HTM 2030 Study Guide - Quiz Guide: Standard Cost Accounting, Fixed Cost, Operating Budget

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

Document Summary

Control systems for managing a business. (cid:862)the(cid:863) tate(cid:373)e(cid:374)t. Income statement: financial report showing the performance of a business over a particular period of time. Also called: earning statement, p and l statement, operating statement. Revenue sets the context within which decision about expenses happen. Numbers can be expressed in absolute or relative terms: absolute = amount ($, relative = comparative number. Sales are most often discussed in either: monetary terms, non-monetary terms. Total volume of sales in a given period of time. Only tells the sum total without any details of the pieces. Sales per item or areas (total food; total beverage) More valuable when seeking to understand what was sold. An evaluative tool of productivity for individual servers within a given period of time. Valuable for comparing sales of similarly styled restaurants or chains of different size: sales / seats = average sales per seat.