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HTM260 |
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| 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 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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| To receive detailed
information on PDIT programs, please complete our information request form. View Fees and Print Registration Form Students from the US & Other Countries View Fees and Print Registration Form Students Residing in Canada. Return To HOSPITALITY TRAINING & MANAGEMENT Home Page! Last Updated December 31, 2005 |
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