Appreciate here means ____________.

The current era of growth and dynamic change in hospitality signifies that it is an exciting time to be involved with the industry. Like many other industries, the hospitality sector is experiencing heightened levels of competition and a growing need to apply appropriate management techniques to ensure commercial success. These factors increasingly signify that a hotel manager needs a working knowledge of pertinent financial management tools, techniques and procedures.

Address here means ________________. 

While financial accounting does not represent the primary orientation of the book, a basic understanding of the workings of the financial accounting system can be highly beneficial to the hospitality manager, due to the importance of financial statements such as the balance sheet and profit and loss statement. It is difficult to overstate the importance of these statements as they represent a key resource used by outsiders to gauge an organization’s performance. The need for management to understand the mechanisms by which they are judged externally is clearly important.

Financial management is a process for value creation.