explain The Importance of Budgeting in Hospitality.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
explain The Importance of Budgeting in Hospitality.

Transcribed Image Text:||!
★ Homework Help - Q&A from On x M Inbox (1,519) - mashahazzard477 X M New message from Barrington G X
7°C
Mostly cloudy
File | C:/Users/masha%20hazzard/Downloads/HOTL3000%20UNIT%207_2018_04_04.pdf
Draw
(T) Read aloud
Master
Budget
+
HOTL3000 UNIT 7_2018_04_04.p X
12 of 19
4).
You may note that a comprehensive income statement for an average company will align to the
income statements of the divisions within the company. Likewise, a budget, which is comprised
of many schedules that all feed into an overarching schedule, is widely referred to as a master
budget. It is this master budget which contains a hotel's fore-cast income statement for the
forthcoming period (typically a year), as well as the forecast balance sheet at the end of the
budgeted period (see figure 7.2).
Q Search
Forecast Income
Statement
For Upcoming Year
Forecast Balance Sheet
for End of Budget Period
Figure 7.2. A Master Budget and Statements that Feed Into It
HOTL3000- Resort Operations UNIT 7 - 20180301_v1
+
Given that the forecast income and balance sheet statements do not typically provide sufficient
detail to facilitate the control of hotel's many departments other budgeted income statements are
needed as follows:
H
148
♥
ENG
US
60
O
12:13 pm
26/02/2023
X
I
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps

Recommended textbooks for you

Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education

Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning

Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education

Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning

Management Information Systems: Managing The Digi…
Management
ISBN:
9780135191798
Author:
Kenneth C. Laudon, Jane P. Laudon
Publisher:
PEARSON

Business Essentials (12th Edition) (What's New in…
Management
ISBN:
9780134728391
Author:
Ronald J. Ebert, Ricky W. Griffin
Publisher:
PEARSON

Fundamentals of Management (10th Edition)
Management
ISBN:
9780134237473
Author:
Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:
PEARSON