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Chapter 1 - Hospitality industry accounting. In this chapter, you will review some important ways in which the hospitality industry is unique. You will also learn the definition of accounting and how accounting helps managers like you use financial information to make good decisions. | Chapter 1 Hospitality Industry Accounting Chapter Outline Unique Aspects of the Hospitality Industry The Purpose of Accounting in the Hospitality Industry Branches of Accounting Why Hospitality Managers Use Managerial Accounting The Uniform System of Accounts Ethics and Hospitality Accounting The Blue Lagoon Water Park Resort: A Case Study Joshua’s Restaurant Learning Outcomes Explain the primary purpose of accounting and each of the five branches of accounting. Explain why managerial accounting in the hospitality industry is different from managerial accounting used in other industries. Recognize the Uniform Systems of Accounts appropriate for the hospitality business you manage. Recognize your ethical responsibilities as a managerial accountant in the hospitality industry. Unique Aspects of the Hospitality Industry Within the lodging and food services industries are a variety of related fields. Hotels, restaurants, clubs, resorts, casinos, cruise ships, theme parks The recreation . | Chapter 1 Hospitality Industry Accounting Chapter Outline Unique Aspects of the Hospitality Industry The Purpose of Accounting in the Hospitality Industry Branches of Accounting Why Hospitality Managers Use Managerial Accounting The Uniform System of Accounts Ethics and Hospitality Accounting The Blue Lagoon Water Park Resort: A Case Study Joshua’s Restaurant Learning Outcomes Explain the primary purpose of accounting and each of the five branches of accounting. Explain why managerial accounting in the hospitality industry is different from managerial accounting used in other industries. Recognize the Uniform Systems of Accounts appropriate for the hospitality business you manage. Recognize your ethical responsibilities as a managerial accountant in the hospitality industry. Unique Aspects of the Hospitality Industry Within the lodging and food services industries are a variety of related fields. Hotels, restaurants, clubs, resorts, casinos, cruise ships, theme parks The recreation and leisure market The convention center market The education market The business dining market The health care market The corrections market The Purpose of Accounting in the Hospitality Industry Accounting is the process of recording financial transactions, summarizing them, and then accurately reporting them. An accountant is a person skilled in the recording and reporting of financial transactions. Accounting in the hospitality industry is utilized every time a guest purchases food, beverages, or a hotel guest room. The Purpose of Accounting in the Hospitality Industry Creditors want to know about the proposed business’s estimated financial performance before they decide to lend it money. Owners of a hospitality facility want to monitor their business's financial condition. Investors want to put their money in businesses that will conserve or increase their wealth. Managers use accounting techniques as well as their education, experience, values, and goals to make management .
