| SUBJECT CODE |
: DHM 261 |
| SUBJECT NAME |
: BASIC HOTEL AND RESTAURANT ACCOUNTING |
| SEMESTER |
: 2 |
| CREDIT HOURS |
: 5 |
| SCHOOL |
: School of Hospitality and Tourism Management |
| COURSE |
: Diploma / Diploma in Hospitality Management |
OBJECTIVES
At the completion of this course, students should be able to:
Explain the fundamental function and purpose of accounting, and differentiate between bookkeeping and accounting.
Identify and explain the technical and long forms of the accounting equation.
Identify the basic steps used in recording business transaction in a two-column general journal.
Describe an accounting system and its objectives, and explain the purpose of accounting records.
LEARNING OUTCOME
Week 1
Explain why financial statements are necessary and explain why the study of accounting is important to a hospitality career.
Week 2
Describe the major forms of business organisation and the advantages and disadvantages of each
Outline the taxation of business income for the major forms of business organisation.
Week 3
Identify various governmental and professional organisations that influence the field of hospitality accounting.
Identify the five account classifications and the fundamental accounting equation, explain the basic financial statements.
Week 4
Identify how to do an initial planning strategy and learn different types of business formation.
Describe the taxation on the business income and insuring the business.
Week 5
Identify the major financial statements and explain when they are issued.
Define the purpose and describe the contents of the statement
of income, statement of owners equity, statement of retained earnings,
balance sheet, and statement of cash flows.
Week 6
Identify and describe the asset accounts.
Describe the liability accounts
Explain the equity accounts and types of accounting for bonds.
Week 7
Identify the types of bonds and describe the accounting for bonds.
Describe the equity accounts.
Week 8
Students will be able to define the revenue classification and explain when a sale is recognized.
Students will be able to explain the accounting procedures for a perpetual inventory system and a periodic inventory system
Week 9
Define depreciation and explain the difference between depreciation expense and accumulated depreciation.
List the typical day-to-day operating and fixed expenses.
Week 10
Describe bookkeeping and double- entry accounting, and identify common bookkeeping
Students will be able to use three basic questions to analyze business transactions.
Define contra accounts and explain hoe these accounts are used.
Students will be able to identify the normal account balances for each account classification.
Week 11
Describe the advantages and potential disadvantages of using computerized accounting systems.
Students will be able to identify the standard modules in a
general ledger software package and describe the function of each
module.
Describe an on-line accounting systems and its hardware components.
Week 12
Describe the accounting cycle and the difference between accrual and cash basis accounting.
Identify how special journals can be used as the source document for input to the computerized accounting system.
Explain how net income or loss is manually calculated to verify the accuracy of the computerized financial statements.
Week 13
Describe the income statements and the accounting procedures
for full- service and fast food restaurants in accordance with the
Uniform System of Accounts for Restaurants.
Explain the basic elements for food and beverage sales accounting.
Students will be able to describe the measurement of food and beverage sales accounting.
Week 14
Define the terms and describe the accounting procedures for service charges and other income.
Describe how a restaurants balance sheet and chart of accounts may differ from those of other industries.
Identify and explain the various food sales and beverage sales analysis statistics.
Week 15
Describe the hotel income statement and departmental statement
formats recommended by the Uniform System of Accounts for the Lodging
Industry.
Students will be able to explain the revenue and expense accounting procedures for a lodging property recommended by USAL
Explain the unique balance sheet accounting considerations for a lodging property.
Week 16
Describe the composition of a chart of accounts for a lodging property.
Explain the operating ratio useful to management of a lodging property.
Identify and describe the operating ratios useful to the management of a lodging property.
Week 17
Define internal control and explain its objectives and limitations.
Students will be able to describe the principles of internal control for cash receipts and prepare a daily cashier report.
Week 18
Students will be able to describe the principles of internal control for cash disbursements.
Students will be to explain the purpose of a bank reconciliation, describe reconciling items, and prepare a bank reconciliation.
Week 19
Explain and describe the composition of a financial statement package.
Students will be able to explain why the monetary amounts on financial statements can give a false illusion.
Describe the effect of accrual accounting on revenue, expenses, net income, assets, liabilities and equity.
Week 20
Summarize the federal governments authority regarding
reporting by public companies, and discuss the SEC, the Sarbances-Oxley
Act, and the 10-K report
List and describe the major components of the annual report to shareholders.
SYNOPSIS
This
course provides a basis for understanding hospitality accounting
concepts and procedures, the processing of hospitality financial data,
and the flow of financial information in the accounting cycle that
results in the production of financial statements.
Semester & Subjects
Calendar & Timetable
Video Seminars
