Basic Hospitality Accounting - 9255 Words

HOSPITALITY ACCOUNTING OVERVIEW Hospitality business operations, as well as others, are generally identified as having a number of different cyclical sales revenue cycles. First, there is the daily operating cycle that applies particularly to restaurant operations where daily sales revenue typically depends on meal periods. Second, there is a weekly cycle. On the one hand, business travelers normally use hotels, motels, and other hospitality operations during the week and generally provide little weekend hospitality business. On the other hand, local people most often frequent restaurants on Friday through Sunday more than they do during the week. Third, there is a seasonal cycle that depends on vacationers to provide revenue for†¦show more content†¦Financial accounting is a common language developed by accountants over time to define the principles, concepts, procedures, and broad rules necessary for management’s use in a viable accounting system for making decisions and maintaining an efficient, effective, and profitable business. An accounting system shows detailed information regarding assets, debts, ownership equity, sales revenue, and operating expenses, and it governs recording, reporting, and preparation of financial statements that show the financial condition of a business entity. CASH VERSUS ACCRUAL ACCOUNTING The cash and accrual basis are the two methods of accounting. The difference between the two methods is how and when sales revenue and expenses are recognized. The cash basis of accounting recognizes sales revenue inflows when cash is received and operating expense outflows to generate sales revenue when cash is paid. Simply put, the cash basis recognizes sales revenue and operating expenses only when cash changes hands. The accrual basis of accounting recognizes inflows of sales revenue when earned and operating expense outflows to produce sales revenues when incurred; it does not matter when cash is received or paid. Many small operations use the cash basis of accounting when appropriate for their type of business; no requirement exists to prepare and report their financial position to external users. The cash basisShow MoreRelatedAccounting Is an Information System That Identifies1092 Words   |  5 Pagesobjectives and the roles of financial accounting â€Å"Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users.†1. The basic objective of accounting is to provide information to the interested users to enable them to make business decisions and â€Å"Financial statements are the primary means of communicating financial information to parties outside the business organization.†2. Moreover, accounting can give the essential informationRead MoreCase Study : Hotel Management And Tourism1388 Words   |  6 Pagessure to encounter those of us who have chosen the hospitality field as a career. Within this industry, there are so many options to choose from including the culinary arts, hotel management and housekeeping, event planning, and travel agent and the main goal of those who work within these fields is to ensure you feel comfortable while you are traveling or staying close to home. Although hospitality is a broad major, they all require the same basic skills. The branches I want to explore are hotelRead MoreManagement Accounting : Financial And Non Financial Information1120 Words   |  5 PagesINTRODUCTION:- Management Accounting refers to the preparation of financial and non-financial information for the use of management of the company. It is also termed as managerial accounting. The information provided by it is helpful in making policies and strategies, budgeting,, forecasting future plans, making comparisons and evaluating performance of the management. The reports produced by management accounting are used by the internal management (managers and employees) of the organization andRead MoreWashington State s Primary Land Grant University1017 Words   |  5 PagesThe clinical psychology and counseling psychology degrees are recognized by the American Psychological Association’s Commission on Accreditation. The Association to Advance Collegiate Schools of Business (AACSB) accredits the accounting, business administration and hospitality business management degrees. Washington State University Application Requirements Washington State University starts accepting applications in January for the spring semester. Applicants who are in the top 10 percent ofRead MoreFood and Beverage1498 Words   |  6 Pagesthe inaccurate accounting figures. A critical evaluation of the current procedures would be carried out, as these procedures in terms of purchasing, receiving, storing and production would be suggested to the general manager. Likewise, appropriate and professional recommendations would be provided to improve the difficult situation that the management is facing. Procedures As mentioned by Lockwood, Alcott and Pentelidis (2008) â€Å"The food and beverage operations largely follow a basic input, processRead MoreCasino General Manager Salary Is $ 64052756 Words   |  4 Pagesbachelor’s degree. Acceptable degree fields include gaming or hotel management, hospitality, or business. Professionals also are able to learn the necessary skills by taking management courses or earning a certificate in a hospitality-related field, according to the U.S. Bureau of Labor Statistics. Students in gaming management bachelor s degree programs take courses in accounting, casino security, marketing, casino customer service, and gambling regulationsRead MoreHow Businesses Today Manage And Store Their Data? How Do They Work So Efficiently And Effectively?942 Words   |  4 PagesERP systems not only differ by the size of businesses but also by industry in the sense that different industries use different ERP sof tware’s. This report mainly focuses on the how the hospitality industry and the evolution of the 2 types of ERP systems. Say for example we look at one of the leading hospitality ventures, The Starwood Hotels. Headquartered in Stamford, Connecticut is one of the largest American hotel companies. It operates and manages resorts, franchises, spas and hotel propertiesRead MoreCloud Technology Case Study816 Words   |  4 Pagesbest apps have invested heavily in providing user-friendly, light touch solutions for SMEs that are scalable and flexible in terms of what they offer, as well as their fee structure. For example, accounting packages can start as low as  £10 per month while some marketing/ analytic solutions provided their basic services at no cost.† While many SMEs (71%) turn to advisors to help them navigate these challenges, it’s clear that easily usable, well-priced apps will have an advantage when engaging with SMEsRead MoreEssay on MBA detail course outline1314 Words   |  6 Pages Finance Accounting Banking Finance †¢ Organizational Communication †¢ Organizational Communication †¢ Organizational Communication †¢ Organizational Communication †¢ Principles of Management †¢ Principles of Management †¢ Principles of Management †¢ Principles of Management †¢ Research Methods †¢ Research Methods †¢ Research Methods †¢ Research Methods †¢ Organization Theory †¢ Organization Theory †¢ Financial Accounting †¢ Financial Accounting †¢ ProjectRead MoreHospitality Industry Leader1518 Words   |  7 PagesRunning Head: Hospitality Industry Leader Hospitality Industry Leader Richard B Hope Nassau Community College Introduction: The Hotel General Manager is someone who works in a hotel. He or she works as a head of the department to coordinate and monitor the progress of business strategies in a large hotel. In medium hotels, the General Manager is responsible for day to day running of the hotel, including carrying out reception duties. A Hotel General Manager