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INVENTORY

WHAT IS INVENTORY?

Author :chef ssentongo Geoffrey

What is inventory?

Definition of inventory in Hotels operators?

Inventory is the stocks of merchandise, operating supplies, and other items held for future use in a hospitality operation.

Inventory is quantity on hand of an item of value; recorded in the books of account as current assets. Inventory (verb) to count and record the quantity of items of value.

FIXE ASSET Turnover?

Fixed asset turnover is the annual sales revenue divided by average fixed assets.

WHAT IS FIXED EXPENSES?

Fixed Expenses are the costs that do not fluctuate in response to sales or inventory charges over time. Examples include Rent free and Depression.

WHAT IS HOSPITALITY?

Hospitality is the generous and cordial provision of services to a guest.

WHAT IS HOUSEKEEPERS ROOM REPORT?

Housekeepers room report is a daily report that lists the occupancy status of each room according to the housekeeping department.

ROOM COUNT

Room count is the number of occupied rooms.

WHAT IS A. M. ROOM CHECK?

A. M. Room check is a visual look at guestrooms that are supposed to be ready to receive guests for the purpose of verifying status. Check is made at about 8:A. M. Those rooms not in a ready status are called A. M. Discrepancies and must be investigated. Some hotels conduct A. M. Room checks on every room to determine each rooms status. Sometimes the housekeeping department schedules works according to the results of the A. M. Room check.

ADMINISTRATIVE THEORY

Administrative theory first introduced by Henrik Fayol. It was an attempt to apply scientific principles to a business organization. A sub component of the classical school.

ASSORTMENT MANAGEMENT

Assortment management is a computer process that breaks down barriers in merchandising by allowing retailers to offer the right amount of product at the right time. Retailers accomplish this through comprehensive computer analysis,which forecasts consumer preferences, buying patterns and buying trends.

DEPARTMENTAL CONTRIBUTORY INCOME

Departmental contributory income is the income of an individual operating department after direct expenses have been deducted from sales revenue; sometimes referred to as contributory income.

COST

Cost is the price paid to purchase an asset or to pay for the purchase of goods or services. Also frequently used as a synonym for expense

ANALYSIS

Analysis is the assessment of the flow of information and services of a specific property to determine if proposed new equipment can improve the flow

SALES REVENUE

Sales revenue is the money earned from sales and or income received in exchange for goods or services.

DEPRECIATION

Depreciation a method of allocating the cost of a fixed asset over the anticipated life of the asset, showing a portion of the cost, for each accounting period of the life, as an expense on the income statement.