Accounting Principles

Faculty
Commerce & Business Administration
Department
Hospitality Management
Course Code
HOSP 1210
Credits
3.00
Semester Length
15 Weeks X 4 Hours per Week = 60 Hours
Max Class Size
35
Method Of Instruction
Lecture
Typically Offered
To be determined
Campus
Online

Overview

Course Description
This course introduces the hospitality management student to the principles and concepts of financial accounting within the hospitality industry. Topics include: the accounting cycle, the uniform system of accounts, financial statements, subsidiary ledgers, cash control, receivables, inventories, capital assets and liabilities.
Course Content

1          Introduction to accounting concepts and fundamental accounting equation

2          Basic mechanics of recording using general journal, general ledger, using accrual basis of accounting

3          Adjusting entries; preparing financial statements

                3.1  USALI, USAR and basic income statements including departmental operating statements

                3.2  Classified balance sheet

                3.3  Statement of retained earnings 

4          Closing entries

5          Inventories: perpetual and periodic, cost flow methods, effect of errors, estimated inventory methods, cost of goods sold

6          Accounting for cash: petty cash, bank reconciliation and internal control systems

7          Credit card sales; accounting for bad debts; accounts and notes receivables

8          Subsidiary ledgers and specialized journals

                8.1  Subsidiary ledgers, recording and posting

                8.2  Special journals, identify

9          Current liabilities, accounts and notes payable, payroll entries, sales tax transactions

10         Plant and equipment; acquisition, amortization/depreciation, disposal and exchange

11         Terminology throughout the content

Methods Of Instruction

Lectures, demonstrations of material, and discussions will be used, together with any appropriate technology available which may be of assistance to students.

Means of Assessment
Assignment(s)/Quizzes            0% - 10%
Midterm examination 25% - 35%
Tests or second midterm examination 25% - 35%
Final Examination 30% - 35%
Total         100%

STUDENTS MUST WRITE ALL MIDTERM(S) AND THE FINAL EXAMINATION TO OBTAIN CREDIT FOR THE COURSE.  Only approved calculators can be used during any test/examination.

Learning Outcomes
  1. demonstrate the completion of all steps in the accounting cycle;
  2. demonstrate the completion of industry-specific statements and statements of financial position;
  3. classify, record and summarize business transactions as they relate to a service and merchandise operations;
  4. prepare adjusting and closing entries;
  5. demonstrate the use of subsidiary ledgers and classify transactions in a special journal;
  6. account for various classifications of assets, liabilites of a business;
  7. demonstrate an understanding of general and industry-specific accounting terms through appropriate use, definition, and explanation.
Textbook Materials

Textbooks and Materials to be Purchased by Students

 

Weygandt, Kieso, Kimmel and DeFranco  Hospitality Financial Accounting, Latest Ed.   by Wiley, or other textbook(s) approved by the Department.

Calculator:  Any Financial Calculator, non-programmable, only one display line and no alpha key/input.  Recommended: BAII Plus and HP 10B.

Requisites

Prerequisites

Courses listed here must be completed prior to this course:

  • No prerequisite courses

Corequisites

Courses listed here must be completed either prior to or simultaneously with this course:

  • No corequisite courses

Equivalencies

Courses listed here are equivalent to this course and cannot be taken for further credit:

  • No equivalency courses

Requisite for

Course Guidelines

Course Guidelines for previous years are viewable by selecting the version desired. If you took this course and do not see a listing for the starting semester / year of the course, consider the previous version as the applicable version.

Course Transfers

Institution Transfer Details Effective Dates
Camosun College (CAMO) CAMO ACCT 130 (3) 2013/01/01 to -
Capilano University (CAPU) CAPU TOUR 116 (3) 2012/01/01 to -
Langara College (LANG) LANG FMGT 1XXX (3) 2011/09/01 to -
Okanagan College (OC) OC BUAD 111 (3) 2016/01/01 to -

Course Offerings

Winter 2021

CRN
Days
Dates
Start Date
End Date
Instructor
Status
Location
12429
Tue Thu
04-Jan-2021
- 12-Apr-2021
04-Jan-2021
12-Apr-2021
Comrie
Rodney
Open
Online
HOSP 1210 001 is restricted to Hospitality students.

This course will include some synchronous on-line activities. Students should plan to be available on-line at scheduled course times. Synchronous on-line activities may include lecture, or they may not. In some courses, synchronous class time may be used instead for active learning components (e.g. discussions, labs).
Max
Enrolled
Remaining
Waitlist
34
21
13
0
Days
Building
Room
Time
Tue Thu
8:30 - 10:20