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Lily Shultz is a junior majoring in hotel and restaurant management. She wants to work for a large hotel chain with the goal of eventually managing a hotel. She is considering the possibility of taking a course in either financial accounting or cost management. Before choosing, however, she has asked you to provide her with some information about the advantages that each course offers. Required: Prepare a letter advising Lily about the differences and similarities between financial accounting and cost management. Describe the advantages each might offer the manager of a hotel.

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Cornerstones of Cost Management (C...

4th Edition
Don R. Hansen + 1 other
Publisher: Cengage Learning
ISBN: 9781305970663

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Section
BuyFindarrow_forward

Cornerstones of Cost Management (C...

4th Edition
Don R. Hansen + 1 other
Publisher: Cengage Learning
ISBN: 9781305970663
Chapter 1, Problem 8P
Textbook Problem
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Lily Shultz is a junior majoring in hotel and restaurant management. She wants to work for a large hotel chain with the goal of eventually managing a hotel. She is considering the possibility of taking a course in either financial accounting or cost management. Before choosing, however, she has asked you to provide her with some information about the advantages that each course offers.

Required:

Prepare a letter advising Lily about the differences and similarities between financial accounting and cost management. Describe the advantages each might offer the manager of a hotel.

To determine

Draft a letter to Person L advising about the differences and similarities between financial accounting and cost management and describe the advantages offered to the manager of the hotel.

Explanation of Solution

Cost management: Cost management is concerned with allocating costs and using the information for planning, controlling, decision making and continues improvement.

 Financial accounting: Financial accounting is the process of measuring the business activities of an organization and communicating those measurements to investors, creditors and other external parties who depend upon the accounting information for making investment and lending decisions.

Dear L,

I am satisfied that you are willing to take up accounting courses to accompany your hotel and restaurant. Basic subject knowledge of accounting can help in dealing with the aspects that are associated with hotel management.

Financial accounting is basically prepared for the external users or outside parties of business. It includes preparation of financial statements explaining about the asset and liabilities of a business and the periodic income generated...

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Chapter 1 Solutions

Cornerstones of Cost Management (Cornerstones Series)
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