Accounting for Hospitality, Tourism and Leisure,9780582312951

Accounting for Hospitality, Tourism and Leisure

by
Edition: 2nd
ISBN13: 9780582312951
ISBN10: 0582312957
Format: Paperback
Pub. Date: 1998-09-01
Publisher(s): Ft Pr
List Price: $92.50

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Summary

Covers all aspects of financial and management accounting found on degree, HND(C) and HCIMA courses. It assumes no prior knowledge of accountancy and builds up ideas and principles accordingly. The emphasis throughout is on the service sector and the accountancy function is considered as part of a much wider business context in order that students may relate accounting practice to a range of different business areas. Specific techniques and real life examples and case studies relating to hospitality, tourism and leisure are included throughout. The second edition has been updated to include a new chapter on spreadsheet modelling and expanded coverage of VAT, PAYE and National Insurance. The structure has been adapted so financial accounting can be covered in one module and the management and financial section in a second module or semester.

Table of Contents

Preface vii
Acknowledgements xii
Introduction 1(4)
PART 1 FINANCIAL ACCOUNTING AND EXTERNAL REPORTS 5(214)
Financial position
7(10)
Objectives
Exchange and value
Capital
Financial position
Separate entity
Assets and liabilities
The balance sheet
Types of assets and liabilities
Summary
Assessment
Types of financial transaction
17(11)
Objectives
Transactions and the balance sheet
The duality of transactions and the money measurement concept
Profit defined
Types of expenditure: the capital/revenue distinction
Generic types of transaction
Summary
Assessment
Recording, processing and correcting financial transactions
28(17)
Objectives
Introduction
The double-entry system
Periodic balancing of the books
The trial balance
Types of error
The correction of errors
Summary
Assessment
Preparing the final accounts
45(15)
Objectives
Introduction
Calculating profitability
The trading and profit and loss account
The accruals concept
The balance sheet
Summary
Assessment
Accounting for fixed assets
60(17)
Objectives
Definition of fixed assets
Depreciation of fixed assets
Depreciation and the accruals concept
Methods of depreciation
Recording, processing and reporting depreciation in the accounts
Accounting for the acquisition and disposal of fixed assets
The consistency concept
Intangible fixed assets
Summary
Assessment
Accounting for stocks
77(15)
Objectives
Types of stock
Stock valuation and profitability
Control and verification of purchasing and receiving
Stock control systems
Stock valuation when input prices are changing
Summary
Assessment
Accounting for credit transactions
92(17)
Objectives
Cash and credit transactions
Debtors and creditors
Reconciliation of statements and ledger accounts
Credit control
Provision for bad debts
Summary
Assessment
Accounting for cash
109(23)
Objectives
The importance of cash management
The cash book
Bank reconciliations
Till and takings management
Credit Cards
The petty cash system
Foreign currency exchange
Ticket systems for cash sales
Introduction to cash flow statement
Cash and the accruals concept
Summary
Assessment
Accounting for employees
132(11)
Objectives
The significance of employee costs in HTL business
Remuneration methods
The payroll system
Accounting for employment costs
Reporting employee costs
Summary
Assessment
Accounting for VAT
143(17)
Objectives
Introduction
The principles of VAT
Rates and scope of VAT
Calculating VAT liability
Completing a VAT return and paying VAT
Accounting for VAT
The mechanics of VAT for tour operators and travel agents
Summary
Assessment
Accounting for recreation and leisure clubs
160(15)
Objectives
Types of recreation and leisure clubs
The distinction between clubs and commercial organizations
Sources of income for recreation and leisure clubs
Measuring and reporting income and expenditure
Preparation of final accounts and notes
Summary
Assessment
Accounting for multiple ownership
175(44)
Objectives
The partnership agreement
The appropriation of profit
Changes to the partnership
Partnership dissolution and conversion
Distinctive features of limited companies
The final account of limited companies
Corporate capital structure
Summary
Assessment
Case study 1: ABC Leisure Drome
204(15)
PART 2 MANAGEMENT ACCOUNTING AND INTERNAL REPORTS 219(158)
Costing a product or service
221(18)
Objectives
Expenses and costs
Cost control and organizational structure
The three main components of cost
Calculating the direct material cost
Calculating the direct labour cost
Allocation and apportionment of overhead costs
Calculating the total cost of a product in a multiproduct, multidepartmental business
Summary
Assessment
Pricing a product or service
239(25)
Objectives
Introduction
Pricing based on cost data
Pricing decisions based on market conditions
Pricing to optimize profit using cost and market information
Pricing strategies in special situations
Summary
Assessment
Accounting for contribution
264(32)
Objectives
The behaviour of cost and revenue against output
Break-even analysis
Contribution theory
The contribution/sales ratio
Evaluating business alternatives
Contribution theory and product-mix decisions
Profit maximization where resources are limited
Make-or-buy decisions
Summary
Assessment
Planning and budgeting
296(21)
Objectives
Introduction
Strategic planning
The annual planning cycle
Preparing individual budgets
Cash budgets
Master budgets
Bahavioural aspects of planning and budgeting
Summary
Assessment
Standard costing and flexible budgeting
317(28)
Objectives
Monitoring performance against plans and budgets
Responsibility for variances
Flexible budgets
A standard costing system
Calculation of individual variances
The profit reconciliation statement
The variance analysis report
Summary
Assessment
Accounting for capital investment decisions
345(32)
Objectives
The long-term objectives of a business
Capital investment
Collecting data for project evaluation
Evaluating capital investment projects
Pros and cons of the four methods
Qualitative factors in capital investment decisions
Summary
Assessment
Appendix
Case study 2: The Riverslade Villas development
364(13)
PART 3 FINANCIAL ASSESSMENT AND ANALYSIS 377(53)
Interpretation and assessment of financial information
379(36)
Objectives
Introduction
Ratios and comparative analysis
Gross and net profit margins
Primary performance ratios
Return on capital employed (ROCE)
Liquidity ratios
Working capital efficiency ratios
Efficiency ratios for the hotel industry
Capital structure and the risk-return relationship
Cost-volume-profit ratios
Value-added ratios
Other value-added ratios
Weaknesses of ratio analysis
Summary
Assessment
Spreadsheet applications in accounting
415(15)
Objectives
The value of spreadsheets
Common commands and functions
Preparing the final accounts of a theatre
Preparing a product cost structure
Pricing rooms using the Hubbart formula
Graphing the revenue and cost functions of a travel agency
Graphing a break-even chart
Preparing a cash budget
Examining alternative purchase options
Comparing two hotels in two different market sectors
Answers to multiple-choice questions 430(18)
Glossary 448(8)
Index 456

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