explain The Importance of Budgeting in Hospitality.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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explain The Importance of Budgeting in Hospitality.
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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
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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:
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