HTM 2030 Chapter Notes - Chapter 1: Standard Cost Accounting, Income Statement, Net Income

• School: University of Guelph
• Department: Hospitality and Tourism Management
• Course: HTM 2030
• Professor: William Murray

Document Summary

January 10, 2018 class 2 chapter 1. The more income the higher the expense will be, spend more. In a restaurant, to sell more food, will have to buy more food. Can be discussed in a number of ways. Expenses incurred when goods are consumed or services rendered. Consumed: used properly or wastefully; no longer available for the purpose for which they were purchased, food cooked properly or dropped on the floor, beverage poured correctly or over-poured. Labour staff on duty, whether productive or not. 2: like sales, costs can be expressed in either dollar values or quantities (weight, volume et(cid:272) (cid:895) January 12, 2018 seminar #1 - chapter 1. Lease, rent, mortgage payments: utilities, insurance premiums, property taxes, advertising, repairs, maintenance. Items directly related to changes in sales volume food and beverage semi-variable costs: labor can be a combination of both fixed and variable costs, salary (fixed) and wages (variable)