This textbook presents basic financial accounting concepts and shows readers how they apply to the hospitality industry. Readers will learn about: the responsibilities of a hospitality property's accounting department, advantages and drawbacks of various types of income statements, and the role of inventory in calculating profit.
The book has been revised throughout to reflect changes to accounting standards presented in the 11th revised edition of the Uniform System of Accounts for the Lodging Industry. Other new information includes discussion of the revenue recognition principle, explanation of the concept of the LIFO reserve as it pertains to inventory valuation, discussion of the growing popularity of the limited liability corporation (LLC), and revisions to reflect the most recent IRS guidelines.
- Includes scan sheet for AHLEI-graded final exam for academic certificate of completion for students enrolled in a school program.
- To be eligible to take the final exam and earn a certificate of completion for this course, you must either be enrolled at a school or enrolled as a Distance Learning student through AHLEI. Distance Learning students MUST order their textbooks through the online application; textbooks purchased through the online store will NOT include the necessary final exam.
Authors: Raymond S. Schmidgall Ph.D., CPA, and James W. Damitio, Ph.D., CMA
©2015, 18 Chapters, Softbound