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HTM262 |
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Course Description: Simplified approach to Accounting makes learning the fundamentals of financial record keeping a snap. Student will learn how to apply basic accounting terminology, rules, procedures, and concepts to everyday business situations. Evaluation: The student must complete fifteen basic, self-scoring review quizzes, four progress test, and a comprehensive final examination. Learning Resource: Understanding Hospitality Accounting I, Fourth Edition, by Raymond Cote, CPA, CCP. Learning Objectives: At the completion of this course, students should be able to: 1. Explain the fundamental function and purpose of accounting, and differentiate between bookkeeping and accounting. 2. Explain the purpose of generally accepted accounting standards, and describe the generally accepted accounting principles (GAAP) covered in the text. 3. Describe the proprietorship, partnership, and corporate forms of business organization and their advantages and disadvantages. 4. Explain how equity transactions are accounted for in proprietorships, partnerships, and corporations. 5. Describe the purpose of the basic financial statements prepared by hospitality businesses, and explain when they are prepared. 6. Identify the criteria that determine whether a certified public accountant (CPA) is independent, and describe the independent CPA's role in the preparation of financial statements for external users. 7. Describe the purpose of a chart of accounts and its function in an accounting system. 8. Identify and explain the technical and long forms of the accounting equation. 9. Identify the five major account classifications, and describe the categories and common accounts within each classification. 10. Explain the perpetual and periodic inventory systems and the bookkeeping accounts and accounting methods used in the systems. 11. Define and describe business transactions, and analyze a variety of typical transactions. 12. Describe double-entry accounting and the role of journals, bookkeeping accounts, the general ledger in recording business transactions. 13. Define the terms debit and credit, and list the basic rules governing the proper application of debits and credits in relation to the major account classifications and to contra accounts. 14. Identify the basic steps used in recording business transactions in a two-column general journal. 15. Describe an accounting system and its objectives, and explain the purpose of accounting records. 16. Explain how a general journal and special journals are used. 17. Define journalizing, posting, footing, and crossfooting, and describe the journalizing and posting processes. 18. List and explain the basic steps involved in the month-end accounting process, including the completion of the worksheet and the preparation of financial statements. 19. Identify the steps in the closing process, and describe how the steps are performed. 20. Explain the basic characteristics and functions of computer hardware components and software, and discuss specific computer applications in the hospitality industry. 21. Identify and describe basic features of integrated accounting software packages. 22. Explain the purpose and use of the statement of cash flows. 23. Classify uses of cash as either operating, investing, or financing activities. . . |
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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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