ACCOUNTING FOR HOSPITALITY MANAGERS, 5th Edition

A hospitality managerial accounting and hospitality financial management text. 

Managerial accounting for hospitality business and financial management topics are the scope of this revised text: Accounting for Hospitality Managers, fifth edition.

• The Uniform System of Accounts for the Lodging Industry, tenth edition is integrated throughout the text.
• The Sarbanes-Oxley Act gets comprehensive coverage including the role of the SEC.
• Casino Accounting gets special coverage because of its popular growth in the hospitality industry; especially with more cooperating state approval that now welcomes casino operations as a source of highly needed revenue.
• How to prepare a Feasibility Study is considered vital for every hospitality manager and is given comprehensive coverage.
• Present and Compound Values are fully presented because of their importance in making financial decisions.
• And no managerial text would be complete without coverage of Fair Value Accounting required in 2007 for all publicly held corporations.

Integral new chapters and topics, strategic upgrades of previous chapters, and innovative features make Accounting for Hospitality Managers a comprehensive educational product for teachers and students.

The new chapters in this revised edition are:

Cash Management and Planning, Chapter 17: This comprehensive chapter covers more than just cash management procedures; topics such as cash float, lockbox systems, zero balance accounts, and sweep accounts are discussed. Unlike the usual cash management chapter, two topics that every executive should be familiar with are presented; namely EBITDA and Free Cash Flow.

Casino Accounting, Chapter 18: Today’s hospitality student should have a knowledge of casinos; a rapidly growing industry with numerous professional job opportunities. This is a comprehensive chapter to provide the student with extensive knowledge of critical topics for success. Topics include a brief history of gaming, industry demographics, descriptions of several casino games, the role of accounting in casinos, and these important financial topics:

• principles of casino accounting and internal control
• principles of casino financial accounting

Inventory Accounting, Chapter 19: The Inventory Accounting chapter that was previously in the appendix is now Chapter 19.

Assorted Topics, Chapter 20: Many topics that could be included in a textbook to meet the requirements of its many diverse readers however some topics are not sufficient to warrant their individual chapter and others have limited scope. This chapter is a modest attempt to present unrelated topics that may benefit the many USA and international customers of this text. These topics are as follows:

• Feasibility Study
• Allocating service departments and fixed charges to revenue centers
• Fair Value Accounting
• Compound Value
• Present Value
• Compound Value of an Ordinary Annuity
• Compound Value of an Annuity Due
• Present Value of an Ordinary Annuity

The text also includes new features, such as:

• Each chapter contains challenging and meaningful hospitality business case studies relevant to the chapter topical material.

• Each chapter provides Internet Sites serving as reference sources for students to research and further study the topics. These sites also offer the instructor an opportunity to assign research projects from these sites.

• The text incorporates the recently revised Uniform System of Accounts for the Lodging Industry, tenth edition as a separate topic at the end of each applicable chapter and in the appendix. This approach facilitates the student’s learning of fundamentals and principles before exploring into more complex issues.

• The Hospitality Payroll Accounting chapter continues with its unprecedented comprehensive coverage; it has been updated for 2007 and now includes an appendix containing viable research reports prepared by the author for specialized topics such as;

• Labor Laws for Employers
• Teen Labor Laws for Employers
• Overtime Rules
• Tip Reporting

• The revisions are a result of suggestions and comments from my valued customers and hospitality executives.

Other revisions and updates to the text include:

• RevPar is given substantial presentation in Chapter 8.

• The Sarbanes-Oxley Act, the SEC, and the 10-K Report are given extensive coverage in Chapter 12 Interim and Annual Reports.

• Numerous exhibits have been updated to reflect today’s technology.

• The basic front office accounting procedures have been revised to relate to computerization processing.

Premier hospitality companies want hospitality candidates that know the uniform system of accounts and the application of financial management principles in addition to the usual specialty courses in purchasing, menu planning, et al. A hospitality manager or executive is expected to be profit results oriented with exceptional financial decision making skills. Accounting for Hospitality Managers provides the knowledge and tools for an aspiring student or professional to become a successful executive in the Hospitality industry.

Teachers require an up-to-date, authoritative text with relevant supplementary materials. Students deserve a text that is easy to read, meaningful, and useful in the real world of hospitality. As an author of hospitality accounting and managerial texts, my customer market is more than teachers and students; it includes the hospitality employer who is an integral part of the professional cycle. My obligation as an author is to provide a product to academia that will develop a job candidate satisfactory to the hospitality employment market. Accounting for Hospitality Managers is a pragmatic hospitality managerial accounting text based on industry prerequisites.

Accounting for Hospitality Managers continues to address the needs of the hospitality industry and academia by using an organized writing style that is easily understandable by students, yet sufficiently comprehensive to provide the vocabulary and financial skills required achieving success.

Author’s Website Information:

The author owns and maintains a website at www.raymondcote.com

This Internet site includes up-to-date hospitality news and special hospitality research reports prepared by the author. The site is updated frequently during the school term. The author also owns the domain www.raymondcote.us

A SPECIAL THANK YOU FROM THE AUTHOR:

Accounting for Hospitality Managers owes its existence to the greatest customers in the world. Thank you.

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