Hospitality
Industry Financial Accounting
Course Description: Introduce your students to the fundamentals of
financial accounting in a way even students who aren't "numbers people" can
understand. Revisions reflect the most recent formats, information, and schedules from the
ninth revised edition of the Uniform System of Accounts for the Lodging Industry.
Evaluation: The student must complete eighteen basic, self-scoring review
quizzes, four progress test, and a comprehensive final examination.
Learning
Resource:
Basic Financial Accounting
for the Hospitality Industry, Second Edition
Raymond S. Schmidgall, Ph.D., CPA, Michigan State
University
James W. Damitio, Ph.D., CMA, Central Michigan
University
Learning 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, journalizing, 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. and
15. Define ten steps of the accounting cycle.
16. Describe the balance sheet, the income statement, the statement of owner's
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.
.
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