10101117Hospitality Industry Accounting 2
Course Information
Description
Procedures of accounting for hotels and restaurants. Additional topics include analysis of hospitality financial statements, property and equipment, inventory accounting, and hospitality payroll accounting.
Total Credits
3
Course Competencies
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Explain hotel revenue accountingAssessment Strategiesby completing workbook assignmentthrough examCriterialearner selects revenue bookkeeping accountslearner determines categories of revenue centerslearner identifies revenue accounts used by a hotellearner calculates gross profit for a hotel departmentlearner distinguishes between a trade discount and a cash discountlearner calculates cash discountslearner journalizes cash discounts in general journallearner records transactions using the gross method for cash discountslearner records transactions using the net method for cash discountslearner distinguishes between the city ledger and the guest ledgerlearner determines the latest date on which a discount is allowedlearner identifies the proper department for specific transactions
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Explain hotel expense accountingAssessment Strategiesby completing workbook assignmentthrough examCriterialearner identifies responsibility accounting in hotelslearner classifies typical expenses by responsibility arealearner summarizes fixed chargeslearner journalizes employee meals transactionslearner journalizes credit card transactionslearner distinguishes between the direct method and the allowance method for recording bad debtlearner journalizes bad debt transactionslearner summarizes how bad debt appears on the financial statementslearner calculates amount for bad debtlearner distinguishes between direct and indirect expenses
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Examine the periodic inventory accounting methodAssessment Strategiesby completing workbook assignmentthrough examCriterialearner records transactions using the periodic inventory accounting methodlearner records transactions using the perpetual inventory accounting methodlearner explains the cost of sales procedurelearner calculates the cost of saleslearner journalizes the adjusting entries for beginning and ending inventorieslearner journalizes transactions for food provisionslearner journalizes transactions for free employee mealslearner prepares classified income statement for restaurant
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Examine computer, accounting, and financial information systemsAssessment Strategiesby completing workbook assignmentthrough examCriterialearner identifies input/output unitslearner analyzes account numbering systemslearner analyzes support centerslearner analyzes fixed charges
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Prepare hotel departmental income statementAssessment Strategiesby completing workbook assignmentthrough examCriterialearner uses revenue center vocabularylearner uses support center vocabularylearner identifies operated departments expenseslearner calculates net income
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Explain hospitality payroll accountingAssessment Strategiesby completing workbook assignmentthrough examCriterialearner identifies the Fair Labor Standards Act (FLSA) regulations on overtimelearner calculates the hours of time workedlearner converts time to the continental time systemlearner converts weekly wages to an hourly ratelearner calculates earnings using the overtime pay methodlearner calculates earnings using the overtime premium methodlearner calculates the maximum tip creditlearner calculates tip regulationlearner applies the payroll deduction regulationslearner calculates net paylearner calculates the eight percent tip regulationlearner allocates tip shortfall using the gross receipts methodlearner allocates tip shortfall using the hours worked method
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Examine property and equipment accountingAssessment Strategiesby completing workbook assignmentthrough examCriterialearner determines acquisition costs of fixed assetslearner distinguishes between a capital lease and an operating leaselearner examines depreciationlearner journalizes depreciation transactionslearner calculates depreciation using the straight-line methodlearner calculates depreciation using the declining balance methodlearner calculates depreciation using the sum-of-the-years digits methodlearner calculates depreciation using the productive-output methodlearner journalizes depreciation of china, glassware, and silverlearner journalizes sale or trade-in of property and equipment
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Explain intangible assetsAssessment Strategiesby completing workbook assignmentthrough examCriterialearner identifies the right-off period for intangible assetslearner journalizes amortization transactions
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Analyze inventory accountingAssessment Strategiesby completing workbook assignmentthrough examCriterialearner explains the importance of inventory valuationlearner estimates ending inventory using the gross profit methodlearner calculates the value of ending inventory using the specific identification approachlearner calculates the value of ending inventory using the FIFO approachlearner calculates the value of ending inventory using the LIFO approachlearner calculates the value of ending inventory using the weighted average approachlearner calculates the cost of sales using perpetual methodlearner calculates the cost of sales using the periodic method
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Analyze hotel income statementsAssessment Strategiesby completing workbook assignmentthrough examCriterialearner demonstrates common-size analysis of an income statementlearner prepares a common size analysis of the income statementlearner prepares a comparative analysis of the income statement
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Summarize ratio analysis of the income statementAssessment Strategiesby completing workbook assignmentthrough examCriterialearner summarizes the ratios typically used to analyze hotel rooms departmentlearner summarizes the ratios typically used to analyze food and beverage departmentlearner calculates average room ratelearner calculates average food checklearner calculates food inventory turnover ratiolearner calculates days' inventory on hand ratiolearner calculates food cost percentagelearner calculates labor cost percentagelearner calculates prime cost percentagelearner calculates earnings per share ratiolearner calculates price earnings ratiolearner calculates profit margin ratiolearner calculates return on equity ratiolearner calculates occupancy ratio
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Explain hotel balance sheetsAssessment Strategiesby completing workbook assignmentthrough examCriterialearner demonstrates common-size analysis of the balance sheetlearner prepares a common size analysis of the balance sheetlearner prepares a comparative analysis of the balance sheetlearner classifies balance sheet items by current and long term
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Summarize ratio analysis of the balance sheetAssessment Strategiesby completing workbook assignmentthrough examCriterialearner calculates accounts receivable turnover ratiolearner calculates assets-to-liabilities ratiolearner calculates average collection period ratiolearner calculates beverage inventory turnover ratiolearner calculates current ratiolearner calculates debt-to-assets ratiolearner calculates debt-to-equity ratiolearner calculates fixed asset turnover ratiolearner calculates food inventory turnoverlearner calculates quick ratio