| Managerial Accounting for
the Hospitality Industry Course
Description: With this
course, With this course, students and industry employees can learn how to make effective
managerial, business, and operational decisions based on a thorough understanding of
financial analyses. Includes how to analyze financial statements, identify costs, develop
realistic budgets, forecast, plan cash flow, and more.
Evaluation: The student must complete twelve basic, self-scoring review
quizzes, four progress test, and a comprehensive final
examination.
Learning
Resource: Managerial Accounting for the Hospitality
Industry, Fourth Edition, by:
Raymond S. Schmidgall, Ph.D., CPA, Michigan State University
Learning Objectives: At the completion of this course, students should be
able to:
1. State the purposes, contents, and limitations of the balance sheet, and analyze
balance sheets using both horizontal and vertical analysis.
2. State the purposes, contents, and limitations of the income statement, and
analyze income statements using both horizontal and
vertical analysis.
3. Understand and use the most current version of the uniform system of accounts
applicable to the lodging industry.
4. State the purposes, contents, and limitations of the statement of cash flows
(SCF), and prepare an SCF.
5. Use ratio analysis to interpret information reported on financial statements
and reports, as well as understand how the interpretation
of ratio results varies
among owners, creditors, and managers.
6. Understand basic cost concepts such as fixed, variable, and mixed costs, as well
as calculate the fixed and variable elements of mixed
costs.
7. Perform a breakeven analysis and use cost-volume-profit analysis to determine
the revenue required at any desired profit level.
8. Use cost approaches to pricing both rooms and food and beverage items.
9. Forecast activity levels by using both qualitative and quantitative forecasting
methods.
10. Prepare an operations budget and analyze variances of actual results from
budgeted plans.
11. Manage a hospitality operation's cash balances, cash flow, and short-term
investments in securities, as well as manage an operation's
working capital.
12. Implement basic internal control techniques for various accounting functions
such as cash receipts, cash disbursements, accounts
receivable, accounts
payable, payroll, inventories, fixed assets, and marketable
securities.
13. Use various capital budgeting models such as the accounting rate of return
model, payback model, net present value model, and the
internal rate of return model
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