By Martin G. Jagels
Because the hospitality keeps to develop and the company surroundings turn into ever extra aggressive, it needs to turn into more and more revenue and cost-conscious so one can maximize profit and reduce bills, all whereas preserving the extent of provider beneficial for a winning operation. there isn't any different hospitality administration accounting ebook out there that mixes crucial details, illustrative examples, and precious difficulties and workouts.
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Additional info for Hospitality management accounting
Sample text
This section discusses four methods of depreciation: straight line, units of production, sum-of-the-years’ digits, and double declining balance. Monthly and yearly depreciation will be used for straight-line depreciation to confirm the amount of monthly depreciation expense used in the continuing development of Texana Restaurant. Units of production, sum-of-the-years’ digits, and doubledeclining balance will be discussed based on specific assets named to find depreciation-expense-based units used or on a yearly basis.
Debit–credit column set 4: The income statement column shows a subtotal for total operating expense outflows and total sales revenue inflows. Unless total expenses are equal to total sales revenue (breakeven), the debit–credit subtotals will not be equal. If sales revenue is greater than expenses, the amount of the difference represents operating income. If total expenses exceed total sales revenue, the amount of the difference represents operating loss. The amount-of-the-difference debit or credit is used to bring the balance of the total debit–credit columns into equality.
The cost of sales method will be used in this discussion. Normally, the first of two adjustments requires that cost of sales be debited in the amount equal to the balance of the inventory account, followed by credit to the inventory account equal to its balance. 5 Cost of Sales and Food Inventory Adjustment the inventory to a zero balance, and in effect transfers the inventory account balance to the cost of sales account. The next adjustment requires the value of ending inventory to be debited to the inventory account and credited to the cost of sales account, and the second entry restores the inventory account to the value of the end of the period closing inventory.