Course | Madison College Outline of Instruction

10101116Hospitality Industry Accounting 1

Course Information

Description

A study in the design and use of specialized accounting and financial control systems in management decision-making for hotels and restaurants.

Total Credits

Course Competencies

Examine accounting theory and practice

Assessment Strategies

by completing workbook assignment

through exam

Criteria

you analyze accounting principles

you analyze accounting practices

you identify bookkeeping accounts affected by each business transaction

you identify accounting terminology

you summarize the importance of accounting
Analyze business organization

Assessment Strategies

by completing workbook assignment

through exam

Criteria

you explore business insurance requirements

you differentiate the three legal forms of business organization (proprietorship, partnership, corporation)

you examine the advantages and disadvantages of proprietorship

you examine the advantages and disadvantages of partnership

you examine the advantages and disadvantages of corporation

you compute the owner's equity

you calculate net income

you calculate corporation equity
Identify the function of a chart of accounts in an accounting system

Assessment Strategies

by completing workbook assignment

through exam

Criteria

you identify the sequence of the individual accounts arranged in each major account classification

you explain how the accounting numbering systems function

you specify the classification of the accounts

you enter the classification totals in the accounting equation
Analyze the effects of business transactions

Assessment Strategies

by completing workbook assignment

through exam

Criteria

you identify accounts used in double entry accounting

you specify the increase/decrease effect on account classifications
Apply debits and credits

Assessment Strategies

by completing workbook assignment

through exam

Criteria

you journalize common business transactions

you demonstrate proper use of debits and credits in a general journal

you record transactions in two column general journal

you specify the normal account balance

you incorporate the debit and credit rules for contra accounts
Identify accounting records

Assessment Strategies

by completing workbook assignment

through exam

Criteria

you examine the use of special journals

you prepare a daily cashier's report

you differentiate between two column, three column, and four column account format

you differentiate between a general ledger and subsidiary ledgers

you specify the proper journal for business transactions

you specify the columns on the special journals

you calculate the amount presented as accounts receivable on the balance sheet

you calculate the amount presented as accounts payable on the balance sheet
Examine the journalizing and posting process

Assessment Strategies

by completing workbook assignment

through exam

Criteria

you identify the columns used in the special journals

you transfer daily cash report totals to journal

you compare footing and crossfooting

you calculate the totals in the journals
Examine the month-end accounting process

Assessment Strategies

by completing workbook assignment

through exam

Criteria

you confirm accurate trial balance

you compile adjusting entries

you calculate the amount of the adjusting entry

you identify the ending balance after adjustments
Examine the year-end accounting process

Assessment Strategies

by completing workbook assignment

through exam

Criteria

you identify the purpose of closing entries

you demonstrate the use of the income summary account

you compare temporary vs real accounts

you identify post-closing trial balance
Examine financial statements

Assessment Strategies

by completing workbook assignment

through exam

Criteria

you identify the components of the accounting equation

you identify terminology related to financial statements

you examine the form of an income statement

you examine the content of an income statement

you prepare an income statement

you examine the form of an equity statement

you examine the content of an equity statement

you prepare an equity statement

you examine the form of a balance sheet

you examine the content of a balance sheet

you prepare a balance sheet

you calculate the cost of sales
Classify revenue and expense accounts on an income statement

Assessment Strategies

by completing workbook assignment

through exam

Criteria

you examine revenue accounts

you examine expense accounts

you records sales transactions properly

you prepare schedule of cost of food sales

you complete a chart for perpetual inventory system

you complete a chart for periodic inventory system

you calculate cost of sales for perpetual inventory system

you calculate cost of sales for periodic inventory system

you identify the bookkeeping accounts for the perpetual inventory system

you identify the bookkeeping accounts for the periodic inventory system
Classify asset, liability and equity accounts on the balance sheet

Assessment Strategies

by completing workbook assignment

through exam

Criteria

you examine current asset accounts

you classify accounts correctly on a balance sheet

you examine current and noncurrent liability accounts

you calculate current and noncurrent liability accounts

you calculate the amount accounted for as cash on a balance sheet

you calculate the accounts receivable balance on a balance sheet

you calculate stock holder's equity on an equity statement
Complete a computerized general ledger project

Assessment Strategies

by completing the general ledger project on the computer

Criteria

general ledger project includes the selection of appropriate accounts

general ledger project includes the proper transactions entered in the proper journals

general ledger project includes an accurate trial balance

general ledger project includes accurate adjusting entries

general ledger project includes accurate adjusted trial balance

general ledger project includes accurate financial statements

general ledger project includes accurate post-closing trial balance