Accounting and Finance for Hotel

Learning Outcomes

On successful completion of this course, student will be able to: Identify the users and used of accounting, the various systems of accounting procedures used in the hospitality industry, the tree major fields of the accounting profession, assumptions/principles/constraints, the basic steps in the recording process, the sections of a classified balance sheet, the tools o; Explain what accounting is, the meaning of GAAP/assumption, principles and constraints, the accounting cycle, recording process, accrual basis of accounting, why adjusting entries are needed, the books closing process, the approaches to preparing correcting entries, the important of gross profits, horizontal; Illustrate perpetual and periodic inventory system; Analyze the effects of business transactions on the basic accounting equation, a firm’s liquidity, profitability, and solvency, also to calculate cost of goods sold using FIFO/Average/LIFO methods, the maturity date and interest on notes receivable, periodical depreciation using different methods, amortizat; Prepare trial balance, adjusting entries, work sheet, income statement, change in owner’s equity, balance sheet, cash flow statement, and a bank reconciliation; Compare an item or financial relationship with industry/ intra-company/ inter-company.

Topics

1. Hospitality Accounting in Action
2. Accounting Principles
3. The Recording Process
4. Adjusting the Accounts
5. Completion of the Accounting Cycle
6. Financial Statements
7. Financial Statement Analysis
8. Accounting for Merchandising Operations in Hospitality
9. Inventories and Cost of Goods Calculations
10. Internal Control and Cash
11. Accounting for Receivables
12. Long-Term and Intangible Assets
13. Sole Proprietorships, Partnerships and Corporations.