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      Hospitality Industry Financial Accounting

      Hospitality Industry Financial Accounting

      Third Edition

      00260CIN03ENGE

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      This textbook presents how to apply basic financial accounting concepts to the hospitality industry. This edition incorporates the most recent formats, information, and schedules from the Uniform Systems of Accounts for the Lodging Industry, Tenth Revised Edition. Each chapter also includes five practice examples using accounting information.

      Topics include:

      • The responsibilities of a hospitality property's accounting department
      • Advantages and drawbacks of various types of income statements
      • The role of inventory in calculating profit 

      Includes course exam scan sheet for students enrolled in a school program.


      Raymond S. Schmidgall, Ph.D., CPA, Michigan State University and James W. Damitio, Ph.D., CMA, Central Michigan University
      ©2006, 18 chapters, Softbound
      ISBN 978-0-86612-284-9

      Attention Instructors:

      This title is distributed in the United States by Pearson Higher Education.  For additional instructor information or to place an order, please visit Pearson's website.

      To find your Pearson customer service representative, visit http://www.pearsonhighered.com/replocator/.

      Table of Contents

      Chapter: 1 Introduction to Accounting
      Chapter: 2 Accounting for Business Transactions
      Chapter: 3 Accounting Adjustments
      Chapter: 4 Completing the Accounting Cycle
      Chapter: 5 Income Statement
      Chapter: 6 Balance Sheet
      Chapter: 7 Specialized Journals and Subsidiary Ledgers
      Chapter: 8 Cash
      Chapter: 9 Receivables and Payables
      Chapter: 10 Inventory
      Chapter: 11 Property, Equipment, and Other Assets
      Chapter: 12 Current Liabilities and Payroll
      Chapter: 13 Partnerships
      Chapter: 14 Corporate Accounting
      Chapter: 15 Bonds, Leases, and Mortgages Payable
      Chapter: 16 Investments in Corporate Securities
      Chapter: 17 Statement of Cash Flows
      Chapter: 18 Analysis and Interpretation of Financial Statements
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      Syllabus

      Prerequisites: None

      Course Description: This course presents basic financial accounting concepts and explains how they apply to the hospitality industry.

      Objectives: At the completion of this course, students should be able to:

      1. Describe the accounting process and the roles that accountants play in collecting and presenting financial information..
      2. Define the major classifications of accounts (assets, liabilities, equity, revenue, and expenses) and describe specific accounts found within each classification.
      3. Understand the correct application of debits and credits by analyzing business transactions for a variety of accounting situations.
      4. Discuss the basis of the double-entry accounting system and identify the normal balances of the various types of accounts.
      5. Describe the posting, journalistic, and closing processes.
      6. Identify the purposes and characteristics of specialized journals and subsidiary ledgers.
      7. Discuss the advantages and disadvantages of the sole proprietorship, the partnership, the corporation, and the S corporation, and describe and compare accounting procedures for each.
      8. Discuss generally accepted accounting principles and explain the usefulness of each.
      9. Distinguish between cash basis accounting and accrual accounting.
      10. List procedures that help ensure internal control of a firm's cash.
      11. Discuss how hospitality firms account for bad debt losses.
      12. Describe accounting procedures involved in notes receivable and notes payable.
      13. Discuss methods of controlling and accounting for inventory.
      14. Identify and define the major classifications of adjusting entries reversing entries.
      15. Define ten steps of the accounting cycle.
      16. Describe the balance sheet, the income statement, the statement of owners' equity, the statement of retained earnings, and the statement of cash flows, and discuss the purposes of each.
      17. Identify the uniform systems of accounts relevant to the hospitality industry.
      18. Explain the purposes of footnotes to financial statements.
      19. Identify and describe commonly used depreciation methods.
      20. Describe accounting procedures used for property, equipment, intangible assets, and other assets.
      21. Describe procedures used to account for current liabilities and payroll.
      22. Describe procedures used to account for bonds, leases, and mortgages payable.
      23. Explain why hospitality firms invest in the securities of other companies, and discuss accounting for investments
      24. Identify the kinds of information obtained through vertical and horizontal analyses of comparative balance sheets and comparative income statements.
      25. Explain ratio analysis and the purposes that it serves for managers, creditors, and investors.
      26. Identify and define five classes of ratios and explain their significance.


      Group Teaching Guidelines: This course is designed with 18 chapter sessions that can be combined or broken down to meet a variety of scheduling needs. Class activities are included in the Instructor's Guide.

      Evaluation: The student must complete a comprehensive final examination covering all 18 chapters.

      Learning Resources: Hospitality Industry Financial Accounting, by Raymond S. Schmidgall and James W. Damitio.

      Presentation Files

      These files are available by chapter for most EI texts. If the book title is underlined, then PowerPoint files are available. Not all chapters have files however, but If the chapter title is underlined, simply click to download the file to your computer. The files are in PowerPoint 95 format, and can be used in both 95, 97 and 2000 versions of PowerPoint.

      Chapter: 1 Introduction to Accounting
      Chapter: 2 Accounting for Business Transactions
      Chapter: 3 Accounting Adjustments
      Chapter: 4 Completing the Accounting Cycle
      Chapter: 5 Income Statement
      Chapter: 6 Balance Sheet
      Chapter: 7 Specialized Journals and Subsidiary Ledgers
      Chapter: 8 Cash
      Chapter: 9 Receivables and Payables
      Chapter: 10 Inventory
      Chapter: 11 Property, Equipment, Intangible Assets, and Other Assets
      Chapter: 12 Current Liabilities and Payroll
      Chapter: 13 Partnerships
      Chapter: 14 Corporation Accounting
      Chapter: 15 Bonds, Leases, and Mortgages Payable
      Chapter: 16 Investments in Corporate Securities
      Chapter: 17 Statement of Cash Flows
      Chapter: 18 Analysis and Interpretation of Financial Statements
      Download