts through financial decision-making cases that take a hospitality manager’s perspective on a range of issues. 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, atest 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.

SOMMARIO

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 Organizational forms 2. Analysing Transactions and Preparing Year-end Financial Statements The Balance Sheet and Income Statement Classifying transactions according to assets, liabilities and owners’ equity The 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 and specific hotel activities Bank reconciliation: an important internal control procedure Accounting for petty cash 7. Cost Management Issues Management’s need for cost information Major cost classification 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 Making Accounting 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 Using rate categories and demand forecasts Length of stay controls Managing group bookings Revenue management implementation issues Words of caution in applying the revenue management philosophy Solutions to the First Three Problems of Each Chapter

AUTORE

Chris Guilding has more than 30 years’ experience in academia. For 12 years, he was 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 MBA, Masters in Hospitality Management, Professional Golfers Association andAustralian 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 United Kingdom. Kate Mingjie Ji is currently a senior lecturer in finance and revenue management at Oxford Brookes Business School, UK. She started her career as an auditor with PricewaterhouseCoopers. She has taught undergraduate and postgraduate finance and accounting courses at Macau University of Science and Technology and also the School of Hotel and Tourism Management at Hong Kong Polytechnic University. She is highly regarded by her students for her passionate approach to teaching.

ALTRE INFORMAZIONI

• Condizione: Nuovo
• ISBN: 9781032024325
• Dimensioni: 9.75 x 6.75 in Ø 2.09 lb
• Formato: Brossura
• Illustration Notes: 22 b/w images, 39 tables and 22 line drawings
• Pagine Arabe: 380
• Pagine Romane: xxii