{"product_id":"hospitality-financial-accounting-isbn-9780470083604","title":"Hospitality Financial Accounting","description":"As the hospitality field continues to grow and diversify, today’s hospitality professionals need to understand financial accounting at a higher level than ever before. Written by some of the most respected authors in accounting, \u003cb\u003e\u003ci\u003eHospitality Financial Accounting, Second Edition\u003c\/i\u003e\u003c\/b\u003e gives a complete introduction to financial accounting principles and demonstrates how to apply them to all facets of the hospitality industry.  \u003cp\u003eUpdated with the latest developments in the accounting and hospitality fields,\u003cb\u003e\u003ci\u003eHospitality Financial Accounting, Second Edition\u003c\/i\u003e\u003c\/b\u003e covers the basics of financial accounting first and then shows hospitality students how to analyze financial statements and deal with the daily issues they will face on the job.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 \u003c\/b\u003e\u003cb\u003eHOSPITALITY ACCOUNTING \u003c\/b\u003e\u003cb\u003eIN ACTION 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFEATURE STORY: Financial Reporting: A Matter of Trust 1\u003c\/p\u003e \u003cp\u003eWhat Is Accounting? 2\u003c\/p\u003e \u003cp\u003eWho Uses Accounting Data? 4\u003c\/p\u003e \u003cp\u003eBrief History of Accounting 5\u003c\/p\u003e \u003cp\u003eDistinguishing between Bookkeeping and Accounting 6\u003c\/p\u003e \u003cp\u003eAccounting and You 6\u003c\/p\u003e \u003cp\u003eThe Building Blocks of Accounting 7\u003c\/p\u003e \u003cp\u003eEthics—A Fundamental Business Concept 8\u003c\/p\u003e \u003cp\u003eGenerally Accepted Accounting Principles 8\u003c\/p\u003e \u003cp\u003eAssumptions 9\u003c\/p\u003e \u003cp\u003eBasic Accounting Equation 11\u003c\/p\u003e \u003cp\u003eThe Accounting Cycle and the Flow of Information 14\u003c\/p\u003e \u003cp\u003eThe Uniform System of Accounts and Financial Reporting 15\u003c\/p\u003e \u003cp\u003eLodging Industry 16\u003c\/p\u003e \u003cp\u003eFoodservice Industry 16\u003c\/p\u003e \u003cp\u003eClub Industry 16\u003c\/p\u003e \u003cp\u003eSpa Industry 16\u003c\/p\u003e \u003cp\u003eGaming Industry 17\u003c\/p\u003e \u003cp\u003eAccounting and Financial Management in Hospitality 17\u003c\/p\u003e \u003cp\u003eHotel Operations 17\u003c\/p\u003e \u003cp\u003eHotel Accounting Department Organization 20\u003c\/p\u003e \u003cp\u003eFoodservice Operations 22\u003c\/p\u003e \u003cp\u003eClub Operations 23\u003c\/p\u003e \u003cp\u003eAppendix The Accounting Profession 25\u003c\/p\u003e \u003cp\u003ePublic Accounting 26\u003c\/p\u003e \u003cp\u003ePrivate Accounting 26\u003c\/p\u003e \u003cp\u003eNot-for-Profit Accounting 26\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 \u003c\/b\u003e\u003cb\u003eACCOUNTING PRINCIPLES 30\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFEATURE STORY: Certainly Worth Investigating! 31\u003c\/p\u003e \u003cp\u003eThe Conceptual Framework of Accounting 32\u003c\/p\u003e \u003cp\u003eObjectives of Financial Reporting 33\u003c\/p\u003e \u003cp\u003eQualitative Characteristics of Accounting Information 34\u003c\/p\u003e \u003cp\u003eElements of Financial Statements 35\u003c\/p\u003e \u003cp\u003eOperating Guidelines 36\u003c\/p\u003e \u003cp\u003eAssumptions 36\u003c\/p\u003e \u003cp\u003eMonetary Unit Assumption 37\u003c\/p\u003e \u003cp\u003eEconomic Entity Assumption 37\u003c\/p\u003e \u003cp\u003eTime Period Assumption 37\u003c\/p\u003e \u003cp\u003eGoing Concern Assumption 37\u003c\/p\u003e \u003cp\u003ePrinciples 37\u003c\/p\u003e \u003cp\u003eRevenue Recognition Principle 38\u003c\/p\u003e \u003cp\u003eMatching Principle (Expense Recognition) 38\u003c\/p\u003e \u003cp\u003eFull Disclosure Principle 40\u003c\/p\u003e \u003cp\u003eCost Principle 40\u003c\/p\u003e \u003cp\u003eConstraints in Accounting 41\u003c\/p\u003e \u003cp\u003eMateriality 42\u003c\/p\u003e \u003cp\u003eConservatism 42\u003c\/p\u003e \u003cp\u003eSummary of Conceptual Framework 42\u003c\/p\u003e \u003cp\u003eFinancial Statement Presentation—An International Perspective 43\u003c\/p\u003e \u003cp\u003eUsing the Building Blocks 44\u003c\/p\u003e \u003cp\u003eTransaction Analysis 45\u003c\/p\u003e \u003cp\u003eSummary of Transactions 50\u003c\/p\u003e \u003cp\u003eFinancial Statements 52\u003c\/p\u003e \u003cp\u003eIncome Statement 52\u003c\/p\u003e \u003cp\u003eRetained Earnings Statement 52\u003c\/p\u003e \u003cp\u003eBalance Sheet 54\u003c\/p\u003e \u003cp\u003eStatement of Cash Flows 54\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 \u003c\/b\u003e\u003cb\u003eTHE RECORDING PROCESS 66\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFEATURE STORY: No Such Thing as a Perfect World 67\u003c\/p\u003e \u003cp\u003eThe Account 68\u003c\/p\u003e \u003cp\u003eDebits and Credits 69\u003c\/p\u003e \u003cp\u003eDebit and Credit Procedures 69\u003c\/p\u003e \u003cp\u003eStockholders’ Equity Relationships 72\u003c\/p\u003e \u003cp\u003eExpansion of the Basic Equation 73\u003c\/p\u003e \u003cp\u003eThe Accounting Cycle 73\u003c\/p\u003e \u003cp\u003eSteps in the Recording Process 74\u003c\/p\u003e \u003cp\u003eThe Journal 75\u003c\/p\u003e \u003cp\u003eThe Ledger 77\u003c\/p\u003e \u003cp\u003eThe Recording Process Illustrated 81\u003c\/p\u003e \u003cp\u003eSummary Illustration of Journalizing and Posting 87\u003c\/p\u003e \u003cp\u003eThe Trial Balance 88\u003c\/p\u003e \u003cp\u003eLimitations of a Trial Balance 89\u003c\/p\u003e \u003cp\u003eLocating Errors 91\u003c\/p\u003e \u003cp\u003eUse of Dollar Signs 91\u003c\/p\u003e \u003cp\u003eElectronic Data Processing 92\u003c\/p\u003e \u003cp\u003eComparative Advantages of Manual versus Computerized Systems 92\u003c\/p\u003e \u003cp\u003eA Look into the Future 93\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 \u003c\/b\u003e\u003cb\u003eADJUSTING THE ACCOUNTS 102\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFEATURE STORY: Timing Is Everything 103\u003c\/p\u003e \u003cp\u003eTiming Issues 104\u003c\/p\u003e \u003cp\u003eSelecting an Accounting Time Period 105\u003c\/p\u003e \u003cp\u003eFiscal and Calendar Years 105\u003c\/p\u003e \u003cp\u003eAccrual- versus Cash-Basis Accounting 105\u003c\/p\u003e \u003cp\u003eRecognizing Revenues and Expenses 106\u003c\/p\u003e \u003cp\u003eThe Basics of Adjusting Entries 107\u003c\/p\u003e \u003cp\u003eTypes of Adjusting Entries 108\u003c\/p\u003e \u003cp\u003eAdjusting Entries for Prepayments 108\u003c\/p\u003e \u003cp\u003eAdjusting Entries for Accruals 115\u003c\/p\u003e \u003cp\u003eSummary of Basic Relationships 120\u003c\/p\u003e \u003cp\u003eThe Adjusted Trial Balance and Financial Statements 122\u003c\/p\u003e \u003cp\u003ePreparing the Adjusted Trial Balance 122\u003c\/p\u003e \u003cp\u003ePreparing Financial Statements 122\u003c\/p\u003e \u003cp\u003eAlternative Treatment of Prepaid Expenses and Unearned Revenues 124\u003c\/p\u003e \u003cp\u003ePrepaid Expenses 124\u003c\/p\u003e \u003cp\u003eUnearned Revenues 126\u003c\/p\u003e \u003cp\u003eSummary of Additional Adjustment Relationships 127\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 \u003c\/b\u003e\u003cb\u003eCOMPLETION OF THE\u003c\/b\u003e\u003cb\u003eACCOUNTING CYCLE 136\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFEATURE STORY: Everyone Likes to Win 137\u003c\/p\u003e \u003cp\u003eUsing a Work Sheet 138\u003c\/p\u003e \u003cp\u003eSteps in Preparing a Work Sheet 138\u003c\/p\u003e \u003cp\u003ePreparing Financial Statements from a Work Sheet 141\u003c\/p\u003e \u003cp\u003ePreparing Adjusting Entries from a Work Sheet 144\u003c\/p\u003e \u003cp\u003eClosing the Books 144\u003c\/p\u003e \u003cp\u003ePreparing Closing Entries 145\u003c\/p\u003e \u003cp\u003eClosing Entries, Illustrated 147\u003c\/p\u003e \u003cp\u003ePosting of Closing Entries 147\u003c\/p\u003e \u003cp\u003ePreparing a Postclosing Trial Balance 149\u003c\/p\u003e \u003cp\u003eSummary of the Accounting Cycle 150\u003c\/p\u003e \u003cp\u003eCorrecting Entries—An Avoidable Step 151\u003c\/p\u003e \u003cp\u003eClassified Balance Sheet 154\u003c\/p\u003e \u003cp\u003eStandard Classifications 154\u003c\/p\u003e \u003cp\u003eClassified Balance Sheet, Illustrated 158\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 \u003c\/b\u003e\u003cb\u003eFINANCIAL STATEMENTS 168\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFEATURE STORY: Cash Is King 169\u003c\/p\u003e \u003cp\u003eThe Income Statement 170\u003c\/p\u003e \u003cp\u003eMultiple-Step Income Statement 170\u003c\/p\u003e \u003cp\u003eSingle-Step Income Statement 174\u003c\/p\u003e \u003cp\u003eDepartmental Income Statement 175\u003c\/p\u003e \u003cp\u003eConsolidated Income Statement 176\u003c\/p\u003e \u003cp\u003eClassified Balance Sheet 176\u003c\/p\u003e \u003cp\u003eRelationship between the Income Statement and the Balance Sheet 177\u003c\/p\u003e \u003cp\u003eThe Statement of Cash Flows: Purpose and Format 178\u003c\/p\u003e \u003cp\u003ePurpose of the Statement of Cash Flows 178\u003c\/p\u003e \u003cp\u003eMeaning of Cash Flows 179\u003c\/p\u003e \u003cp\u003eClassification of Cash Flows 179\u003c\/p\u003e \u003cp\u003eSignificant Noncash Activities 180\u003c\/p\u003e \u003cp\u003eFormat of the Statement of Cash Flows 181\u003c\/p\u003e \u003cp\u003eUsefulness of the Statement of Cash Flows 182\u003c\/p\u003e \u003cp\u003ePreparing the Statement of Cash Flows 183\u003c\/p\u003e \u003cp\u003eIndirect and Direct Methods 183\u003c\/p\u003e \u003cp\u003eIndirect Method for Statement of Cash Flows 185\u003c\/p\u003e \u003cp\u003eFirst Year of Operations—2008 185\u003c\/p\u003e \u003cp\u003eSecond Year of Operations—2009 189\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 \u003c\/b\u003e\u003cb\u003eFINANCIAL STATEMENT ANALYSIS 204\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFEATURE STORY: “Follow That Stock!” 205\u003c\/p\u003e \u003cp\u003eBasics of Financial Statement Analysis 206\u003c\/p\u003e \u003cp\u003eNeed for Comparative Analysis 206\u003c\/p\u003e \u003cp\u003eTools of Financial Statement Analysis 207\u003c\/p\u003e \u003cp\u003eHorizontal Analysis 207\u003c\/p\u003e \u003cp\u003eBalance Sheet 208\u003c\/p\u003e \u003cp\u003eIncome Statement 208\u003c\/p\u003e \u003cp\u003eRetained Earnings Statement 210\u003c\/p\u003e \u003cp\u003eVertical Analysis 210\u003c\/p\u003e \u003cp\u003eBalance Sheet 210\u003c\/p\u003e \u003cp\u003eIncome Statement 211\u003c\/p\u003e \u003cp\u003eRatio Analysis 213\u003c\/p\u003e \u003cp\u003eLiquidity Ratios 214\u003c\/p\u003e \u003cp\u003eProfitability Ratios 217\u003c\/p\u003e \u003cp\u003eSolvency Ratios 220\u003c\/p\u003e \u003cp\u003eSummary of Ratios 221\u003c\/p\u003e \u003cp\u003eLimitations of Financial Statement Analysis 222\u003c\/p\u003e \u003cp\u003eEstimates 222\u003c\/p\u003e \u003cp\u003eCost 222\u003c\/p\u003e \u003cp\u003eAlternative Accounting Methods 223\u003c\/p\u003e \u003cp\u003eAtypical Data 223\u003c\/p\u003e \u003cp\u003eDiversification of Firms 223\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 \u003c\/b\u003e\u003cb\u003eACCOUNTING FOR MERCHANDISING\u003c\/b\u003e\u003cb\u003eOPERATIONS IN HOSPITALITY 232\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFEATURE STORY: Selling Dollars for 85\u003c\/p\u003e \u003cp\u003eCents 233\u003c\/p\u003e \u003cp\u003eMerchandising Operations 234\u003c\/p\u003e \u003cp\u003eOperating Cycles 235\u003c\/p\u003e \u003cp\u003eInventory Systems 236\u003c\/p\u003e \u003cp\u003eRecording Purchases of Merchandise 238\u003c\/p\u003e \u003cp\u003ePurchase Returns and Allowances 240\u003c\/p\u003e \u003cp\u003eFreight Costs 241\u003c\/p\u003e \u003cp\u003ePurchase Discounts 241\u003c\/p\u003e \u003cp\u003eRecording Sales of Merchandise 243\u003c\/p\u003e \u003cp\u003eSales Returns and Allowances 244\u003c\/p\u003e \u003cp\u003eSales Discounts 245\u003c\/p\u003e \u003cp\u003eCompleting the Accounting Cycle 246\u003c\/p\u003e \u003cp\u003eAdjusting Entries 246\u003c\/p\u003e \u003cp\u003eClosing Entries 247\u003c\/p\u003e \u003cp\u003eSummary of Merchandising Entries 247\u003c\/p\u003e \u003cp\u003eWork Sheet for a Merchandiser 248\u003c\/p\u003e \u003cp\u003eUsing a Work Sheet 248\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 \u003c\/b\u003e\u003cb\u003eINVENTORIES AND COST OF GOODS\u003c\/b\u003e\u003cb\u003eCALCULATION 260\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFEATURE STORY: $12,800 Worth of Blueberry Muffins! 261\u003c\/p\u003e \u003cp\u003eInventory Basics 262\u003c\/p\u003e \u003cp\u003eClassifying Inventory 263\u003c\/p\u003e \u003cp\u003eDetermining Inventory Quantities 263\u003c\/p\u003e \u003cp\u003eInventory Accounting Systems 265\u003c\/p\u003e \u003cp\u003ePeriodic Inventory System 266\u003c\/p\u003e \u003cp\u003eRecording Transactions 266\u003c\/p\u003e \u003cp\u003eRecording Purchases of Merchandise 266\u003c\/p\u003e \u003cp\u003eRecording Sales of Merchandise 267\u003c\/p\u003e \u003cp\u003eCost of Goods Sold 268\u003c\/p\u003e \u003cp\u003eDetermining Cost of Goods Purchased 268\u003c\/p\u003e \u003cp\u003eTransfers In and Out 270\u003c\/p\u003e \u003cp\u003eFood Cost Calculations 271\u003c\/p\u003e \u003cp\u003eBeverage Cost Calculations 271\u003c\/p\u003e \u003cp\u003eIncome Statement Presentation 272\u003c\/p\u003e \u003cp\u003eInventory Costing under a Periodic Inventory System 273\u003c\/p\u003e \u003cp\u003eUsing Actual Physical Flow Costing— Specific Identification 273\u003c\/p\u003e \u003cp\u003eUsing Assumed Cost-Flow Methods—FIFO, LIFO, and Average Cost 274\u003c\/p\u003e \u003cp\u003eFinancial Statement Effects of Cost-Flow Methods 278\u003c\/p\u003e \u003cp\u003eUsing Inventory Cost-Flow Methods Consistently 280\u003c\/p\u003e \u003cp\u003eInventory Errors 281\u003c\/p\u003e \u003cp\u003eIncome Statement Effects 281\u003c\/p\u003e \u003cp\u003eBalance Sheet Effects 282\u003c\/p\u003e \u003cp\u003eStatement Presentation and Analysis 282\u003c\/p\u003e \u003cp\u003ePresentation 282\u003c\/p\u003e \u003cp\u003eAnalysis 283\u003c\/p\u003e \u003cp\u003eCHAPTER 10\u003c\/p\u003e \u003cp\u003eINTERNAL CONTROL AND CASH 288\u003c\/p\u003e \u003cp\u003eFEATURE STORY: Minding the Money in Moose Jaw 289\u003c\/p\u003e \u003cp\u003eInternal Control 290\u003c\/p\u003e \u003cp\u003ePrinciples of Internal Control 291\u003c\/p\u003e \u003cp\u003eLimitations of Internal Control 296\u003c\/p\u003e \u003cp\u003eCash Controls 296\u003c\/p\u003e \u003cp\u003eInternal Control over Cash Receipts 297\u003c\/p\u003e \u003cp\u003eInternal Control over Cash Disbursements 300\u003c\/p\u003e \u003cp\u003eUse of a Bank 302\u003c\/p\u003e \u003cp\u003eMaking Bank Deposits 302\u003c\/p\u003e \u003cp\u003eWriting Checks 302\u003c\/p\u003e \u003cp\u003eBank Statements 304\u003c\/p\u003e \u003cp\u003eReconciling the Bank Account 305\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11 \u003c\/b\u003e\u003cb\u003ePAYROLL 318\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFEATURE STORY: Payroll: A Manageable Cost in the Hospitality Industry 319\u003c\/p\u003e \u003cp\u003ePayroll Defined 320\u003c\/p\u003e \u003cp\u003eInternal Control of Payroll 320\u003c\/p\u003e \u003cp\u003eHiring Employees 321\u003c\/p\u003e \u003cp\u003eTimekeeping 321\u003c\/p\u003e \u003cp\u003ePreparing the Payroll 323\u003c\/p\u003e \u003cp\u003ePaying the Payroll 323\u003c\/p\u003e \u003cp\u003eFair Labor Standards Act 323\u003c\/p\u003e \u003cp\u003eDetermining the Payroll 324\u003c\/p\u003e \u003cp\u003eGross Earnings 324\u003c\/p\u003e \u003cp\u003ePayroll Deductions 325\u003c\/p\u003e \u003cp\u003eNet Pay 327\u003c\/p\u003e \u003cp\u003eRecording the Payroll 327\u003c\/p\u003e \u003cp\u003eMaintaining Payroll Department Records 327\u003c\/p\u003e \u003cp\u003eRecognizing Payroll Expenses and Liabilities 329\u003c\/p\u003e \u003cp\u003eRecording Payment of the Payroll 329\u003c\/p\u003e \u003cp\u003eTipped Employees 330\u003c\/p\u003e \u003cp\u003eTip Reporting 331\u003c\/p\u003e \u003cp\u003eEmployer Payroll Taxes 336\u003c\/p\u003e \u003cp\u003eFICA Taxes 336\u003c\/p\u003e \u003cp\u003eFederal Unemployment Taxes 336\u003c\/p\u003e \u003cp\u003eState Unemployment Taxes 337\u003c\/p\u003e \u003cp\u003eRecording Employer Payroll Taxes 337\u003c\/p\u003e \u003cp\u003eFiling and Remitting Payroll Taxes 338\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 12 \u003c\/b\u003e\u003cb\u003eACCOUNTING FOR RECEIVABLES\u003c\/b\u003e\u003cb\u003eAND PAYABLES 346\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFEATURE STORY: Financing His Dreams 347\u003c\/p\u003e \u003cp\u003eAccounts Receivable 348\u003c\/p\u003e \u003cp\u003eTypes of Receivables 348\u003c\/p\u003e \u003cp\u003eRecognizing Accounts Receivable 349\u003c\/p\u003e \u003cp\u003eValuing Accounts Receivable 350\u003c\/p\u003e \u003cp\u003eDisposing of Accounts Receivable 357\u003c\/p\u003e \u003cp\u003eCredit Policies 360\u003c\/p\u003e \u003cp\u003eThe Credit Department 360\u003c\/p\u003e \u003cp\u003eThe Credit Policy before, during, and after the Event 360\u003c\/p\u003e \u003cp\u003eCity Ledger of a Hotel 361\u003c\/p\u003e \u003cp\u003eNotes Receivable 361\u003c\/p\u003e \u003cp\u003eDetermining the Maturity Date 362\u003c\/p\u003e \u003cp\u003eComputing Interest 363\u003c\/p\u003e \u003cp\u003eRecognizing Notes Receivable 364\u003c\/p\u003e \u003cp\u003eValuing Notes Receivable 364\u003c\/p\u003e \u003cp\u003eDisposing of Notes Receivable 364\u003c\/p\u003e \u003cp\u003eWhat Is a Current Liability? 367\u003c\/p\u003e \u003cp\u003eNotes Payable 367\u003c\/p\u003e \u003cp\u003eSales Tax Payable 368\u003c\/p\u003e \u003cp\u003ePayroll and Payroll Taxes Payable 369\u003c\/p\u003e \u003cp\u003eUnearned Revenues 371\u003c\/p\u003e \u003cp\u003eCurrent Maturities of Long-Term Debt 371\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 13 \u003c\/b\u003e\u003cb\u003eLONG-TERM AND\u003c\/b\u003e\u003cb\u003eINTANGIBLE ASSETS 380\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFEATURE STORY: Time to Relax 381\u003c\/p\u003e \u003cp\u003eLong-Term Assets 383\u003c\/p\u003e \u003cp\u003eDetermining the Cost of Long-Term Assets 383\u003c\/p\u003e \u003cp\u003eLand 384\u003c\/p\u003e \u003cp\u003eLand Improvements 384\u003c\/p\u003e \u003cp\u003eBuildings 384\u003c\/p\u003e \u003cp\u003eEquipment 385\u003c\/p\u003e \u003cp\u003eDepreciation 386\u003c\/p\u003e \u003cp\u003eRevising Periodic Depreciation 394\u003c\/p\u003e \u003cp\u003eExpenditures during Useful Life 395\u003c\/p\u003e \u003cp\u003eLong-Term Asset Disposals 396\u003c\/p\u003e \u003cp\u003eIntangible Assets 401\u003c\/p\u003e \u003cp\u003ePatents 402\u003c\/p\u003e \u003cp\u003eCopyrights 402\u003c\/p\u003e \u003cp\u003eTrademarks and Trade Names 402\u003c\/p\u003e \u003cp\u003eFranchises and Licenses 403\u003c\/p\u003e \u003cp\u003eGoodwill 403\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 4 \u003c\/b\u003e\u003cb\u003eSOLE PROPRIETORSHIPS,\u003c\/b\u003e\u003cb\u003ePARTNERSHIPS, AND\u003c\/b\u003e\u003cb\u003eCORPORATIONS 410\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFEATURE STORY: “Two All Beef Patties, Special Sauce, Lettuce, Cheese, Pickles, Onions on a Sesame Seed Bun” 411\u003c\/p\u003e \u003cp\u003eSole Proprietorships 412\u003c\/p\u003e \u003cp\u003ePartnerships 413\u003c\/p\u003e \u003cp\u003eAssociation of Individuals 413\u003c\/p\u003e \u003cp\u003eMutual Agency 413\u003c\/p\u003e \u003cp\u003eLimited Life 414\u003c\/p\u003e \u003cp\u003eUnlimited Liability 414\u003c\/p\u003e \u003cp\u003eCo-ownership of Property 414\u003c\/p\u003e \u003cp\u003eAdvantages and Disadvantages of a Partnership 414\u003c\/p\u003e \u003cp\u003eThe Partnership Agreement 415\u003c\/p\u003e \u003cp\u003eFormation of a Partnership 415\u003c\/p\u003e \u003cp\u003eDivision of Net Income or Net Loss 416\u003c\/p\u003e \u003cp\u003ePartnership Financial Statements 419\u003c\/p\u003e \u003cp\u003eThe Corporate Form of Organization and Stock Transactions 420\u003c\/p\u003e \u003cp\u003eCharacteristics of a Corporation 420\u003c\/p\u003e \u003cp\u003eForming a Corporation 424\u003c\/p\u003e \u003cp\u003eCorporate Capital 424\u003c\/p\u003e \u003cp\u003eAccounting for Common Stock Issues 429\u003c\/p\u003e \u003cp\u003eAccounting for Treasury Stock 432\u003c\/p\u003e \u003cp\u003ePreferred Stock 436\u003c\/p\u003e \u003cp\u003eDividends 438\u003c\/p\u003e \u003cp\u003eCash Dividends 438\u003c\/p\u003e \u003cp\u003eStock Dividends 441\u003c\/p\u003e \u003cp\u003eEntries for Stock Dividends 442\u003c\/p\u003e \u003cp\u003eEffects of Stock Dividends 443\u003c\/p\u003e \u003cp\u003eStock Splits 443\u003c\/p\u003e \u003cp\u003eRetained Earnings 445\u003c\/p\u003e \u003cp\u003eRetained Earnings Restrictions 446\u003c\/p\u003e \u003cp\u003ePrior Period Adjustments 447\u003c\/p\u003e \u003cp\u003eRetained Earnings Statement 447\u003c\/p\u003e \u003cp\u003eAPPENDIX A\u003c\/p\u003e \u003cp\u003eSPECIMEN FINANCIAL STATEMENTS: PepsiCo, Inc. 454\u003c\/p\u003e \u003cp\u003eAPPENDIX B\u003c\/p\u003e \u003cp\u003eSUBSUDIARY LEDGERS AND SPECIAL JOURNALS 482\u003c\/p\u003e \u003cp\u003eFEATURE STORY: Different Roads for Different Folks 483\u003c\/p\u003e \u003cp\u003eExpanding the Ledger—Subsidiary Ledgers 484\u003c\/p\u003e \u003cp\u003eNature and Purpose of Subsidiary Ledgers 484\u003c\/p\u003e \u003cp\u003eExample 485\u003c\/p\u003e \u003cp\u003eAdvantages of Subsidiary Ledgers 486\u003c\/p\u003e \u003cp\u003eExpanding the Journal—Special Journals 487\u003c\/p\u003e \u003cp\u003eSales Journal 488\u003c\/p\u003e \u003cp\u003eCash Receipts Journal 490\u003c\/p\u003e \u003cp\u003ePurchases Journal 495\u003c\/p\u003e \u003cp\u003eCash Payments Journal 496\u003c\/p\u003e \u003cp\u003eEffects of Special Journals on the General Journal 498\u003c\/p\u003e \u003cp\u003ePhoto Credits 505\u003c\/p\u003e \u003cp\u003eIndex 507\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eJERRY J. WEYGANDT, P\u003csmall\u003eH\u003c\/small\u003e.D., C.P.A.,\u003c\/b\u003e is the Arthur Andersen Alumni Professor of Accounting at the University of Wisconsin–Madison. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eDONALD E. KIESO, P\u003csmall\u003eH\u003c\/small\u003e.D., C.P.A.,\u003c\/b\u003e is the KPMG Emeritus Professor of Accounting at Northern Illinois University. \u003c\/p\u003e\u003cp\u003e\u003cb\u003ePAUL D. KIMMEL, P\u003csmall\u003eH\u003c\/small\u003e.D., C.P.A.,\u003c\/b\u003e is an Associate Professor of Accounting at the University of Wisconsin–Milwaukee. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eAGNES L. DeFRANCO, Ed.D., C.H.E.,\u003c\/b\u003e is a Professor in the Conrad N. Hilton School of Hotel and Restaurant Management at the University of Houston.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eTHE ULTIMATE RESOURCE FOR LINKING FINANCIAL ACCOUNTING PRINCIPLES TO REAL-WORLD APPLICATIONS IN HOSPITALITY— NOW IN A NEW EDITION\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eAs the hospitality field continues to grow and diversify, today’s hospitality professionals need to understand financial accounting at a higher level than ever before. Written by some of the most respected authors in accounting, \u003ci\u003e\u003cb\u003eHospitality Financial Accounting, Second Edition\u003c\/b\u003e\u003c\/i\u003e gives a complete introduction to financial accounting principles and demonstrates how to apply them to all facets of the hospitality industry. \u003c\/p\u003e\u003cp\u003eUpdated with the latest developments in the accounting and hospitality fields, \u003ci\u003e\u003cb\u003eHospitality Financial Accounting, Second Edition\u003c\/b\u003e\u003c\/i\u003e covers the basics of financial accounting and then shows readers how to analyze financial statements and deal with the daily issues they will face on the job. In this \u003ci\u003e\u003cb\u003eSecond Edition,\u003c\/b\u003e\u003c\/i\u003e the authors have provided engaging new coverage and features including: \u003c\/p\u003e\u003cul\u003e\u003cb\u003e\u003cli\u003eA dedicated chapter on financial statement analysis\u003c\/li\u003e \u003cli\u003eThe PepsiCo Inc. 2006 Annual Report, which illustrates key concepts using real-world financial statements\u003c\/li\u003e \u003cli\u003eNew case studies covering a variety of hospitality enterprises doing business today\u003c\/li\u003e \u003cli\u003eView of the hospitality industry expanded to such businesses as casinos, spas, and purveyors\u003c\/li\u003e \u003cli\u003eAn expanded section on ethics with real-world cases\u003c\/li\u003e \u003cli\u003eNew “Accounting in Action” vignettes from hospitality and online companies that support the concepts being discussed\u003c\/li\u003e \u003cli\u003eApplied exercises that demonstrate the relevance of accounting to hospitality businesses\u003c\/li\u003e \u003cli\u003eAppendices that discuss subsidiary ledgers and special journals\u003c\/li\u003e\u003c\/b\u003e\u003c\/ul\u003e \u003cp\u003eComprehensive in scope, vibrant with real-world detail, reader-friendly, and accessible, \u003ci\u003e\u003cb\u003eHospitality Financial Accounting, Second Edition\u003c\/b\u003e\u003c\/i\u003e is a key resource for anyone preparing for a career as a hospitality professional.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989371928805,"sku":"NP9780470083604","price":121.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470083604.jpg?v=1761783857","url":"https:\/\/k12savings.com\/es\/products\/hospitality-financial-accounting-isbn-9780470083604","provider":"K12savings","version":"1.0","type":"link"}