Term
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Definition
| accounts payable, taxes payable, etc. |
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Definition
| cash, inventory, accounts receivable |
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Term
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| equipment, property, plant |
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Term
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Term
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Definition
| retained earnings, initial capital accounts, common stock |
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Term
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Definition
| current assets, current liabilities |
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Term
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Definition
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Term
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Definition
| Room Revenues/ total rooms |
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Term
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Term
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Definition
| change in profits/ change in revenue dollars |
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Term
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Definition
| Revenues - cost of sales + wages + benefits + operating epxpenses |
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Term
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Definition
| profit dollars/revenue dollars |
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Definition
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Definition
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Term
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| profit dollar/ revenue dollar |
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Definition
| #of outstanding shares X stock price |
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Term
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Definition
| current assets - current liabilites |
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Term
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Definition
| the formal business and financial plan for a business for 1 year |
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Term
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Definition
| the difference between 2 numbers |
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Term
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Definition
| to examine, to note the likeness or differene |
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Term
| financial management cycle |
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Definition
| the process of producing, preparing, analysing, and applying #'s to business operations |
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Term
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Definition
| updates the budget weekly, monthly, or quarterly |
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Term
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Definition
| the official financial performance of the previous year |
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Term
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Definition
| a share or portion in relation to the whole or part |
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Term
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Definition
| measures the differne in percent between 2 numbers |
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Term
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Definition
| measures the $ cost or expense as a part of the total applicable revenue |
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Term
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Definition
| measures dollars or units as a part of a whole |
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Term
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Definition
| measures the dollar profit as a part of the total applicable revenues |
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Term
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Definition
| the prjected first year of operations prepared before actual operations begin |
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Term
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Definition
| a general inclination or tendency |
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Term
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Definition
| acutal results - previous results |
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Term
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Definition
| dollar change/ previous results |
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Term
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Definition
| expense dollars/corresposnding revenue dollars |
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Term
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Definition
| individual or department amount/ total |
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Term
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Definition
| profit dollars/ corresponding revenue dollars |
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Term
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Definition
| a staff department that supports all other staff and operating departments in the hotel with regard to accounting procedures and hotel operations |
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Term
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Definition
| the process of approving invoices and issuing checks in payment for products and goods received by a hotel or restaurant |
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Term
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Definition
| a 28 day time period that can be used instead of calender months to prepare management reports and financial staements coverin hotel operations |
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Term
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Definition
| the process of billing and collecting accounts settled after the guest company had checked out the hotel. It includes credit card billing and company direct billing |
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Term
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Definition
| a manager in the accounting office who reports to the Director of Finance and oversees specific funtions in the accounting office, either Income Operations or Accounts Receivable |
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Term
| Corporate Accounting Office |
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Definition
| a cental location that provides accounting support and services for individual hotels or resturants operated by the company |
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Term
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Definition
| a amanger that had direct responsiblity for the operations of a specific hotel department. Department heads report to an Executive Committee Member and have line mangers and supervisors reporting to them |
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Term
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Definition
| the mangers or positions that report directly to a specific management position |
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Term
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Definition
| the Executive Committee Memberdirectly responsible for all accounting oeprations in a hotel, somtimes reffered to as the controller |
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Term
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Definition
| the members of the senior managements who report directly to the GM and have responsibility for several specific hotel departments. Department Heads report to an executive committee member |
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Term
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Definition
| paying customers who stay in hotels and eat in restuarants and pay money for receiving those products and services |
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Term
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Definition
| hotels with generally more than 200 rooms that operate food and beverage outlets, catering functions and meeting room rentals, gift shops, valet laundry, health workout facilities, bellmenm and other services and amentities |
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Term
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Definition
| the position that collects, balances, and consolidates all of the operating department deposits into one deposit for the hotel that goes to the bank each day |
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Term
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Definition
| the senior manager in the hotel who is responsible for all hotel operations. All positions and activites are the responsibilty of this person |
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Term
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Definition
| the section of the accounting office that is involved in recording income, processing deposits, paying expenses, and assiting other hotel managers |
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Term
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Definition
| employees who receive the support of other company employees in performing their job responsibilties. EX all empoyees are internal customers for the human resource department, which administers benefits, processes payroll, and conducts training programs for their internal customers - all employees |
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Term
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Definition
| the entry-level management position who has face-to-face interaction with the customers and is responsible for leading employees in operating the different shifts of a hotel department |
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Term
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Definition
| a hotel department that records revenues and produces profits by providing products and services to paying customers or guests |
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Term
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Definition
| describes the reporting relationships, responsibilities, and operating activities for a department or business unit |
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Term
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Definition
| a hotel department that provides assistance and support to the hotel oeprating departments. the have internal customers |
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Term
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Definition
| a term interchangable with profit and earnings |
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Term
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Definition
| the amount of cash or cash equivalents that a business has to cover its daily operating expenses |
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Term
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Definition
| a measure of the value of a company that includes the number of outstanding shares held by individual and institutional investors times the current tock price of the company |
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Term
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Definition
| customer groups defined by expectations, preferences, buying patterns, and behavior patterns |
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Term
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Definition
| the equipment that records the customer transaction, including identifying the method of payment and reporting the type of transaction |
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Term
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Definition
| the amount of revenues left over after all appropriate expenses have been paid |
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Term
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Definition
| measures the operating success and profitabilty of a business |
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Term
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Definition
| the term for the physical hotel or restuarant |
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Term
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Definition
| the $ amount paid byt he customer to receive a product or service provided by a business |
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Term
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Definition
| the amount of incremental revenue dollars that become incremental profit dollars. It is expressed as a percentage |
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Term
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Definition
| a monetary amount that customers pay to purchase a product or service. It can be cash, check, cc, accts receivable, or electronic transfer |
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Term
| Revenue per available room |
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Definition
| and importnat measure of a hotel's ability to generate room revenue by measuring bother avg room rate and occ % |
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Term
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Definition
| measures the liquidity and flow of cash in a business |
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Term
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Definition
| the number of units sold, served, received, or bought by cutomers during a specific time frame |
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Term
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Definition
| the amount of money utilized in the daily operations of a business. It includes using the current assets and current liabilities as well as cash in producing a product or service |
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Term
P&L * measure the operating success and profitability of a business ( income statement) |
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Definition
1. covers a specific time perios (MQA)
2. It reports the actual financial results of a business (revenues,expenses, profits) specific time
3. evaluates the actual performance TO budget, forecast, & previous perormance
4. Includes summary or consolidated P&L & supporting P&L statments
a. Consolidated P&L - summarize rev, exp, prof by department
b. Department P&L - detail rev, exp, prof by department
5. new P&L statement is generated each month or acc period, records current month info & YTD info
6. managers are expected to critique their monthly P&L statements to explain postivie and negative variations from budg, forecast and previous performance (BFP) |
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Term
| balance sheet * measures the value or worth of a business. Also known as Asset and Liability statement (A&L) |
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Definition
1. measures value or worth at specific point in time
2. Fundamental accounts equation --> assets = L - OE
3. made up of accounts organized by A,L,OE
4. these accounts are divided into current accounts(<1year) also referred to as working capital and long-term accounts (>1year) which are referred to as capitalization
5. each accounts has a beginning balance, monthly activity, ending balance
6. Unlike P&L managers are not expected to provide critiques of monthly BS activity (done by accting dept.)
7. each month accounting managers balance the accounts on the BS |
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Term
| statment of cash flows * measures the liquidity and flow of cash of a busniess |
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Definition
1.invloves the cash account and BS
2. beginning and ending balances
3. shows how money is used in daily operations
4. measures liquidity
5. fundamental component of working capital
6. reflects the increases and decreases in BS accounts |
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Term
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Definition
| management tool & financial performance |
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Term
| Accounting and Financial mngt: |
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Definition
| mazimizing reveneues, minimizing expenses, maximizing profits, using numbers to measure and improve financial performance |
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Term
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Definition
| the source and methods of raising money to invest in and start a business |
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Term
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Definition
| the speration of a business's mngt of monetary affairs into parts for individual study |
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Term
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Definition
| the bookkeeping methods and financial transactions used in the daily business operations |
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Term
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Definition
| measures the value or net worth of a business |
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