This managerial accounting textbook will help readers understand and apply hospitality departmental accounting at the supervisory and managerial levels. Revisions to this edition include:
- Three new chapters—on cash management and planning, casino accounting, and assorted accounting topics
- New hospitality managerial accounting case studies and Internet reference sites in each chapter
- Updated content that reflects the tenth revised edition of the Uniform System of Accounting for the Lodging Industry
- Comprehensive coverage of the Sarbanes-Oxley Act, including the role of the SEC
- Discussion of Fair Value Accounting, required in 2007 for all publicly-held corporations
- Updated exhibits that reflect computerization and today’s technology
Contents
Hotel Revenue Accounting
- Revenue Centers
- Fundamental Revenue Concepts
- Trade Discounts
- Cash Discounts
- Recording Invoices and Discounts
- Internal Control for Food and Beverage Sales
- Accounting Personnel and Front Office Functions
- Cash and Data Collection
Hotel Expense Accounting
- Business Segmentation
- Financial Reporting Centers
- Responsibility Accounting
- Examples of Hotel Expense Accounts
- Accounting for Employee Meals
- Accounting for Credit Card Fees
- Bad Debts
Property and Equipment Accounting
- Acquisition Costs of Property and Equipment
- Operating Leases and Capital Leases
- Depreciation of Property and Equipment
- Depreciation of China, Glassware, and Silver
- Amortization of Leaseholds and Leasehold Improvements
- Sale or Disposal of Property and Equipment
- Trade-In of Property and Equipment
- Depreciation and Income Taxes
Other Noncurrent Assets Accounting
- Intangible Assets
- Cash Value Intangible Assets
Hospitality Payroll Accounting
- Fair Labor Standards Act (FLSA)
- Employer/Employee Relationship
- Wages and Salaries
- Payroll Deductions
- Employer's Payroll Taxes
- Payroll System
- Payroll Accounting for Tipped Employees
- Eight Percent Tip Regulation
- Tip Shortfall Allocation Methods
Hotel Departmental Statements
- Hotel Financial Information Systems
- Uniform System of Accounts
- Basic Revenue and Support Center Statement Formats
- Presentation of Payroll Expenses
- Example of Hotel Departmental Statements
- Income Statement
Hotel Income Statements
- Elements and Conventions
- Hotel Income Statement Formats
- Hotel DORO's Income Statement
- Statement of Retained Earnings
Ratio Analysis of the Income Statement
- Ratio Analysis of the Income Statement
- Popular Income Statement Ratios
- Rooms Department Ratios
- Food and Beverage Department Ratios
- Hotel Ratios
- Other Income Statement Ratios
- Reference List of Ratio Formulas
Hotel Balance Sheets
- Elements and Conventions
- Assets
- Liabilities
- Equity
- Hotel Balance Sheet Formats
- Hotel DORO's Balance Sheet
- Statement of Retained Earnings
Ratio Analysis of the Balance Sheet
- Ratio Analysis of the Balance Sheet
- Ratio Analysis of Hotel DORO's Balance Sheet
- Current Ratio
- Quick Ratio
- Accounts Receivable Turnover Ratio
- Average Collection Period Ratio
- Inventory Turnover Ratio
- Fixed Asset Turnover Ratio
- Debt-to-Equity Ratio
- Assets-to-Liabilities Ratio
- Working Capital
- Reference List of Ratio Formulas
Statement of Cash Flows
- Purpose of the Statement of Cash Flows
- Cash and Cash Equivalents
- Format of the Statements of Cash Flows
- Income From Operating Activities
- Cash Flow from Operating Activities
- Investing Activities
- Financing Activities
- Footnotes and Disclosures
- Demonstration Problem
Interim and Annual Reports
- Role of the Independent Certified Public Accountant
- Audit Service
- Review Service
- Compilation Services
- Consolidated Financial Statement
- Governmental Authority on Reporting by Public Companies
- Annual Report to Shareholders
Budgeting Expenses
- Responsibility Accounting
- Action Traits of Expenses
- Variable Expenses
- Fixed Expenses
- Semi-Variable Expenses
- Breakeven Point
- Contribution Margin
- Profit Target
- Effects of Volume and Price Increases
Forecasting Sales
- Revenue Elements
- Moving Average Method
- Percentage Method
- Statistical Models
- CVP Analysis
Budgetary Reporting and Analysis
- Budget Planning and Preparation
- Budget Reports
- Master and Flexible Budgets
- Variance Analysis
- Capital Budgeting Synopsis
Financial Decision-Making
- Off-Season Analysis
- Acquiring a Business
- Buying a Franchise
- Leasing
- Capital Budgeting
Cash Management and Planning
- Cash, Cash Flow, and Profit
- Cash Management
- Cash Management tools
- Misleading Measures of Cash Flow
Casino Accounting
- A Brief History
- Casino Games
- Principles of Casino Accounting and Internal Control
- Principles of Casino Financial Accounting
Inventory Accounting
- The Importance of Inventory Valuation
- The Gross Profit Method
- Approaches to Inventory Valuation
- The Specific Identification Approach to Inventory Valuation
- The FIFO Approach to Inventory Valuation
- The LIFO Approach to Inventory Valuation
- The Weighted Average Approach to Inventory Valuation
- A Comparison of Cost Allocation Methods
- LIFO Analyzed
Assorted Topics
- Feasibility Study
- Allocating Service Centers and Fixed Charges
- Fair Value Accounting
- Compound Value
- Present Value
- Compound and Present Value with Annuities
Index
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