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K educators : This link is for individuals purchasing with credit cards or PayPal only. This introductory accounting textbook accentuates the interrelationship between business principles and accounting. Information presented is based on the most recent uniform systems of accounting for hotels and restaurants. It uses computerized general ledger accounting as the basis for processing financial data. The text also contains several introductory managerial accounting chapters. This edition includes new information on the role of accounting in successful business decision making, fair value accounting, feasibility studies, and buying a franchise.
Two new chapters cover depreciation and amortization and business math for hospitality managers. Course Description: 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. Objectives: At the completion of this course, students should be able to:.
Define and describe the purpose of accounting. Explain why financial statements are necessary and why the study of accounting is important to a hospitality career.
Describe the major forms of business organization and the advantages and disadvantages of each. Identify the major financial statements and explain their contents and when they are issued. Identify and describe the asset, liability, and equity accounts used to prepare a balance sheet.
Describe the income statement and identify the accounts used to prepare an income statement. Define and describe bookkeeping and double-entry accounting, and identify common bookkeeping accounts and tools. Use three basic questions to analyze business transactions, and use debits and credits to record business transactions. Describe the advantages and potential disadvantages of using a computerized accounting system.
List factors to consider when selecting a general ledger software package. Explain the accounting cycle and the difference between accrual and cash basis accounting. Summarize the steps necessary to convert from a manual accounting system to a computerized accounting system. Describe the significance of restaurant accounting, and describe basic elements for food and beverage sales accounting.
Identify and explain the various food sales and beverage sales analysis statistics. Describe hotel financial statements intended for external users, and describe the income statement and income statement package prepared for internal users.
Explain the special accounting considerations for a hotel with a casino department. Define internal control, explain its objectives and limitations, and describe the principles of internal control for cash receipts and disbursements. Describe how to read and analyze the income statement, balance sheet, and statement of cash flows using common analytical methods. List and describe the major components of the annual report to shareholders.
Summarize the advantages that hospitality businesses enjoy if they accept credit cards, explain merchant accounts, and describe point-of-sale systems. Explain the importance of budgeting and forecasting, summarize general guidelines for creating a budget, and describe how managers forecast sales and expenses.
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