Accounting for Hospitality Industry
Elisa S. Moncarz, Florida International University
Nestor de J. Portocarrero, Florida International University

ISBN-10: 0139738843
ISBN-13: 9780139738845

Publisher: Prentice Hall
Copyright: 2004
Format: Cloth; 432 pp
Published: 01/02/2003

Suggested retail price: $95.40
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For undergraduate courses in hospitality management and first-semester accounting courses offered by two- and four-year hospitality management programs.

This book provides students with a balanced mix of accounting theory and practice, tailored to the special needs of the hospitality service industries. It gives attention to the unique accounting and operating characteristics that are of major concern to managers in the hospitality industry in the new millennium.

  • Current coverage of emerging issues and techniques in this area.

    • Provides students with the latest accounting pronouncements.

  • Accounting theory and practice are merged.

    • Helps students focus on the “why” and “how” of accounting concepts and procedures.

  • Adaptable presentation.

    • Provides instructors with flexibility.

  • Unique discussion of debits and credits as, respectively, “values received” and “values given.”

    • Allows students to more easily understand these accounting terms.

  • A special diagram—Clarifies the transition from the General Journal to the Special Purpose Journals.

    • Facilitates the understanding of special purpose journals for students.

  • Questions, exercises, and short and long problems at the end of each chapter.

    • Enables students to test their understanding of the material discussed.

  • A step-by-step explanation of the accounting cycle of a hospitality service business is provided.

    • Offers students a clear view of the accounting for various segments of a hospitality business.

  • A detailed treatment of special topics.

    • Provides students with in-depth information on payroll accounting, receivables, inventory, payables, corporation accounting, and financial analysis.

  • An extensive glossary is provided.

    • Provides a description of new terms introduced in each chapter.

  • A Companion Website.

    • Student practice exercises with partial solutions in Excel.

    • An Instructor's Solutions Manual in Excel.

    • PowerPoint slides for Instructors.

I. THE ACCOUNTING FRAMEWORK.

 1. Accounting as the Basis for Management Decisions.

 2. Basic Accounting Concepts.

 3. Processing Business Transactions.

 4. Journalizing, Posting and Taking a Trial Balance.

 5. Adjusting the Trial Balance: The Financial Statement Worksheet.

 6. Completing the Accounting Cycle.

 7. Special-Purpose Journals and Subsidiary Ledgers.

 8. Payroll Accounting.

II. FINANCIAL STATEMENTS.

 9. The Balance Sheet.

10. The Statement of Income.

III. SELECTED TOPICS.

11. Property and Equipment, and Inventories.

12. Receivables, Payables, and Corporation Accounting.

13. Understanding Financial Statements.

Appendix A. Sample Chart of Accounts.

Appendix B. Financial Statements.

Focusing on clear and detailed coverage of accounting principles and procedures geared to the hospitality environment of the new millennium, Accounting for the Hospitality Industry provides current and future hospitality managers with the skills needed to face future industry challenges. With their collective teaching experience of close to five decades, Professors Moncarz and Portocarrero equip hospitality management students with accounting knowledge and expertise that will be essential for success in the hospitality industry of the 21st century.

Special features of this text that facilitate the learning process include:
  • Organized into three sections — each of which may be taught independently
  • The "why" and "how" of accounting concepts and procedures emphasized throughout
  • An innovative approach that emphasizes the importance of matching expenses against revenues to help understand the process of adjusting entries
  • Full recognition, where appropriate, of current pronouncements of the Financial Accounting Standards Board and other accounting authorities
  • A brief explanation of Canadian payroll taxes
  • A chart of accounts based on a slight simplification of the Uniform System of Accounts for the Lodging Industry
  • A complete set of financial statements for Outback Steakhouse
  • A Companion Website that offers students the framework for solving exercises and problems in Excel spreadsheet format

Using a simple, logical flow of information, it is designed not only to teach accounting and accounting procedures but more importantly, to make students aware of the usefulness of accounting to hospitality industry managers.

View a Sample Chapter PDF:

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