Managerial accounting competency guide

The NRAEF is introducing a new program as part of its strategic focus on recruitment and retention. This new management training certificate program is based on a set of competencies defined by the restaurant, foodservice and hospitality industry as those needed for success. NRAEF ManageFirst Program leads to a new credential, ManageFirst Professional (MFP), which is part of our industry career ladder. This competency-based program includes 12 topics, each with a competency guide, exam, instructor resources and certificate. Students earn a certificate for each exam passed. The topics and exams are aligned to typical on-campus courses. For example, the Controlling Foodservice Costs Competency Guide is designed to align with a Cost Control or Operations Management course. Competency Guides and Textbooks:Most guides are 150-200 pages in length and are designed to be used with traditional textbooks for each course area. Each guide contains the essential content for that topic, learning activities, assessments, case studies, suggested field trips & research projects, professional profiles and testimonials. Instructor resources are available electronically and include competency guide content, notes indicating points to be emphasized, recommended activities and discussion questions, and answers to all activities and case studies. Exams:Exams accompany each topic covered in the competency guides. Pencil and paper and online exam formats are offered. They typically are proctored on campus at the end of a course by faculty.Certificates:The NRAEF provides a certificate to students upon successfully passing each exam. The certificates are endorsed by the NRAEF and feature the student's name and the exam passed. The certificates are a lasting recognition of a student's accomplishment and a signal to the industry that the student has mastered the competencies covered within a particular topic.Credential:Upon successful completion of five NRAEF ManageFirst Program exams (including three predefined core topics, one foundation topic, and ServSafe Food Safety) a student is awarded the NRAEF ManageFirst Professional (MFP) credential. There is no additional charge for the credential. The program is targeted at the academic community. The program is flexible for use at two-year or four-year restaurant, foodservice and hospitality programs, proprietary schools and technical/vocational career education schools.

Introduction
A Message from the National Restaurant Association Educational Foundation	p. iii
Acknowledgments	p. v
Features of the NRAEF ManageFirst Competency Guides	p. vi
Tuning In to You	p. viii
Professional Profile	p. ix
Chapter 1 Managing Cash at the Operation
The Importance of Monitoring	p. 2
Calculating Guest Checks	p. 3
Processing Payment from Guests	p. 4
Cash Register Reconciliation	p. 12
Preparing Bank Deposits	p. 13
Chapter 2 Managing Payables and Receivables
Accounts Payable	p. 20
Accounts Receivable	p. 24
Chapter 3 Exploring Costs
Controllable and Noncontrollable Costs	p. 32
Fixed, Variable, and Semivariable Costs	p. 34
Chapter 4 Preparing the Operating Budget
What Is an Operating Budget?	p. 40
Forecasting Sales Revenue	p. 41
Forecasting Costs	p. 42
Putting It All Together	p. 49
Chapter 5 The Profit and Loss Report
What Is a Profit and Loss Report?	p. 56
Preparing Profit and Loss Reports	p. 57
Analyzing Profit and Loss Reports	p. 59
Chapter 6 Introduction to Cost Control
The Cost Control Process	p. 66
A Closer Look at Costs	p. 70
Chapter 7 The Capital Budget
What Is a Capital Budget?	p. 82
Preparing a Capital Budget	p. 83
Outlining Capital Spending Plans and Timelines	p. 87
Field Project	p. 93
Index	p. 95

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Table of Contents