{"product_id":"accounting-and-financial-management-in-foodservice-operations-isbn-9781394208869","title":"Accounting and Financial Management in Foodservice Operations","description":"\u003cb\u003eAccounting and Financial Management in Foodservice Operations\u003c\/b\u003e \u003cp\u003e\u003cb\u003eA concise and easy-to-follow guide to the principles of accounting and finance as they apply to running foodservice operations\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003ci\u003eAccounting and Financial Management in Foodservice Operations\u003c\/i\u003e is an up-to-date and straightforward treatment of the financial standards and concepts owners and operators need to successfully run a foodservice operation.  \u003c\/p\u003e\u003cp\u003eLearn how to understand and assess the financial performance of a foodservice business by using professionally prepared financial reports. The book explains the Uniform System of Accounts for Restaurants (USAR), as well as how to read income statements, balance sheets, and statements of cash flows. It discusses how to calculate a break-even point and demonstrates pricing tips to help owner\/operators create a profitable menu. Other contents include: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eA thorough introduction to controlling food and beverage product costs\u003c\/li\u003e \u003cli\u003ePractical discussions of how to manage the cost of labor and staffing, as well as how to prepare an accurate operating budget\u003c\/li\u003e \u003cli\u003eHands-on strategies for comparing planned and budgeted operating results to actual financial results\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003ePerfect for students in foodservice-related courses, \u003ci\u003eAccounting and Financial Management in Foodservice Operations\u003c\/i\u003e will also benefit foodservice establishment owners and operators and professionals working in colleges, hospitals, nursing homes, and more. \u003c\/p\u003e\u003cp\u003ePreface ix\u003c\/p\u003e \u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003eDedication xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Fundamentals of Accounting and Financial Management 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eProfessional Accounting 2\u003c\/p\u003e \u003cp\u003eAccounting for Effective Financial Management 3\u003c\/p\u003e \u003cp\u003eAccounting Specializations 5\u003c\/p\u003e \u003cp\u003eUsers of Accounting Information 10\u003c\/p\u003e \u003cp\u003eThe Uniform System of Accounts for Restaurants (USAR) 11\u003c\/p\u003e \u003cp\u003eGenerally Accepted Accounting Principles (GAAP) 13\u003c\/p\u003e \u003cp\u003eThe Mechanics of Financial Management 20\u003c\/p\u003e \u003cp\u003eBookkeeping 20\u003c\/p\u003e \u003cp\u003eSummary Accounting 21\u003c\/p\u003e \u003cp\u003eFinancial Analysis 21\u003c\/p\u003e \u003cp\u003eEthics in Accounting 22\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 The Mechanics of Accounting 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRecording Business Transactions 28\u003c\/p\u003e \u003cp\u003eThe Basic Accounting Equation 29\u003c\/p\u003e \u003cp\u003eAccounts Used in the Basic Accounting Equation 31\u003c\/p\u003e \u003cp\u003eAsset Accounts 32\u003c\/p\u003e \u003cp\u003eLiability Accounts 33\u003c\/p\u003e \u003cp\u003eOwners’ Equity Accounts 34\u003c\/p\u003e \u003cp\u003eRevenue and Expense Accounts 35\u003c\/p\u003e \u003cp\u003eRecording Changes to the Basic Accounting Equation 37\u003c\/p\u003e \u003cp\u003eDouble- Entry Accounting 38\u003c\/p\u003e \u003cp\u003eThe Journal and General Ledger 39\u003c\/p\u003e \u003cp\u003eCredits and Debits 40\u003c\/p\u003e \u003cp\u003eSecurity of Financial Data 48\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 The Income Statement 55\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of the Income Statement 56\u003c\/p\u003e \u003cp\u003eUsers of the Income Statement 59\u003c\/p\u003e \u003cp\u003eFrequency of Income Statement Preparation 63\u003c\/p\u003e \u003cp\u003eUSAR Income Statement Format 64\u003c\/p\u003e \u003cp\u003eSales (Revenue) 65\u003c\/p\u003e \u003cp\u003eTotal Cost of Sales 66\u003c\/p\u003e \u003cp\u003eTotal Labor 68\u003c\/p\u003e \u003cp\u003ePrime Cost 70\u003c\/p\u003e \u003cp\u003eOther Controllable Expenses 71\u003c\/p\u003e \u003cp\u003eNon- Controllable Expenses 75\u003c\/p\u003e \u003cp\u003eProfits (Income) 77\u003c\/p\u003e \u003cp\u003eEbitda 78\u003c\/p\u003e \u003cp\u003eUtilizing the Income Statement 80\u003c\/p\u003e \u003cp\u003eSupporting Schedules 80\u003c\/p\u003e \u003cp\u003eComparative Analysis 81\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 The Balance Sheet 88\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of the Balance Sheet 89\u003c\/p\u003e \u003cp\u003eUsers of the Balance Sheet 90\u003c\/p\u003e \u003cp\u003eLimitations of the Balance Sheet 94\u003c\/p\u003e \u003cp\u003eUSAR Balance Sheet Format 95\u003c\/p\u003e \u003cp\u003eAssets 95\u003c\/p\u003e \u003cp\u003eLiabilities and Owners’ Equity 104\u003c\/p\u003e \u003cp\u003eAnalysis of the Balance Sheet 107\u003c\/p\u003e \u003cp\u003eRatio Analysis 107\u003c\/p\u003e \u003cp\u003eVertical Analysis 114\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 The Statement of Cash Flows 120\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of Cash Flow 121\u003c\/p\u003e \u003cp\u003eSources and Uses of Funds 125\u003c\/p\u003e \u003cp\u003eCreating the Statement of Cash Flows 131\u003c\/p\u003e \u003cp\u003eCash Flow from Operating Activities 133\u003c\/p\u003e \u003cp\u003eCash Flow from Investing Activities 138\u003c\/p\u003e \u003cp\u003eCash Flow from Financing Activities 139\u003c\/p\u003e \u003cp\u003eNet Changes in Cash 140\u003c\/p\u003e \u003cp\u003eSupplementary Schedules 142\u003c\/p\u003e \u003cp\u003eStatement of Cash Flows Analysis 145\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Understanding Costs and Break- even Analysis 150\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of Understanding Costs 151\u003c\/p\u003e \u003cp\u003eTypes of Costs 152\u003c\/p\u003e \u003cp\u003eFixed and Variable Costs 153\u003c\/p\u003e \u003cp\u003eMixed Costs 156\u003c\/p\u003e \u003cp\u003eStep Costs 163\u003c\/p\u003e \u003cp\u003eDirect and Indirect (Overhead) Costs 164\u003c\/p\u003e \u003cp\u003eControllable and Non- Controllable Costs 165\u003c\/p\u003e \u003cp\u003eOther Types of Costs 166\u003c\/p\u003e \u003cp\u003eBreak-even Analysis 170\u003c\/p\u003e \u003cp\u003eComputation of Break- even Point 172\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Profitable Pricing 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePricing for Profits 182\u003c\/p\u003e \u003cp\u003eThe Importance of Price 182\u003c\/p\u003e \u003cp\u003eThe Operator’s View of Price 183\u003c\/p\u003e \u003cp\u003eThe Guest’s View of Price 184\u003c\/p\u003e \u003cp\u003eFactors Affecting Menu Pricing 185\u003c\/p\u003e \u003cp\u003eEconomic Conditions 186\u003c\/p\u003e \u003cp\u003eLocal Competition 187\u003c\/p\u003e \u003cp\u003eLevel of Service 187\u003c\/p\u003e \u003cp\u003eType of Guest 188\u003c\/p\u003e \u003cp\u003eProduct Quality 188\u003c\/p\u003e \u003cp\u003ePortion Size 189\u003c\/p\u003e \u003cp\u003eDelivery Method 190\u003c\/p\u003e \u003cp\u003eMeal Period 191\u003c\/p\u003e \u003cp\u003eLocation 191\u003c\/p\u003e \u003cp\u003eBundling 192\u003c\/p\u003e \u003cp\u003eMethods of Food and Beverage Pricing 194\u003c\/p\u003e \u003cp\u003eCost-based Pricing 194\u003c\/p\u003e \u003cp\u003eContribution Margin- based Pricing 197\u003c\/p\u003e \u003cp\u003eEvaluation of Pricing Efforts 199\u003c\/p\u003e \u003cp\u003eMenu Engineering 199\u003c\/p\u003e \u003cp\u003eCalculating Popularity (Number Sold) 199\u003c\/p\u003e \u003cp\u003eCalculating Weighted Contribution Margin 200\u003c\/p\u003e \u003cp\u003eMenu Modifications 203\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Food and Beverage Cost Control 207\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of Food and Beverage Cost Control 208\u003c\/p\u003e \u003cp\u003eSales Forecasts 209\u003c\/p\u003e \u003cp\u003eStandardized Recipes 212\u003c\/p\u003e \u003cp\u003ePurchasing and Receiving Products 214\u003c\/p\u003e \u003cp\u003ePurchasing Food and Beverage Products 214\u003c\/p\u003e \u003cp\u003eReceiving Products 218\u003c\/p\u003e \u003cp\u003eManaging Inventory and Production 223\u003c\/p\u003e \u003cp\u003ePlacing Products in Storage 223\u003c\/p\u003e \u003cp\u003eMaintaining Product Security 225\u003c\/p\u003e \u003cp\u003eManaging Production 226\u003c\/p\u003e \u003cp\u003eControlling the Cost of Sales Percentage 228\u003c\/p\u003e \u003cp\u003eControlling Food Costs 228\u003c\/p\u003e \u003cp\u003eControlling Beverage Costs 229\u003c\/p\u003e \u003cp\u003eOptimizing Cost of Sales 231\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Labor Cost Control 238\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of Labor Cost Controls 239\u003c\/p\u003e \u003cp\u003eTotal Labor Costs 239\u003c\/p\u003e \u003cp\u003eFactors Affecting Total Labor Costs 241\u003c\/p\u003e \u003cp\u003eAccounting for Total Labor Costs 246\u003c\/p\u003e \u003cp\u003eTypes of Labor Costs 247\u003c\/p\u003e \u003cp\u003eAccounting for Labor Costs 247\u003c\/p\u003e \u003cp\u003eAssessment of Total Labor Costs 251\u003c\/p\u003e \u003cp\u003eSales per Labor Hour 252\u003c\/p\u003e \u003cp\u003eLabor Dollars per Guest Served 253\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Operating Budgets 263\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of Operating Budgets 264\u003c\/p\u003e \u003cp\u003eTypes of Operating Budgets 264\u003c\/p\u003e \u003cp\u003eAdvantages of Operating Budgets 265\u003c\/p\u003e \u003cp\u003eCreating an Operating Budget 266\u003c\/p\u003e \u003cp\u003eRevenue Forecasts 268\u003c\/p\u003e \u003cp\u003eExpense Forecasts 270\u003c\/p\u003e \u003cp\u003eMonitoring the Operating Budget 276\u003c\/p\u003e \u003cp\u003eComparing Planned Results to Actual Results 277\u003c\/p\u003e \u003cp\u003eModifying the Operating Budget 283\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Cash and Revenue Control 288\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of Revenue Control 289\u003c\/p\u003e \u003cp\u003eExternal Threats to Revenue Security 290\u003c\/p\u003e \u003cp\u003eInternal Threats to Revenue Security 291\u003c\/p\u003e \u003cp\u003eDeveloping a Revenue Security Program 296\u003c\/p\u003e \u003cp\u003eObjectives of Internal Revenue Control 296\u003c\/p\u003e \u003cp\u003eElements of Internal Revenue Control Systems 297\u003c\/p\u003e \u003cp\u003eImplementing and Monitoring a Revenue Security Program 299\u003c\/p\u003e \u003cp\u003eVerification of Product Issues 300\u003c\/p\u003e \u003cp\u003eVerification of Guest Charges 302\u003c\/p\u003e \u003cp\u003eVerification of Sales Receipts 303\u003c\/p\u003e \u003cp\u003eVerification of Sales Deposits 303\u003c\/p\u003e \u003cp\u003eVerification of Accounts Payable (AP) 305\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Accounting for Fixed and Other Assets 310\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAccounting for Fixed Assets 311\u003c\/p\u003e \u003cp\u003eRecording Fixed Asset Purchases 312\u003c\/p\u003e \u003cp\u003eDepreciating Fixed Assets 314\u003c\/p\u003e \u003cp\u003eStraight-Line Depreciation 314\u003c\/p\u003e \u003cp\u003eDouble Declining Balance Depreciation 315\u003c\/p\u003e \u003cp\u003eOther Issues Related to Fixed Assets 317\u003c\/p\u003e \u003cp\u003eUniforms, Linens, China, Glass, Silver, and Utensils 317\u003c\/p\u003e \u003cp\u003eDisposal of Fixed Assets 318\u003c\/p\u003e \u003cp\u003eExchange of Fixed Assets 319\u003c\/p\u003e \u003cp\u003eAccounting for Other Assets 321\u003c\/p\u003e \u003cp\u003eChoosing Professional Accounting Assistance 322\u003c\/p\u003e \u003cp\u003eMonitoring Evolving Accounting Issues 327\u003c\/p\u003e \u003cp\u003eGlossary G-1\u003c\/p\u003e \u003cp\u003eIndex I-1\u003c\/p\u003e   \u003cp\u003e\u003cb\u003eDavid K. Hayes, PhD, \u003c\/b\u003ehas taught hospitality courses at Purdue University, Texas Tech University, The University of Houston, and Lansing Community College. He has served as the Vice President of Broadcast and Video Training for the American Hotel \u0026amp; Lodging Educational Institute. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eJack D. Ninemeier, PhD, \u003c\/b\u003eis an Emeritus Professor in the School of Hospitality Business at Michigan State University. He has many years’ experience developing and providing training and resource materials for commercial and non-commercial foodservice operations. He has also written several hundred articles for trade journals and created training monographs. \u003c\/p\u003e\u003cp\u003ePart of Wiley’s \u003ci\u003eFoodservice Operations: The Essentials series.\u003c\/i\u003e   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eA concise and easy-to-follow guide to the principles of accounting and finance as they apply to running foodservice operations\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003ci\u003eAccounting and Financial Management in Foodservice Operations\u003c\/i\u003e is an up-to-date and straightforward treatment of the financial standards and concepts owners and operators need to successfully run a foodservice operation.  \u003c\/p\u003e\u003cp\u003eLearn how to understand and assess the financial performance of a foodservice business by using professionally prepared financial reports. The book explains the Uniform System of Accounts for Restaurants (USAR), as well as how to read income statements, balance sheets, and statements of cash flows. It discusses how to calculate a break-even point and demonstrates pricing tips to help owner\/operators create a profitable menu. Other contents include: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eA thorough introduction to controlling food and beverage product costs\u003c\/li\u003e \u003cli\u003ePractical discussions of how to manage the cost of labor and staffing, as well as how to prepare an accurate operating budget\u003c\/li\u003e \u003cli\u003eHands-on strategies for comparing planned and budgeted operating results to actual financial results\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003ePerfect for students in foodservice-related courses, \u003ci\u003eAccounting and Financial Management in Foodservice Operations\u003c\/i\u003e will also benefit foodservice establishment owners and operators and professionals working in colleges, hospitals, nursing homes, and more.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988653490405,"sku":"NP9781394208869","price":68.5,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781394208869.jpg?v=1761781129","url":"https:\/\/k12savings.com\/es\/products\/accounting-and-financial-management-in-foodservice-operations-isbn-9781394208869","provider":"K12savings","version":"1.0","type":"link"}