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Textbook
Managerial Accounting for the Hospitality IndustryOctober 2008, ©2009
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PART I: ACCOUNTING FUNDAMENTALS.
Chapter 1: Hospitality Industry Accounting.
Unique Aspects of the Hospitality Industry.
The Purpose of Accounting in the Hospitality Industry.
Branches of Accounting.
Why Hospitality Managers Use Managerial Accounting.
The Uniform System of Accounts.
Ethics and Hospitality Accounting.
The Blue Lagoon Waterpark Resort: A Case Study.
Can You Do the Math?
Review of Learning Outcomes.
Apply What You Have Learned.
Key Terms and Concepts.
Test Your Skills.
Chapter 2: Accounting Fundamentals Review.
Bookkeeping and Accounting.
The Accounting Formula.
Recording Changes to The Accounting Formula.
Generally Accepted Accounting Principles.
The Hospitality Business Cycle.
Review of Learning Outcomes.
Apply What You Have Learned.
Key Terms and Concepts.
Test Your Skills.
PART II: FINANCIAL STATEMENTS.
Chapter 3: The Income Statement.
The Purpose of the Income Statement.
Income Statement Preparation.
Income Statement Analysis.
Review of Learning Outcomes.
Apply What You Have Learned.
Key Terms and Concepts.
Test Your Skills.
Chapter 4: The Balance Sheet.
The Purpose of the Balance Sheet.
Balance Sheet Formats.
Balance Sheet Content.
Components of the Balance Sheet.
Balance Sheet Analysis.
Review of Learning Outcomes.
Apply What You Have Learned.
Key Terms and Concepts.
Test Your Skills.
Chapter 5: The Statement of Cash Flows.
Understanding Cash Flows.
The Purpose of the Statement of Cash Flows (SCF).
Sources and Uses of Funds.
Creating the Statement of Cash Flows.
Statement of Cash Flows Analysis.
Review of Learning Outcomes.
Apply What You Have Learned.
Key Terms and Concepts.
Test Your Skills.
Chapter 6: Ratio Analysis.
Purpose and Value of Ratios.
Types of Ratios.
Comparative Analysis of Ratios.
Ratio Analysis Limitations.
Review of Learning Outcomes.
Apply What You Have Learned.
Key Terms and Concepts.
Test Your Skills.
PART III: MANAGEMENT OF REVENUE AND EXPENSE.
Chapter 7: Food and Beverage Pricing.
Factors Affecting Menu Pricing.
Assigning Menu Prices.
Menu Price Analysis.
Review of Learning Outcomes.
Apply What You Have Learned.
Key Terms and Concepts.
Test Your Skills.
Chapter 8: Revenue Management for Hotels.
Overview.
Establishing Room Rates.
Revenue Management.
Non-Room Revenue.
Apply What You Have Learned.
Key Terms and Concepts.
Test Your Skills.
Chapter 9: Managerial Accounting for Costs.
The Concept of Cost.
Types of Costs.
Cost/Volume/Profit Analysis.
Review of Learning Outcomes.
Apply What You Have Learned.
Key Terms and Concepts.
Test Your Skills.
PART IV: ACCOUNTING INFORMATION FOR PLANNING.
Chapter 10: Forecasting In the Hospitality Industry.
Overview.
The Importance of Accurate Forecasts.
Forecast Methodology.
Utilizing Trend Lines in Forecasting.
Review of Learning Outcomes.
Apply What You Have Learned.
Key Terms and Concepts.
Test Your Skills.
Chapter 11. Budgeting and Internal Controls.
The Importance of Budgets.
Types of Budgets.
Operations Budget Essentials.
Developing an Operations Budget.
Monitoring an Operations Budget.
Cash Budgeting.
Managing Budgets through Internal Controls.
Apply What You have Learned.
Key terms and Concepts.
Test Your Skills.
Chapter 12. Capital Investment, Leasing, and Taxation.
Capital Budgeting.
Capital Investment.
Financing Alternatives.
Taxation.
Apply What you have Learned.
Key Terms and Concepts
Test Your Skills.
Glossary.
About the Authors.
Index.
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.
• Dozens of practical examples scattered throughout each chapter clearly illustrate accounting concepts and theories
• Contains a back-of-the book CD-ROM with Excel spreadsheets (both 2003 & 2007 versions) for all of the practice problems, a guide to using the spreadsheets, frequently used formulas, and Fun on the Web website links
• Focuses on how accounting principles apply directly to hospitality management
• Readers don’t need a strong accounting background to understand the content
• Employs a reader-friendly style that makes learning accounting fun
• Same winning formula that the authors used in the best-selling Food & Beverage Cost Control: Fun on the Web, Test Your Skills, Chapter Outline, Learning Outcomes, Go Figure (stepped-out problems), Apply What You Have Learned, Key Terms and Concepts, and a running case study
"The organization of the book is perfect! This is exactly how I teach my course. I have to jump from one chapter to another when I use other books."-- Ben Goh, Texas Tech University, Department of Nutrition, Hospitality & Retailing
"I can honestly say that Managerial Accounting the most well-written accounting book that I have read to date. Perfect for the non-math major student! It is very easy to read, and I love how the authors keep repeating and building the confidence of students, saying 'You can do this,' and 'It's easy Math,' and then showing examples. The table of contents is excellent. Every aspect that I can think of is covered in the text."--James Mawhinney, Campus Dean, Strayer University, PA
-- Greg Charles, Western Culinary Institute
"The organization of the book is perfect! This is exactly how I teach my course. I have to jump from one chapter to another when I use other books."
-- Ben Goh, Texas Tech University, Department of Nutrition, Hospitality & Retailing
"I can honestly say that Managerial Accounting the most well-written accounting book that I have read to date. Perfect for the non-math major student! It is very easy to read, and I love how the authors keep repeating and building the confidence of students, saying 'You can do this,' and 'It's easy Math,' and then showing examples. The table of contents is excellent. Every aspect that I can think of is covered in the text."
--James Mawhinney, Campus Dean, Strayer University, PA
