Managerial Accounting for the Hospitality Industry » (1st Edition)

Lea R. Dopson is Chair and Associate Professor of the Hospitality management program at the University of North Texas. Previously, she taught at Cal Poly Pomona, the University of Houston, and Texas Tech University, Lea holds an Ed.D. from University of Houston, and an MBA and BS in Restaurant, Hotel, and Institutional Management from Texas Tech University. her areas of teaching include hospitality managerial accounting, hospitality finance, and food and beverage cost controls. She is published in a variety of journals and has presented her research at numerous conferences. She has also co-authored with David Hayes, Food and Beverage Cost Control, published by John Wiley & Sons, which is presently in its fourth edition. Lea spent nine months in Zimbabwe, Africa, developing a degree program in international hospitality and tourism,. In addition to her academic career, she has held various unit and corporate hospitality management positions with Texas tech Foodservice, Sheraton Hotels, and Bristol Hotels.

David K. Hayes earned his Ph.D. in Education from Purdue University, as well as MS and BS degrees in Hotel/Restaurant Management. He held faculty positions at Purdue University and the University of Houston. At Texas Tech University he founded the Restaurant/Hotel program and served as Chair of the Department of Nutrition, Education and Restaurant/Hotel Management. Dr. Hayes was Vice President of the Educational Institute (E.I.) of the American Hotel and Lodging Association and was responsible for the development of training programs utilizing advanced technology delivery systems. An industry practitioner as well as academician, for six years he was the Owner/General Manger of the full-service Clarion Hotel and Conference Center in Lansing, Michigan. An accomplished author, his scholarly articles have appeared in The Cornell Quarterly. He has written 12 books, including texts translated into Spanish, Chinese, Portuguese, and Croatian. he is now a full-time author who divides his professional writing and industry advising activities between offices in Okemos, Michigan and Jamestown, Tennessee.

A Clear, User-friendly Introduction to a Crucial Business Skill

Accounting is frequently called the language of business. But accounting is too serious a matter to be left only to accountants. If you care about effective hospitality management, accounting should not be a foreign language to you. This book provides all the information and tools you need to become fluent in the essential language of managerial accounting.

Managerial Accounting for the Hospitality Industry gives aspiring hospitality managers the knowledge to analyze and interpret the varied financial information they will use in the hospitality industry. Using a reader-friendly and encouraging style, the authors provide managers with all the accounting tools, theory, and applications they need to make good business decisions based upon sound financial information.

Comprehensive and accessible, Managerial Accounting for the Hospitality Industry includes key features such as:

• Numerous practical examples throughout each chapter that clearly illustrate hospitality accounting concepts and theories

• Consistent focus on how accounting principles apply directly to hospitality management decision making

• A running case study utilized throughout the book provides opportunities for readers to apply accounting principles to real-world hospitality management decisions

• Reader-friendly style that makes learning accounting fun

• Extensive practice problems and assessment tools

• Bonus CD-ROM with exercises that utilize manager-developed spreadsheets as aids in decision making and problem solving

Written by an accomplished author team, Managerial Accounting for the Hospitality Industry provides a unique approach rooted in current industry practices and is well-suited for a wide range of hospitality students and professionals.

Ch. 1 Hospitality industry accounting 3

Ch. 2 Accounting fundamentals review 29

Ch. 3 The income statement 63

Ch. 4 The balance sheet 112

Ch. 5 The statement of cash flows 143

Ch. 6 Ratio analysis 180

Ch. 7 Food and beverage pricing 239

Ch. 8 Revenue management for hotels 274

Ch. 9 Managerial accounting for costs 313

Ch. 10 Forecasting in the hospitality industry 353

Ch. 11 Budgeting and internal controls 380

Ch. 12 Capital investment, leasing, and taxation 428

Glossary 469

About the authors 489

Index 491