About This Chapter
Hotel Finance & Accounting - Chapter Summary
Gain greater insight into the basics of hotel finance and accounting using the bite-sized lessons in this short chapter. Study typical financial documents and accounting methods used in hotel accounting departments. Our multiple-choice quizzes and practice exam can help you find out how well you understand these concepts. If you develop questions while studying the lessons, feel free to submit them to our experts using the Dashboard. These resources are available around-the-clock and can be viewed using any computer or mobile device. Once you've completed this chapter, you will be able to:
- Define managerial and financial accounting for the hospitality industry
- Discuss the process of capital budgeting
- Share models of business forecasts
- Explain the purpose and importance of financial statements
- Describe the impact of e-commerce in the hospitality industry
1. Managerial Accounting for the Hospitality Industry
This lesson examines managerial accounting in the hospitality industry. Managerial accounting is a critical activity as it encourages measurement and analysis of information with the aim of meeting organizational goals.
2. Financial Accounting for the Hospitality Industry
In this lesson, we'll review the basic financial statements used in the hospitality industry. We'll also cover a few key ratios used in analyzing the financial strength of a hospitality business.
3. Capital Budgeting: Definition & Process
From time to time, businesses must purchase large pieces of equipment to replace older equipment or expand product lines. In this lesson, you'll learn how businesses budget for these purchases.
4. What is Forecasting in Business? - Definition & Models
Being able to predict what is coming next is an invaluable skill for a business. In this lesson, we look at how businesses use forecasting to make the best possible plans for the future.
5. What Are Financial Statements? - Definition, Purpose & Importance
Financial statements are big players in the world of accounting. In this lesson, you will be introduced to each of the financial statements. You will also learn what their role is in the accounting industry, who they are important to and why they are important.
6. E-Commerce in the Hospitality Industry
Technology has changed the way things are done in several industries. This lesson takes a look at the impact of E-commerce specifically on the hospitality industry.
7. Required Assignments Reminder
Sorry for the interruption to your course progress! We wanted to make sure you knew this course has a written assignment requirement in order to be completed. Read on to learn where to find these assignments and how to submit them.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Hospitality 304: Hotel & Lodging Management & Operations course
- Hotel & Lodging Industry Overview
- Global Hospitality Management
- Leadership in the Hotel Industry
- Hotel & Lodging Strategic Management
- Hotel Operations Management
- Rooms Division in Hotel Operations
- Revenue Management for Hotels
- Hotel Sales & Marketing Department
- HR Management for Hospitality
- Hotel Safety & Security
- Hotel & Lodging Customer Service
- Food & Beverage Operations in Hotel & Lodging
- Restaurant Organization Basics
- Factors that Affect the Hotel & Lodging Industry
- Required Assignments for Hospitality 304
- Studying for Hospitality 304