Financial Management Guide from C.H.I.P.S.

Accounting for Club Operations
by Raymond S. Schmidgall and James W. Damitio

This book presents accounting concepts and explains how they apply to specific operations within the club industry.

Accounting for Club Operations is written primarily for financial executives and managers in the club industry.

Each chapter begins with an outline and a list of the competencies that the chapter addresses. At the end of each chapter, there are review questions and problems designed to test the reader's understanding of the concepts covered within the chapter.


  1. Introduction to Club Accounting

    • Overview of the Club Industry
    • Accounting Function in the Club Industry
    • Principles of Accounting
    • Branches of Accounting
    • Review of Accounting Mechanics
    • Accounting Cycle
    • Ethics and Club Accounting

  2. Statement of Financial Position

    • Purposes of the statement of Financial Position
    • Limitations of the Statement of Financial Position
    • Content of the Statement of Financial Position
    • Statement of Financial Position Analysis

  3. Statement of Activities

    • Major Elements of the Statement of Activities
    • Relationship with the Statement of Financial Position
    • Management's Use of Financial Information
    • Uniform Systems of Accounts
    • Approach to Club Industry Statements of Activities
    • Club Industry Operating Statistics
    • Analysis of Statements of Activities

  4. Statement of Cash Flows

    • Purpose of the Statement of Cash Flows
    • Classification of Cash Flows
    • Conversion of Accrual Income to Net Cash Flow From Operations
    • Preparing the SCF
    • Analysis of Statements of Cash Flows

  5. Ratio Analysis

    • Standards for Evaluating Ratios
    • Purposes of Ratio Analysis
    • What Ratios Express
    • Classes of Ratios
    • Limitations of Ratio Analysis

  6. Understanding and Applying Cost Concepts

    • Cost Behavior
    • Cost-Volume-Profit Analysis
    • Cost Approaches to Pricing
    • Food Sales Mix and Gross Profit
    • Menu Engineering
    • Integrated Pricing

  7. Operations Budgeting

    • Types of Budgets
    • Budgeting Horizons
    • Reasons for Budgeting
    • Personnel Responsible for Budget Preparation
    • Budget Preparation Process
    • Budgetary Control

  8. Current Asset Management

    • Working Capital Components
    • Cash Budgets
    • Inventory Management
    • Managing Accounts Receivable
    • Managing Current Liabilities

  9. Internal Controls

    • Characteristics of Internal Control
    • Basics of Internal Accounting Control
    • Implementation and Review of Internal Controls
    • Internal Control in Small Operations
    • Additional Classification of Controls

  10. Capital Budgeting

    • Time Value of Money
    • Capital Budgeting Models
    • Use of Capital Budgeting Models in the Club Industry

  11. Property, Equipment, and Other Fixed Assets

    • Initial Recording of Property and Equipment
    • Depreciation of Property and Equipment
    • Other Assets
    • Leasing

  12. Accounting for Payroll-Related Liabilities

    • Control Features
    • Payroll Records
    • Payroll Journal Entries
    • Reporting Tips
    • Determining Employee Status

  13. Club Technology Applications

    • Generic Software Applications for Clubs
    • Club Accounting Applications
    • Transaction Technologies
    • Internet Applications for Clubs

  14. Lease Accounting

    • Leases and Their Uses
    • Lease Accounting
    • Leasehold Improvements
    • Leases and Their Effect on Financial Ratios
    • Choosing to Lease or Buy

  15. Taxes

    • Tax Classifications of Clubs
    • Tax Basics
    • Tax Avoidance
    • Federal Income Tax Exemption
    • State and Local Taxes
    • Federal Income Tax Rates
    • Retention of Business Records


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Accounting for Club Operations
by Raymond S. Schmidgall and James W. Damitio
395 pages $92.95 + shipping
Texas residents please add 6.75 % sales tax

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