Course Description: With this course, With this course, students and industry employees can learn how to make effective managerial, business, and operational decisions based on a thorough understanding of financial analyses. Includes how to analyze financial statements, identify costs, develop realistic budgets, forecast, plan cash flow, and more.
Evaluation: The student must complete twelve basic, self-scoring review quizzes, four progress test, and a comprehensive final examination.
Learning Resource: Managerial Accounting for the Hospitality Industry, Fourth Edition, by:
Raymond S. Schmidgall, Ph.D., CPA, Michigan State University
Learning Objectives: At the completion of this course, students should be able to:
1. State the purposes, contents, and limitations of the balance sheet, and analyze balance sheets using both horizontal and vertical analysis.
2. State the purposes, contents, and limitations of the income statement, and analyze income statements using both horizontal and vertical analysis.
3. Understand and use the most current version of the uniform system of accounts applicable to the lodging industry.
4. State the purposes, contents, and limitations of the statement of cash flows (SCF), and prepare an SCF.
5. Use ratio analysis to interpret information reported on financial statements and reports, as well as understand how the interpretation of ratio results varies among owners, creditors, and managers.
6. Understand basic cost concepts such as fixed, variable, and mixed costs, as well as calculate the fixed and variable elements of mixed costs.
7. Perform a breakeven analysis and use cost-volume-profit analysis to determine the revenue required at any desired profit level.
8. Use cost approaches to pricing both rooms and food and beverage items.
9. Forecast activity levels by using both qualitative and quantitative forecasting methods.
10. Prepare an operations budget and analyze variances of actual results from budgeted plans.
11. Manage a hospitality operation's cash balances, cash flow, and short-term investments in securities, as well as manage an operation's working capital.
12. Implement basic internal control techniques for various accounting functions such as cash receipts, cash disbursements, accounts receivable, accounts payable, payroll, inventories, fixed assets, and marketable securities.
13. Use various capital budgeting models such as the accounting rate of return model, payback model, net present value model, and the internal rate of return model.
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Last Updated December 31, 2005