Curriculum Guideline

Accounting Principles

Effective Date:
Course
Discontinued
No
Course Code
HOSP 1210
Descriptive
Accounting Principles
Department
Hospitality Management
Faculty
Commerce & Business Administration
Credits
3.00
Start Date
End Term
201830
PLAR
No
Semester Length
15 Weeks X 4 Hours per Week = 60 Hours
Max Class Size
35
Contact Hours
Lecture: 4 Hours
Method Of Instruction
Lecture
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.

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

1.1          Introduction to accounting

                1.1.1  Forms of business organization

                1.1.2  Accounting principles

                1.1.3  The accounting equation

1.2          Accounting for business transactions

                1.2.1  Recording transactions in general journal

                1.2.2  Posting

                1.2.3  Trial balance

1.3          Accounting adjustments

                1.3.1  Purpose

                1.3.2  Deferral adjustments

                1.3.3  Accrual adjustments

1.4          Completing the accounting cycle

                1.4.1  Adjusted trial balance

                1.4.2  Financial statements

                1.4.3  Closing entries

                 1.4.4  Reversing entries

2.1          Income statement

                2.1.1  Classifications

                2.1.2  Departmental operating statements

                2.1.3  Gross profit ratio

2.2          Balance sheet

                2.2.1  Classifications

                2.2.2  Current ratio and working capital

2.3          Statement of retained earnings

                2.3.1 Format

3.1          Subsidiary ledgers and specialized journals

                3.1.1  Subsidiary ledgers, recording and posting

                3.1.2  Special journals, identify

4.1          Cash

                4.1.1  Internal control

                4.1.2  Petty cash

                4.1.3  Bank reconciliations

                4.1.5  Credit card sales

4.2          Accounts receivable and notes receivable

                4.2.1  Bad debt calcualtions, writing-off and bad debt recoveries

                4.2.2  Notes receivable, interest calcuation, payment and dishonouring

 4.3          Inventory

                4.3.1  The periodic method journal entries

                4.3.2  Inventory valuation methods, periodic.

                4.3.3  Inventory errors

                4.3.4  Estimation methods

                4.3.5  The perpetual method journal entries

                4.3.6 Gross and net method to recording transactions

                4.3.7 Cost of goods sold

4.4          Property, equipment, intangible, and other assets

                4.4.1  Classifications

                4.4.2  Acquisition costs

                4.4.3  Lump-sum purchases

                4.4.3  Methods of Depreciation (Amortization), revising and partial year

                4.4.4  Disposals and trade-ins

                4.4.5  Intangible assets

                4.4.6  Other assets

5.1          Current Liabilities

                5.1.1  Common current liabilities

                5.1.2  Notes payable, interest calcuations and payment

                5.1.3  Payroll-related liabilities and journal entries

                5.2.4  GST and PST transactions

6.1          Terminology throughout the previous content

Learning Outcomes
  1. demonstrate the completion of all steps in the accounting cycle;
  2. demonstrate the completion of industry-specific uniform operating statements and statements of financial position;
  3. demonstrate the use of subsidiary ledgers;
  4. demonstrate the accounting for assets appropriate to the industry;
  5. demonstrate the accounting for current liabilities appropriate to the industry;
  6. demonstrate an understanding of general and industry-specific accounting terms through appropriate use, definition, and explanation.
Means of Assessment
Assignment/Quizzes            0% - 10%
Tests 20% - 30%
Midterm           35%
Final           35%
Total         100%

STUDENTS MUST WRITE BOTH MIDTERM AND FINAL EXAMINATIONS TO OBTAIN CREDIT FOR THE COURSE.  Only approved calculators can be used during examination(s).

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.

Which Prerequisite