HB100-14_scorekeeping

HB100-14_scorekeeping - HB 100 Session 14 Chapter 17...

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HB 100 Session 14 Chapter 17 Accounting, Finance, and Cost Control
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The process of collecting, recording, classifying, summarizing, reporting, and analyzing financial activities. Accounting
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Accounting If we find and keep customers/guests and control costs in the process – the goal is to earn profits The accounting department is responsible for tracking and reporting information about the operation’s day-to-day activity and profitability The size of the accounting staff is usually related to the size of the business organization and the form of business ownership
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Uniform Systems of Accounts A standardized accounting system for each industry segment (lodging, restaurants, clubs etc.) which provides easy and useful comparison with other similar businesses These systems also assist managers in better decision making because the details of operational data are consistently collected
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Regulatory Agencies Generally accepted accounting principles (GAAP) provide guidelines for the financial measurement of operating activity and for the preparation of financial statements Two agencies involved with establishing guidelines, rules, and standards are: Financial Accounting Standards Board (FASB) Private organization that sets broad accounting standards and specific rules Agency of the government that sets standards for companies that issue stock
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Areas or Types of Accounting Financial accounting: Used by external agencies such as investors and creditors; provides information to decision makers regarding the financial position of a company Managerial accounting: Concerned with providing economic and financial data to managers and other internal users regarding a business’s daily activities Tax accounting: Helps the taxpayer comply with all laws regarding tax paying Cost accounting: Assists managers in identifying and controlling costs; that is, the cost of products or services and how these costs might affect selling prices Auditing: Physical examination of financial records to determine accuracy
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Types of Business Ownership A proprietorship , or sole proprietorship , is a business owned by one person who generally acts as the manager or operator of the business and whose accounting records of business activities are kept separate A partnership is a business – unincorporated – owned by two or more partners with an agreement to run the business together In a corporation the business is, by law, completely separate from its individual owner(s) – these shareholders have limited liability; the business is responsible for its profits and, of course, its losses
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Liability: limited vs. unlimited Legally, under
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This note was uploaded on 04/29/2009 for the course HB 265 taught by Professor Jaemincha during the Spring '09 term at Michigan State University.

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HB100-14_scorekeeping - HB 100 Session 14 Chapter 17...

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