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The Hospitality Industry Financial Accounting, Fourth Edition eBook and Exam (ExamFlex) (365 Day Access) presents basic financial accounting concepts and shows readers how they apply to the hospitality industry. Readers will learn about: the responsibilities of a hospitality property's accounting department, advantages and drawbacks of various types of income statements and the role of inventory in calculating profit.
This edition has been revised throughout to reflect changes to accounting standards presented in the 11th revised edition of the Uniform System of Accounts for the Lodging Industry. Other new information includes discussion of the revenue recognition principle, explanation of the concept of the LIFO reserve as it pertains to inventory valuation, discussion of the growing popularity of the limited liability corporation (LLC) and revisions to reflect the most recent IRS guidelines.
Authors: Raymond S. Schmidgall Ph.D., CPA, and James W. Damitio, Ph.D., CMA
©2015, 18 Chapters, Digital
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