Heritage Tourism (3 Credits)

Learning Outcomes:

On successful completion of this course, students will be able to: define the accounting principles, concepts within the hospitality industry; review briefly and give examples of some of the major types of costs, such as direct and indirect costs, fixed and variable costs, and discretionary costs; perform the common uses of major elements in both the statement of cash flows and the various statements used to analyze working capital; evaluate the financial analysis projections of a feasibility study.

Topics:

1.  Basic Financial Accounting Review;
2. General Accounting Terms;
3. Generally Accepted Accounting Principles;
4. The Ledger Account;
5. Understanding Financial Statement;
6. Income Statement and Balance Sheet;
7. Analysis and Interpretation of Financial Statements;
8. Ratio Analysis;
9. Internal Control;
10. Method of Theft or Fraud;
11. Problem Unique to The Hospitality Industry;
12. Principles of Internal Control;
13. The Bottom Up Approach to Pricing;
14. Cost Management;
15. Allocating Indirect Cost to Revenue Area;
16. The Cost Volume Profit Approach;
17. Cost Volume Profit Formula;
18. Operation Budgeting;
19. The Budget Cycle.