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business
introduction to management accounting

Questions and Answers of Introduction To Management Accounting

Apply the various cost concepts to hospitality operations.L01
Understand the importance of budgeting and how budgets can serve as a roadmap for managers.L01
Understand what is involved in budgeting for capital improvements.L01
What is more important: maximizing revenue or minimizing expenses?L1
What features are unique to hospitality accounting practices?L1
Describe why accounting is fundamental to managing a hospitality business.L1
How might a summary operating statement differ between a hotel and a restaurant?L1
Provide an example of an asset, a liability, and owners’ equity that you might find on a hotel’s balance sheet.L1
In last month’s variance report, you notice that operating revenue exceeds your budget by 10%.Would you expect departmental expenses to be greater than budget? If so, how much variance is
Is a high current ratio desirable? How about a high asset-turnover ratio?L1
Find a publicly traded hotel company’s annual report. Using the balance sheet, calculate three of the ratios discussed in the chapter.L1
Describe a situation where marketing could be a fixed expense and another where it would be considered semifixed.L1
Is overhead a controllable expense? Explain your answer fully.L1
Using the IRR sample in the chapter, assume that the hurdle rate of a potential capital improvement is 18%. Would you make the purchase?L1
In this chapter’s Case in Point, assuming you needed to create a new budget, would you use an incremental approach or a zero-based budgeting approach?L1
Understand how to complete a job analysis and translate it into a job description.L1
Name the major internal and external sources for identifying prospective employees, and list the advantages of each source.L1
Describe the selection and hiring/employment process and its major component activities of information gathering, induction, and orientation.L1
Appreciate the need for training and the costs associated with it(and the costs resulting from failure to provide training).L1
Depict the importance and financial implications of employee retention.L1
Outline the general procedure for staff planning and identify and describe the major tools used in that process.L1
Describe what is involved in balancing job and work needs and extend that understanding to scheduling.L1
Appreciate the applicable laws and processes involved in determining compensation.L1
How has a longstanding labor shortage affected the hospitality industry?LO1
What qualifications should be considered when recruiting an employee for the dish room? As a server? As a supervisor?LO1
Describe some internal and external sources that employers use to find employees.LO1
What does orientation to a job involve, and why is it important?LO1
Why do some companies prefer hiring individuals with no experience?LO1
Explain why management training is especially important before opening a new operation.LO1
What considerations must be addressed when completing a weekly staffing schedule?LO1
Discuss the advantages and disadvantages of hiring part-time employees.LO1
Define service in terms of both the guest experience and an operation’s performance, then describe the principal characteristics of service, and contrast service with the delivery of a physical
Describe what is necessary to successfully fulfill both the service task and the interpersonal requirements of service.LO1
Identify and describe the two most prominent, but contrasting, approaches to managing the service process.LO1
Explain how market segmentation forms the basis of a service strategy and identify the requirements for establishing a strong service culture.LO1
What does zero defect mean in service? Does it mean perfection?LO1
Discuss the three types of service transactions. What are the considerations managers need to take into account in planning for them?LO1
What are the two elements of service? Which in your opinion is more important?LO1
Identify the two most prominent views of managing service transactions. Can you think of examples from your own experience that illustrate key insights associated with each view?LO1
How is a service strategy designed? What is its essential determinant? What other considerations are important?LO1
What do companies need to do to develop a service culture?LO1
Describe how leadership and directing relate to the functional responsibilities of management.LO1
Explain how informal leaders and informal groups should be harnessed.LO1
Understand the difference between transformation and transactional leadership.LO1
List and describe seven incentives that motivate people to accept direction on the job.LO1
Understand the factors that inhibit and support communication in the workplace.LO1
Describe five key activities in which managers engage when directing.LO1
Identify factors to consider when developing a flexible leadership style designed to achieve desired results.LO1
Explain the importance of ethics in leadership.LO1
What is the difference between leadership and direction?LO1
Describe what might happen in a quick-service restaurant without leadership.LO1
List and briefly discuss the motivations for working.LO1
How do transformational and transactional leadership fit with your management style – or intended style?LO1
Using the three basic elements of leadership discussed in this chapter, analyze a critical situation you have encountered, either at work or as a student. How did the leaders involved respond? How
Describe the informal structure of a work group to which you have belonged.LO1
Describe a manager or boss you have admired, and explain why.LO1
Do you think you would be a good leader? Why or why not?LO1
Why are ethics important?LO1
Find the website of a professional association in hospitality that you would want to join. List the following: (a) membership eligibility/requirements, (b) membership benefits, (c) membership dues.
Visit the Facebook page of a popular hotel chain such as Marriott, Hilton, and Hyatt.Browse through their posts and media. What unique features of these social media pages draw your attention?
Select three green hotels from the list we provided in the Sustainability in Focus section. Search their names and visit their websites. List as many green practices they use as you can identify.
Site name: Résumés and Cover Letters URL: http://www.wku.edu/~hrtm/resumes.htm Background information: This site provides a listing of Internet resources for writing résumés and cover
Site name: Hospitality Job Search Websites URL: http://www.wku.edu/~hrtm/hrtmjobs.htm Background information: This site is a launch pad for hospitality management career websites. The site provides
Understand demographic changes of the United States.LO1
Differentiate the four main generations and their behaviors.LO1
Understand the historical, current, and expected future impact of the four generations on demand for hospitality services.LO1
Appreciate the importance of diversity in the hospitality industry.LO1
Identify and describe the key supply factors in hospitality organizations.LO1
Explain how changes in the female workforce and the evolution of family structure affect consumer behavior and markets for hospitality services.LO1
Identify emerging industry trends and practices.LO1
How would you define the term demand? What critical changes in demand do you foresee in the future? Why?LO1
Why are the Baby Boomers so important? What impact do you see them having on the hospitality industry in the next few years? In the longer-term future?LO1
In addition to the Baby Boomers, what other significant age groups were discussed in the chapter?LO1
How do Millennials differ from Baby Boomers and GenXers?LO1
Why are GenZers so important? What impact do you see them having on the hospitality industry over the next few years? In the longer-term future?LO1
What are the main elements of diversity discussed in this chapter?What are the major trends related to diversity? What are their likely effects?LO1
Discuss the growth in the proportion of women in the workforce.What changes have working women experienced as they relate to the hospitality industry? What does the future appear to hold for women in
What is the largest household type? What are some rapidly growing household types? How does household type affect the kinds of hospitality customers that come from each of these groups?LO1
Is the middle class shrinking? Which income groups are growing in absolute numbers? In proportionate share of the population?LO1
What categories of land as a factor of production are important to the hospitality industry? What is likely to affect the cost and availability of those factors?LO1
The foodservice workforce is expected to grow at about the same pace as the total workforce. In spite of this, what factors make the need for foodservice workers problematic? How does this issue
What major trends do you foresee in the foodservice industry?LO1
What major trends do you foresee in the lodging industry?LO1
Site name: Look Smart-Find Articles (American Demographics)URL: http://findarticles.com/p/articles/mi_m4021 Background information: FindArticles has articles from thousands of resources, with
Site name: U.S. Department of Labor, Bureau of Labor Statistics URL: www.bls.gov Background information: The Bureau of Labor Statistics(BLS) is the principal fact-finding agency for the federal
Site name: U.S. Census Bureau URL: www.census.gov Background information: The U.S. Census Bureau is the federal government’s leading source of data about the US population and its economy.Exercises
Identify key milestones and dates in the long history of the foodservice industry.LO1
Appreciate the effects of culture on the evolution of the foodservice industry.LO1
Better understand why the foodservice industry is more than just“restaurants.”LO1
Describe the seven segments of foodservice and know the factors that differentiate each one.LO1
Recognize the potential for enjoying a fruitful career in foodservice management.LO1
What aspect of the history of foodservice surprises you?LO1
Which of the seven foodservice segments do you find the most alluring?LO1
Which foodservice segment do you think will be the biggest growth vehicle in the next decade?LO1
Do you agree or disagree that quick service is part of the American lifestyle?LO1
What is the outlook for fast-casual restaurants?LO1
In your opinion, how do midscale restaurants differ from QSRs?How are they similar?LO1
What are the risks inherent in “eatertainment”?LO1
What are the prospects for fine dining for the next 50 years?LO1
Identify the three main divisions of activity found in restaurant operations, and summarize their respective roles.LO1

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