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Chapter: 1 Accounting: A Management Resource
Chapter: 2 Business Formation: Important Decisions
Chapter: 3 Survey of Financial Statements
Chapter: 4 Exploring the Balance Sheet
Chapter: 5 Exploring the Income Statement
Chapter: 6 The Bookkeeping Process
Chapter: 7 Computerized Accounting System: An Introduction
Chapter: 8 Computerized Accounting Cycle: A Demonstration
Chapter: 9 Restaurant Accounting and Financial Analysis
Chapter: 10 Hotel Accounting and Financial Analysis
Chapter: 11 Depreciation and Amortization Methods
Chapter: 12 How to Analyze Hospitality Financial Statements
Chapter: 13 Annual Report to Shareholders
Chapter: 14 Credit and Debit Cards
Chapter: 15 Introduction to Budgeting and Forecasting
Chapter: 16 Internal Control of Cash
Chapter: 17 Business Math Topics for Hospitality ManagersDownload
Course Description: Provides a basis for understanding hospitality accounting concepts and procedures, the processing of hospitality financial data, and the flow of financial information in the accounting cycle that results in the production of financial statements.
Objectives: At the completion of this course, students should be able to:
1. Define and describe the purpose of accounting.
2. Explain why financial statements are necessary and why the study of accounting is important to a hospitality career.
3. Describe the major forms of business organization and the advantages and disadvantages of each.
4. Identify the major financial statements and explain their contents and when they are issued.
5. Identify and describe the asset, liability, and equity accounts used to prepare a balance sheet.
6. Describe the income statement and identify the accounts used to prepare an income statement.
7. Define and describe bookkeeping and double-entry accounting, and identify common bookkeeping accounts and tools.
8. Use three basic questions to analyze business transactions, and use debits and credits to record business transactions.
9. Describe the advantages and potential disadvantages of using a computerized accounting system.
10. List factors to consider when selecting a general ledger software package.
11. Explain the accounting cycle and the difference between accrual and cash basis accounting.
12. Summarize the steps necessary to convert from a manual accounting system to a computerized accounting system.
13. Describe the significance of restaurant accounting, and describe basic elements for food and beverage sales accounting.
14. Identify and explain the various food sales and beverage sales analysis statistics
15. Describe hotel financial statements intended for external users, and describe the income statement and income statement package prepared for internal users.
16. Explain the special accounting considerations for a hotel with a casino department.
17. Define internal control, explain its objectives and limitations, and describe the principles of internal control for cash receipts and disbursements.
18. Describe how to read and analyze the income statement, balance sheet, and statement of cash flows using common analytical methods.
19. List and describe the major components of the annual report to shareholders.
20. Summarize the advantages that hospitality businesses enjoy if they accept credit cards, explain merchant accounts, and describe point-of-sale systems.
21. Explain the importance of budgeting and forecasting, summarize general guidelines for creating a budget, and describe how managers forecast sales and expenses.
22. Describe variable, fixed, and semi-variable expenses, and explain the breakeven point and profit target formulas.
23. Describe the simple interest method of calculating interest expense, and explain how to calculate simple interest when the time period is sated in full years, full months, and days.
24. Describe cash discounts and interpretation of various invoice discount terms.
25. Apply compound and present value concepts to annuities, and perform those calculations.
Group Teaching Guidelines: This course is designed with 17 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.
Learning Resource: Hotel and Restaurant Accounting, Seventh Edition, by Raymond Cote.
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