Questions and Answers of Accounting Essentials For Hospitality Managers

How is a typical housekeeping department organized?
Why do some food and beverage divisions lose money?
How do the new human resources divisions differ from the old personnel divisions?
What are the elements of a good hotel security program?
What are two of the most important types of controls for hotel managers and how are they used?
What are the marketing division’s challenges and responsibilities? the engineering division’s? the accounting division’s?
What is a basic difference between clubs and hotels?
What are the similarities and differences among the various types of city clubs?
What are the similarities and differences between city clubs and country clubs?
What are some criteria an equity club must meet to maintain its nonprofit status?
How is an equity club organized? How is a corporate or developer club organized?
What are some opportunities and problems associated with a career in club manage- ment?
What are typical sources of club revenue?
What are some common types of club memberships?
What are typical sources of club expenses?
How is “good service” defined? What constitutes superior service?
What are some challenges service businesses face when managing and marketing their products and services?
What are some of the intangible products that hotels and restaurants provide?
How does strategic planning help hospitality businesses provide good service?What is the strategic planning process?
How do capacity-constrained businesses such as hotels and restaurants manage supply and demand?
What are the components of a strategic service vision, and how do they help businesses deliver good service?
What are five things organizations can do that will help them deliver good service?
What are Disney’s four basic service priorities?
How has technology transformed the way we live? What are some other economic and social trends that are affecting travel and tourism?
What are the components of the travel and tourism industry? How can the size of the travel and tourism industry be defined?
How are the components of the travel and tourism industry interrelated?
Why do people travel?
What is psychographic research and how does it help the travel and tourism industry?
What are some of the ways that the travel and tourism industry can affect local communities?
What is the hospitality industry?
What are some of the advantages and disadvantages of a career in hospitality? »
How can a skills inventory help you decide on a career path?
What are some career options in the hotel industry?
What are the advantages of working for a large hotel chain? for an independent hotel?
What are some career options in the food service industry?
Should a hospitality student bypass quick-service management opportunities? Why or why not?
What are some of the questions you should ask yourself before you decide that a job is right for you?
What should appear on a résumé? What should not appear?
How should you prepare for, and conduct yourself during, a job interview?
What segments constitute the restaurant industry?
What characterizes a full-service restaurant? a quick-service restaurant?
What are some characteristics of the transportation, recreational, business and industry, educational, health care, and retail food service markets?
What are some of the challenges that are unique to corrections food service?
What are three common reasons for restaurant failure?
What are some strategies for building a successful restaurant?
What four general urban areas make good sites for restaurants?
What are some desirable characteristics any restaurant site should have?
What are some components of a feasibility study for a new restaurant?
For a substance, what is the difference between mass and molar mass? How are these two related?
How does the kinematic viscosity of (a) liquids and(b) gases vary with temperature?
Explain why cash flow for a particular period of time can be different to profit for the same period of time.
Identify five factors that should be appraised when considering whether to extend trade credit to a new customer.
The marketing department of Singapore’s CrownJewel Hotel has projected the following sales in the last half of the current financial year.Most of CrownJewel’s room sales are made to corporate
In connection with the CrownJewel sales estimates provided in the previous Problem, past experience has shown that room variable costs are 20 per cent of room revenue. 60 per cent of these variable
Draw on your solutions provided to the previous two Problems to prepare CrownJewel’s cash budget for October, November and December. It has been estimated that the hotel will have a positive cash
The ShireLodge provides a residential convention service in England’s Yorkshire Dales. The lodge’s general manager is concerned about cash flow in the next few months particularly as insurance
A review of the accounts receivable records of Auckland’s Creature Comforts Hotel reveals the following year-end information.The credit manager believes that the report accurately shows the
The laundry department of the Edinburgh hotel, TartanDays, orders concentrated laundry detergent in 10 kilogram boxes. Each box costs £32. It costs £20 to place, process and receive a laundry
Toronto’s Roma Pizzeria sells a variety of pizzas. e largest inventory item held by Roma is cheese. e owner has approaed you for advice in connection with the size of orders that should be
Johannesburg’s “MouthWatering” Restaurant has approached you for assistance in determining whether it should take the 1/10 net 30 trade discount terms offered by its main food supplier. the
Provide three reasons why pursuit of shareholder wealth maximization is preferable to pursuing EPS maximization.
a. With respect to seing dividend payment policy, explain the difference between the residual dividend and information effect theories.b. In practice, do companies tend to adhere to the residual
What three dimensions of reporting are captured in triple bottom line reporting?
For each of the following agency relationships, identify which party is the principal and which party is the agent.1. Board of directors’ relationship with a company’s shareholders.2. Food &
New York’s Reliable Hotel Management Company has been consistently paying an annual dividend of $6.00 for many years and all indications suggest that this behaviour will continue for many years to
Imagine a hotel operator is considering which out of two potential investment opportunities, Project A or Project B, it will promote to the owner of a hotel it manages. Project A will require an
Your cousin purased shares in the French Utopia hotel group two years ago. He tells you that the earnings per share are currently €2 and that the share price has performed strongly over the
Hotel A’s degree of operating leverage index is 2 and Hotel B’s degree of operating leverage is 4.Required:a. If Hotel A’s room nights sold were to double, by what percentage would you expect
Describe the benefits that derive from preparing an income statement using the contribution margin format.
In what ways might a manager use cost-volume-profit analysis?
Paul Hulse, the owner of the Hulsey Restaurant in West Auland recently aended a management training seminar in which he was shown the benefits of using the contribution format to prepare income
Determine the missing values in the following table. Each row represents a separate scenario. Room rate Variable cleaning costs per room night Rooms nights sold Contribution Fixed costs Profit (loss)
A 60-room hotel near Land’s End in Cornwall incurs annual fixed costs of£360,000. The hotel is open for 365 nights in the year and charges an average room rate of £68. e variable costs
Tim Stokes recently invested $325,000 to acquire the RoOyster, a restaurant on Vancouver Island. RoOyster meals sell for an average of $30 and the average variable cost per meal is $8. Tim
Vermont’s PineCrest hotel has a restaurant and 90 double rooms and 60 single rooms. e average room rate for double rooms is $88 and the variable cost per double room night sold is $8. Single
Mercury Hotel, a large hotel complex that operates a divisionalised management structure, is located in South East Queensland, Australia. the director of accommodation has been called into the
Explain the difference between static and flexible budgets and describe the benefits associated with using a flexible budget system, as opposed to a static budget system.
Karen Brady, the general manager of the Curbside Motor Lodge in Central England, has approaed you for advice in connection with her most recent quarterly performance report. the summarised version
With respect to the previous problem concerned with the Curbside Motor Lodge, imagine you have conducted a detailed review of accounting records and found the following.• the budgeted wage rate was
Tiff’s Bordeaux restaurant serves breakfast, lunch and dinner. In June it was budgeted that 500 covers would be served. the budgeted revenue and variable cost per cover is presented in Schedule 1
In the face of increasing local competition, the financial director of a large Canadian hotel complex convened a task force with the express purpose of identifying potential cost saving initiatives.
The kiten of the Ambience Hotel in Australia’s Gold Coast has developed a strong local reputation for its pastries. It sells the pastries to carefully chosen bakeries and also through one of
How can an organisation justify spending considerable time and resources developing a performance measurement system?
Identify two distinctive challenges that arise when designing a hotel performance management system.
Identify four shortcomings of conventional financial performance measurement systems.
Although conventional financial performance measurement systems have shortcomings, identify three factors that highlight the importance of monitoring financial performance measures.
Describe six key issues that should be borne in mind when developing a performance measurement system.
Identify four key balance dimensions that need to be considered when designing a performance measurement system.
Briefly outline the key features of a balanced scorecard performance measurement system.
Identify four major steps to be taken in developing a balanced scorecard.
Describe the four key performance dimensions that form the basis of the balanced scorecard’s structure.
For a hotel management seing, identify five possible performance measures under each of the balanced scorecard’s four key performance dimensions (20 performance measures in total).
Describe three Characteristics of hotels that signify hotel managers should have a well-developed appreciation of internal control system design.
Hong Kong’s Harbour View hotel prepares monthly bank reconciliation statements. You have collected the following information in connection with preparing Harbour View’s 31st December 20X1 bank
Describe three ways that bank accounts greatly facilitate internal control over cash.
Following your recent appointment to the CrownTowers hotel group internal audit department, you have been assigned to conduct an internal control analysis of the Kuala Lumpur CrownTowers hotel. A
Steve Fitchett has been managing the Kenyan SafariCamp hotel’s souvenir and camera supplies shop for 11 years. Sue Rodwell, who acts as shop assistant, operates the cash register and records the
There is one or more internal control weakness in each of the following situations. Identify and describe the weaknesses.a) The multinational Extravagant hotel group has maintained a four-person
A single office supplies cupboard serves the 22 administrative staff at the RegalRegis hotel in Bombay. All office staff members have access to the cupboard. e hotel General Manager has become
Nick Sakich has been appointed pey cash officer for Vancouver’s ShaugnessySli hotel. A petty cash fund of $300 operating under the imprest system has been authorised by the hotel’s chief

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