Hospitality Financial Accounting [Hardcover]

Updated with the latest developments in the accounting and hospitality fields, Hospitality Financial Accounting, Second Edition covers the basics of financial accounting and then walks you through analyzing financial statements and dealing with the daily issues you’ll face on the job. In this Second Edition, the authors have provided engaging new coverage and features that includes new case studies, an expanded section on ethics, new “Accounting in Action” vignettes, applied exercises, and new coverage of casinos, spas, and purveyors.

CHAPTER 1 HOSPITALITY ACCOUNTING IN ACTION 1

FEATURE STORY: Financial Reporting: A Matter of Trust 1

What Is Accounting? 2

Who Uses Accounting Data? 4

Brief History of Accounting 5

Distinguishing between Bookkeeping and Accounting 6

Accounting and You 6

The Building Blocks of Accounting 7

Ethics—A Fundamental Business Concept 8

Generally Accepted Accounting Principles 8

Assumptions 9

Basic Accounting Equation 11

The Accounting Cycle and the Flow of Information 14

The Uniform System of Accounts and Financial Reporting 15

Lodging Industry 16

Foodservice Industry 16

Club Industry 16

Spa Industry 16

Gaming Industry 17

Accounting and Financial Management in Hospitality 17

Hotel Operations 17

Hotel Accounting Department Organization 20

Foodservice Operations 22

Club Operations 23

Appendix The Accounting Profession 25

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