Glossary

Accounting Concepts: A general understanding of the bookkeeping methods and financial transactions of a business.
Accounts Payable: Products or services received by a company but not paid for that are due within one year.
Accounts Receivable: What the company is owed for providing products and services to customers. Revenues recorded but uncollected. The process of billing and collecting accounts settled after the guest or company has checked out of the hotel.
Allocations: The portion of an expense charged to a specific hotel for services received in connection with expenses incurred at the corporate level on behalf of all the hotels or restaurants in the company.
Annual Operating Budget: The formal business and financial plan for a business for one year.
Consolidated Hotel Budget: The summary budget for the entire hotel including revenues, expenses, and profits.
Department Budget: The specific and detailed budget for an individual department that provides all the financial specifics for revenues, expenses, and profits.
Asset (Kiyosaki): Puts money in your pocket.
Assets: The resources owned by a company that are used in the production of products and services by that company.
Current: Assets that are used or consumed during a one-year time period.
Long Term: Assets with a useful life of longer than one year.
Assistant Controller: A manager in the accounting office that reports to the Director of Finance and oversees specific functions in the accounting office either income operations or accounts receivable to confirm or verify the accuracy of operating and financial information.
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Accounting and Financial Analysis in the Hospitality Industry

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