Matakuliah
Tahun
: V0282 - Manajemen Akuntansi Hotel
: 2009 - 2010
REVIEW
Chapter 13
Competencies for
Introduction to Managerial Accounting
1. Describe characteristics of the hospitality industry and identify the major
function of hospitality accounting.
2. Apply generally accepted accounting principles to hospitality situations.
3. Distinguish between cash basis accounting and accrual basis accounting.
4. Describe the six branches of accounting.
(continued)
3
Competencies for
(continued)
Introduction to Managerial Accounting
5. Explain the fundamental accounting equation and identify normal account
balances for various types of accounts.
6. Explain the nine steps in the accounting cycle.
7. Describe four basic forms of business organization.
4
Generally Accepted Accounting Principles
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Cost
Business entity
Continuity of the business unit (going concern)
Unit of measurement
Objective evidence
Full disclosure
Consistency
Matching
Conservatism
Materiality
5
The Six Branches of Accounting
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Financial accounting
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Cost accounting
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Managerial accounting
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Tax accounting
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Auditing
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Accounting systems
6
Fundamental Accounting Equation
Assets = Liabilities + Owners’ Equity
7
Normal Account Balances
Asset — debit
Liability — credit
Owners’ Equity Permanent — credit
Owners’ Equity Revenue — credit
Owners’ Equity Expense — debit
8
The Accounting Cycle
1. Record transactions in journals.
2. Post amounts from journals to ledger accounts.
3. Prepare a trial balance.
4. Prepare adjusting entries.
5. Post adjusting entries.
6. Prepare an adjusted trial balance.
7. Prepare the financial statements.
8. Close the revenue and expense accounts.
9. Prepare the post-closing trial balance.
9
The Balance Sheet
Competencies for
The Balance Sheet
1. Explain the purposes of the balance sheet.
2. Identify the limitations of the balance sheet.
3. Define the various elements of assets, liabilities, and owners’ equity as presented
on the balance sheet.
4. Explain the use of footnotes in balance sheets.
5. Interpret balance sheets using horizontal and vertical analysis as well as base-year
comparisons.
11
Major Elements of the Balance Sheet
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Assets: current assets, noncurrent receivables, investments, property and
equipment (fixed), and other assets
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Liabilities: current and long term
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Owners’ equity
12
Typical Components of Current Assets
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Cash
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Marketable securities
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Receivables
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Inventories
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Amounts due from owner, management company, or related party
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Prepaid expenses
13
Typical Components of Current Liabilities
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Notes payable
Accounts payable
Accrued expenses
Advance deposits
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Income taxes payable
Deferred income taxes
Amounts due to owner, management company or related party
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Current maturities of long-term debt
14
The Income Statement
1. Describe revenues, expenses, gains, and losses as
presented on the income statement.
2. Distinguish between income statements prepared for
internal users and those prepared for external users.
3. Describe the contents of an income statement based on
the Uniform System of Accounts for the Lodging Industry
(USALI).
(continue
d)
16
(continued)
4. Identify the differences between departmental income
statements prepared for profit centers and those prepared
for service centers in a hospitality operation.
5. Interpret income statements using horizontal and vertical
analysis as well as base-year comparisons.
17
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Revenue—the inflow of assets, reduction of liabilities, or
both resulting from the sale of products and services.
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Expense—the outflow of assets, increase of liabilities, or
both incurred during the production and rendering of
products and services.
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Gain—an increase in assets, reduction in liabilities, or
both resulting from an incidental transaction or a
transaction that is neither a revenue nor an investment by
owners.
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Loss—a decrease in assets, increase in liabilities, or both
resulting from an incidental transaction or a transaction
that is neither an expense nor a distribution to owners. 18
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Revenues
Departmental Expenses
Total Departmental Income
Undistributed Operating Expenses
Gross Operating Profit
Management Fees
Income Before Fixed Charges
Fixed Charges
Net Operating Income
Replacement Reserves
Adjusted Net Operating Income
19
Beginning inventory
– Inventory purchases
Goods available for sale
– Ending inventory
Cost of goods consumed
– Goods used internally
Cost of goods sold
20
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Rooms
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Food
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Beverage
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Telecommunications
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Rentals and Other Income
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Golf Course and Pro Shop
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Health Club/Spa
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Parking Garage
21
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Administrative and General
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Sales and Marketing
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Property Operation and Maintenance
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Utility Costs
22
The Statement of Cash Flows
1. Explain the purposes of the statement of cash flows and
how the statement is used by hospitality managers.
2. Identify cash flows as reported on the statement of cash
flows in terms of operating activities, investing activities,
and financing activities.
3. Explain the direct and indirect methods of converting net
income to net cash flow from operations.
4. Describe the four-step approach to preparing the
statement of cash flows.
(continued
)
24
(continued)
5. Identify issues involved in the analysis of statements
of cash flow.
25
A hospitality operation typically has cash inflows and outflows
related to three activities:
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Operating activities
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Investing activities
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Financing activities
26
1. Determine the net cash flows from operating
activities.
2. Determine the net cash flows from investing
activities.
3. Determine the net cash flows from financing
activities.
4. Present the cash flows by activity on the SCF.
27
Ratio Analysis
1. Identify standards against which the results of ratio
analysis may be compared.
2. Explain the function and purposes of ratio analysis.
3. Identify common classes of ratios and describe the
general purpose of each.
4. Calculate common liquidity ratios and describe how
creditors, owners, and managers view them.
5. Calculate common solvency ratios and describe how
creditors, owners, and managers view them.
(continued)
29
(continued)
6. Calculate common activity ratios and describe how
creditors, owners, and managers view them.
7. Calculate common profitability ratios and describe how
creditors, owners, and managers view them.
8. Calculate common operating ratios and explain how
managers use them to evaluate operational results.
9. Summarize the limitations of ratio analysis, describe the
usefulness of financial ratios, and explain how computers
can be used in ratio analysis.
30
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Ratios from a past period
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Industry averages
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Budgeted or planned ratios
31
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Managers use ratios to monitor operating performance and
evaluate their success in meeting goals.
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Creditors use ratios to evaluate the solvency of a business
and to assess the risk of future loans.
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Investors and potential investors use ratios to evaluate the
performance of a business and the business’s ability to
meet the investors’ specific goals.
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Ratios reveal important information that may not be
obvious or apparent in the financial statements.
32
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Liquidity
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Solvency
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Activity
–
Profitability
»
Operating
33
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Current ratio
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Acid-test ratio
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Operating cash flows to current liabilities ratio
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Accounts receivable turnover
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Average collection period
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Working capital turnover
34
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Solvency ratio
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Debt-equity ratio
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Long-term debt to total capitalization ratio
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Number of times interest earned ratio
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Fixed charge coverage ratio
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Debt service coverage ratio
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Operating cash flows to total liabilities ratio
35
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Inventory turnover
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Property and equipment (fixed asset) turnover
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Asset turnover
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Paid occupancy percentage
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Complimentary occupancy
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Average occupancy per room
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Multiple occupancy
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Seat turnover
36
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Profit margin
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Operating efficiency ratio
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Return on assets
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Gross return on assets
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Return on owners’ equity
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Return on common stockholders’ equity
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Earnings per share
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Price/earnings ratio
37
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Mix of sales
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Average room rate (ADR)
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Revenue per available room (RevPAR)
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Revenue per available customer (RevPAC)
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Average food service check
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Food cost percentage
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Beverage cost percentage
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Labor cost percentage
38
Basic Cost Concepts
1. Define various types of costs and explain how they
change in response to changes in sales volume.
2. Use various methods to estimate the fixed and variable
elements of a mixed cost.
3. Explain how fixed and variable cost factors influence
purchasing decisions.
4. Distinguish direct costs from indirect costs.
(continued)
40
(continued)
5. Identify overhead costs and explain how they may be
allocated to profit centers.
6. Describe controllable, differential, relevant, sunk,
opportunity, average, incremental, and standard costs.
41
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Fixed costs—constant in the short run, unaffected by
changes in sales volume
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Variable costs—costs that change in direct proportion
to changes in sales volume
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Step costs—costs that are constant within a range of
activity, but that change when different ranges of
activity are reached
(continued)
42
(continued)
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Mixed costs—costs that have both fixed and variable
elements; because of the variable element, these costs go
up with sales volume
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Total costs—the sum of fixed, variable, step, and mixed
costs
43
Cost Approaches to Pricing
1.
Explain how the concept of price elasticity of demand applies to
hospitality operations.
2.
Describe informal approaches to pricing and identify factors
that modify cost approaches to pricing.
3.
Apply the ingredient and prime ingredient mark-up approaches
to pricing food and beverage items.
4.
Apply the $1 per $1,000 approach and the Hubbart Formula to
pricing rooms.
(continued)
45
(continued)
5. Describe the reasons for and process of discounting room
rates, and define and apply revenue management.
6. Use a bottom-up approach to pricing meals.
7. Demonstrate how changes in sales mix affect gross profit.
8. Explain the menu engineering approach to pricing food
and beverage items.
9. Identify the advantages and disadvantages of integrated
pricing by hospitality operations.
46
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Competitive pricing
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Intuitive pricing
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Psychological pricing
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Trial-and-error pricing
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Prices charged in the past
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Guests’ perceptions of value
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Prices charged by the competition
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Price rounding
48
Desired profits
+
Income taxes
+
Management fees
+
Fixed costs
+
Undistributed operating expenses
+ (–)
+
Non-room departmental losses (profits)
Direct expenses of the rooms department
Required rooms department revenue
49
Forecasting Methods
1. Describe the nature and limitations of forecasting and
identify the kinds of patterns that emerge from historical
data of hospitality operations.
2. Describe and apply various quantitative forecasting
methods and explain how they differ from qualitative
forecasting methods.
3. Identify factors hospitality operations should consider
when selecting a forecasting method.
4. Describe the purpose of, and methods used to create,
short-term forecasts in the lodging industry.
51
Smoothing
Constant
= Period 2 Forecast – Period 1 Forecast
Period 1 Actual Demand – Period 1 Forecast
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Market research
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Jury of executive opinion
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Sales force estimates
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The Delphi method
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Effectiveness of the method
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Costs of using the method
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Frequency with which forecasts will be updated
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Turnaround required for an updated forecast
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Size and complexity of the hospitality operation
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Forecasting skills of personnel involved
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The purposes for which the forecasts are made
54
Capital Budgeting
1. Explain the relationship of capital budgeting to operations
budgeting and identify types of capital budgeting decisions.
2. Calculate the time value of money.
3. Describe the relevance of cash flow to capital budgeting.
4. Describe and apply four capital budgeting models.
5. Explain the need for and process of capital rationing.
56
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Meet government requirements.
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Reduce certain operational costs.
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Increase sales.
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Replace an existing fixed asset.
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F = A(1 + i)n
where F = future value
A= present amount
i = interest rate
n = number of years (or interest periods)
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P=F
1
(1 + i)n
where P = present amount
F = future amount
i = interest rate
n = number of years
59
ARR = Average Annual Project Income
Average Investment
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Payback Period =
Project Cost
Annual Cash Flow
61
Lease Accounting
1. Describe leases and explain the function of a lease
agreement.
2. Describe some of the advantages and disadvantages of
leases.
3. Identify and describe common lease provisions.
4. Differentiate between operating and capital leases and
explain how they are accounted for.
(continued)
5. Define leasehold improvements
and sale and leasebacks.
63
(continued)
6. Explain the effect that capital leases have on financial
ratios.
7. Select and use relevant information to make buy-or-lease
decisions
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Advantages:
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Conserves working capital
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Possibly less red tape
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More frequent equipment changes possible
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Tax benefits passed on by the lessor
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Often less restrictive than lending agreements
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Less negative impact on financial ratios
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Capital budgeting may not be necessary
(continued)
65
(continued)
Disadvantages:
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Residual value benefits lessor
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Sometimes more expensive than purchasing
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Early disposal of lease can be costly
66
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Term of lease
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Purpose of lease
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Rental payments
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Renewal options
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Executory costs
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Inspection of lessee’s books
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Damage provisions
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Subleasing
(continued)
67
(continued)
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Lessee’s opportunity to make payments for which lessor is
responsible
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Security deposits
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Indemnity clauses
68
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Title transfer provision
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Bargain purchase provision
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Economic life provision
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Value recovery provision
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