Topic 2: Hospitality Accounting & Finance

HA100 : The Class : Operations : Accounting : Accounting & Finance

Hospitality Accounting & Finance

In the hospitality industry there are two terms used - Finance and Accounting. They are not the same. Finance is the management of a company's monetary resources and income. The financial manager is concerned with finding the way to manage the company's monetary resources and income so that the company stays in business and prospers. Accounting is a tool used in financial management. It examines what happened to the company's financial resources and income up to the present time.

Accounting reports and systems provide information to managers and investors so that they can manage and evaluate the financial condition of the business.

Accounting is a process that reports on the resources (assets) controlled by the organization and the claims(liabilities) against those resources.

Objectives:

1. To define the accounting system and the accounting model.

2. To provide introduction to accounting transactions and the accounting process.

3. To provide an overview of the type of accounting information gathered in a hospitality operation.

4. To include an overview of financial management activities such as budgeting and forecasting, cash management, capital funds, tax compliance and internal audit.

To complete this Topic successfully, please complete the following activities in the order shown below:

icon TEXTBOOK READING: Read pp.374 - 400

ON-LINE LESSON 1: Lesson

ASSIGNMENT 1: Assignment

GROUP ASSIGNMENT 1: Group Assignment

WEB ACTIVITY 1: Web Assignment

Once you have completed these activities you should:

Go on to Hospitality Law
or
Go back to Introduction to Hospitality Operations

E-mail Lenka Hospodka
or call (928) 523-2845 (Lenka Hospodka)