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Management Accounting
“What Information is needed to Manage a Business”


























Zita Kiss, Mark Maklary
IBS Management Accounting
Hotel industry
“What Information is needed to Manage a Business”

Zita Kiss, Mark Maklary
IBS Management Accounting


The purpose of this paper is to provide insights of the Hotel Industry practices in the field of cost accounting. Hotel Industry usually have high fixed costs and also high proportion of indirect costs, they also usually use traditional accounting methods, but some of them have adopted rules of the activity based costing (ABC). According to some research, the factors that mostly affect the managerial decisions of a hotel is in favor of the ABC method.

Introduction

Cost accounting measures and reports financial and non-financial information related to an organization’s acquisition or consumption of resources. It provides information for both financial and management accounting.

Cost accounting, as applicable in the hospitality service industries, is a set of concepts and techniques designed to facilitate the accumulation, analysis and utilization of historical and projected per unit cost for use in management decision making.

While managers in the hospitality service industries require cost accounting information, just as manufacturing firm managers do, the nature of activities in hotels (fixed capacity, perish ability, demand patents, product range, real time activities, production and conception, location and size, labour and capital intensity, and cost structure) makes the cost accounting systems used in   manufacturing firms inapplicable.

Cost Structure

Most hotels have a high proportion of fixed cost with usually 75% of the total cost of a hotel, these costs are fixed and uncontrollable. By uncontrollable we mean that these costs cannot be managed neither reduced by good decisions. In a hotel there are different departments, the room department...

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  • Submitted by: rollerkopter
  • on January 26, 2013
  • Category: Business and Economics
  • Length: 1,123 words
  • Views: 221
  • Popularity Rank: 441671
  • 1 rating(s)

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