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accounting essentials for hospitality managers

Questions and Answers of Accounting Essentials For Hospitality Managers

The following documentation for the aintCoage conference retreat that is located in the English Cotswolds has been made available to you:Draw on this documentation to:a) Prepare a bank
Why do so many different classifications of cost arise in accounting?
The conference department of the Merry Weather hotel in Inverness, Scotland has fixed costs of £360 per day. A local university is seeking a quote in connection with a conference it is planning to
Darwin’s HighFlyer Hotel has spare laundry capacity and is considering offering a laundry service to the Luigi Brothers, who own three Italian restaurants. To aid deliberations concerned with what
Using examples, explain the difference between fixed and variable costs.
Explain why it is important for a manager to appreciate the distinction between direct and indirect (overhead) costs.
Hawaii’s SurfingViews Hotel has three selling departments: rooms, restaurants and bars. Some of SurfingViews’ indirect operating expenses are allocated to the three departments in the following
The Santa Fe is a Californian hotel with three revenue-generating departments.One of these is a foyer shop that has recorded a loss in each of the last three years. In the most recent year, the
HoJo and EasyRest are two companies in the American hotel and catering industry. The following financial data for 20X0 relate to their food and beverage activities:Requireda) Use the Dupont formula
In the last financial year, London’s Enwad Hotel group aieved a revenue of £28.75 million and a gross profit margin of 40 per cent. Its end-of-quarter inventory balances were as
A friend who owns a Sydney restaurant has presented the following information to you and asked you to comment on the restaurant’s performance in 20X2.Required:a. For both years calculate the
The following financial information highlights the profitability and financial stability in the last three years of FlyingFood, one of Heathrow airport’s restaurants:Required:Using the above
Imagine you are head of the food and beverage department in a large Los Angeles hotel complex. One of the hotel’s restaurants is currently earning an annual ROI of 14 per cent on the $200,000 of
Imagine you are the rooms manager of Will’sWooms, an 80-room hotel located in Stratford upon Avon. Demand for hotel rooms is significantly affected by the tourist season and the popularity of plays
A manager of a 120-seat Singaporean restaurant is interested in comparing the sales performance of two recent years. In 20X1, the restaurant aieved an average lun spend per head of $15 and a
The following financial data relates to Tokyo’s EasternSunrise hotel.Required:a) Using EBIT data, calculate EasternSunrise hotel’s ROI for each year to determine whether the hotel’s
The following financial information has been taken from the year-end accounts of Wellington’s TulipTower hotel.Required:a) For 20X1 and 20X2 calculate TulipTower’s:i. Current asset ratio ii. Acid
The information that follows has been extracted from the year-end accounts of Jersey’s SmallIsle restaurant.Required:a) For 20X1 and 20X2 calculate SmallIsle’s:i. Average collection period for
The following financial and operating ratios are taken from Singapore’s International Airport Hotel for the years 20X1, 20X2 and 20X3.Required (three marks available for each part):a) Explain
Describe whether we can say that a debit to an account signifies that something beneficial has happened for the business concerned.
Are we able to say that in double entry accounting a debit represents a plus and a credit represents a minus?
Dublin’s BlarneyStone Pub opened on 1st April and the following six transactions occurred in its first week of business. Record the transactions in appropriately headed T-accounts for the
What is the difference between fixed assets and current assets?
In terms of debit and credit record keeping, explain why a manager may think there is an error when he notes the direction of the current bank balance in the accounts of their business and compares
Business transactions are recorded in a general ledger. A general journal is also used to record business transactions. So doesn’t maintenance of a general journal therefore signify significant
Develop your own balance sheet by listing your assets and liabilities. From this listing determine your “net worth” which corresponds to “owners’equity” in a business reporting context.
Fill in each of the blank boxes in the matrix appearing below with either the word “debit” or“ credit Type of account Usual To increase the To decrease the balance account .... account ....
From the following listing of Jackie Cridland’s Creature Comforts hotel accounts, distinguish between the debit and credit balances. $ Buildings 120,000 Wages payable 1,300 Bank overdraft 2,240
Record a hotel’s following five transactions in appropriately headed Taccounts.a) Hotel receives $500 for room sales.b) Hotel pays staff $400 in wages.c) Hotel makes $600 of restaurant sales all on
(a) Using “T-accounts”, record debit and credit entries for each of the following transactions that all occurred in January 20X1 for a San Francisco restaurant. The T-accounts you will need are:
Describe the difference between adjusting entries and closing entries.
Given the following information for Dunedin’s CityCentre Hotel, post relevant adjusting entries to CityCentre’s general ledger. Assume 30th June is the year-end. a) The telephone account of $500
On 30th November, account balances relating to the accounts receivable management function of Minnesota’s CitySliers Hotel were as follows:The following transactions occurred in December:1. Cash
Classify each of the following accounts as either an asset, liability, revenue, expense or owners’ equity item (you can also use the term“negative asset”, if you feel it is more appropriate for
The general ledger of the Cardigan Arms Pub includes the following accounts:Sales revenue Inventory Interest revenue Wages accrued Prepaid insurance Insurance expense Accumulated depreciation
Marlow’s WatersEdge Hotel operates a periodic inventory system with respect to its cleaning supplies. A year-end stock-take has identified a balance of £4,200 cleaning supplies held on 31st
The accounting manager at Antwerp’s TranquilStay Hotel has prepared the following income statement that pertains to the most recent accounting year.The accounting manager is uncertain how to handle
Given the following information for Oawa’s Capital Hotel, prepare relevant adjusting entries. Assume that 30th June is the year-end.a) On 1st June the hotel received $4,000 in advance for
Given the following year-end account balances for Boston’s Johnson Hotel, prepare:a) an income statement for the period ended 30/6/20X1,b) a balance sheet as at 30/6/20X1. Cash at bank Dividends
Match each of the following eight year-end adjustments with the appropriate year-end adjusting journal entry.Year end adjustments 1. An expense has been incurred but not yet paid.2. A $5,000 deposit
a) Describe what is meant by functional interdependency.b) Describe why functional interdependency is an issue that needs to be considered when designing a hotel’s system of accountability.
a) What are the four main dimensions of sales volatility in the hotel industry?b) What are the accounting implications arising from these four dimensions of sales volatility?
Identify six examples of business decisions requiring the use of accounting information.
a) Describe what is meant by high perishability of the hotel product.b) Describe the accounting implications arising from high product perishability.
Describe the factors causing hotels to have a high proportion of fixed costs.
a) Describe the manner in whi hotel activities tend to be labour intensive.b) Describe the accounting implications arising from the high labour intensity of hotel activities.
Who are the main users of accounting information?
Why is it important that financial accounting systems are seen to be reliable?
Give one example of how a particular accounting tool or tenique might be drawn upon in the context of a particular hospitality management function.
Identify three advantages that derive from using the “Uniform System of Accounts for the Lodging Industry” (USALI).
List the three main forms of commercial organisation and identify the main differences between the forms.
In the context of a new business starting up, what is meant by the term“capital raised”.
Describe what is meant by:a) an assetb) a liabilityc) owners’ equity.
Describe what is meant by the term "balance sheet equation”.
Identified below are a set of transactions for the Serenity Sleep Hotel which commenced business in Wellington, New Zealand on 1st June.RequiredUsing a format similar to that appearing in Exhibit
Describe the difference between an income statement and a balance sheet.
“Both owners’ drawings and expenses reduce equity. So owners’ drawings are really the same as expenses”. Explain whether you agree with this statement.
The heading of a balance sheet and the heading of an income statement usually provide a reference to a date. Describe how the balance sheet differs to the income statement with respect to the time
Classify each of the following accounts as either an asset, liability, revenue, expense or owners’ equity item:Buildings Wages Drawings Sales Loan owed Cash Accounts payable Loan interest paid
The Johnson Hotel is located in Perth, Western Australia. Identified below are the account balances for the Johnson Hotel following its commercial activities through the month of December
In April 20X1, Jo MacNoodle opened the MacNoodle Italian Restaurant in Glasgow. Identified below are the restaurant’s financial transactions in its first month of business.Required:Using a

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