Course Description:
Covers such areas as specialized accounting for hotel revenue and expenses;
accounting for inventory, property, and equipment; hospitality payroll accounting; hotel
departmental financial statements; the income statement, balance sheet, and statement of
cash flows; the analysis of financial statements; interim and annual reports; budgeting
expenses; forecasting sales; budgetary reporting and analysis; and financial
decision-making
Evaluation: The student must complete sixteen basic, self-scoring review
quizzes, four progress test, and a comprehensive final examination.
Learning Resource: Accounting for Hospitality Managers,
Fourth Edition,
by Raymond Cote, CPA,
CCP.
Learning Objectives:
At the completion of this course,
students should be able to:
1. List the
revenue centers in and revenue accounts used by a hotel, and explain hotel revenue
accounting procedures.
2. Describe basic internal control forms and procedures used in food and beverage
sales.
3. Define and give examples of financial reporting centers.
4. List the types of expenses incurred and expense accounts used in a hotel, and
explain hotel accounting procedures for expenses and bad debts.
5. Explain the logic and procedure for calculating cost of sales.
6. Explain the purpose of a uniform system of accounts, and describe the purpose of
and formats for account numbering systems.
7. Summarize the purposes of and formats for hotel departmental
financial statements.
8. Describe procedures for hospitality payroll accounting (including requirements
for tipped employees), and explain major payroll deductions and taxes.
9. Describe accounting procedures applicable to the acquisition, depreciation, and
disposal of property and equipment.
10. Describe accounting procedures applicable to the acquisition and amortization of
intangible assets, and recognize non-amortizable intangible assets.
11. Explain the purpose, preparation, content, and formats of income statements, including
common-size and comparative formats.
12. Describe the interpretation and analysis of income statements, including the use of
ratios, and list the commonly used income statement ratios.
13. Explain the purpose, preparation, content, and formats of balance sheets, including
common-size and comparative formats.
14. Describe the interpretation and analysis of balance sheets, including the use of
ratios, and list the commonly used balance sheet ratios.
15. Explain the purpose, preparation, content, and format of the statement of cash flows.
16. Summarize the role of, criteria for selection of, and levels of service provided by an
independent certified public accountant.
17. Describe the purpose and preparation of consolidated financial statements.
18. Explain the purpose and content of an annual report, and describe how a reader can
find and interpret information in the report.
19. Define the various types of expenses and apply techniques to budget those expenses
effectively.
20. Use various methods to forecast sales.
21. Describe and use budgetary reporting and analysis techniques.
22. Outline the critical elements to be considered in financial decision-making
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