HRT 374 Lecture Notes - Lecture 1: Financial Accounting, Financial Statement, Cost Accounting

• School: Cal Poly Pomona
• Department: Hospitality Management
• Course: HRT 374
• Professor: Donald St. Hilaire

Document Summary

Seasonality of business - activity varies not only by the time of year but also by day of the week and time of the day. Short distribution chain and time span - hospitality products and services are often produced and consumed at or nearly at the same time. Labor intensity - automation does not substantially reduce the need for people in delivering hospitality products and services. Fixed asset intensity - most hospitality businesses have a large investment in one or more buildings, furniture, fixtures, and equipment. The major role of hospitality accounting is to provide information to the many users of accounting information, both internal and external. Internal users include department managers, who need accounting information and reports to better manage their departments. External users include financial institutions and potential investors, both of which rely on financial statements to help guide their decisions.