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.

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

[ Contents ]

• Hotel Expense Accounting Lesson Plan
• Property and Equipment Accounting
• Other Noncurrent Assets Accounting
• Hospitality Payroll Accounting
• Hotel Departmental Statements
• Hotel Income Statements
• Ratio Analysis of the Income Statement
• Hotel Balance Sheets
• Ratio Analysis of the Balance Sheet
• Statement of Cash Flows
• Interim and Annual Reports
• Budgeting Expenses
• Forecasting Sales
• Budgetary Reporting and Analysis
• Financial Decision-Making
• Appendix: Inventory Accounting