Accounting Principles

Curriculum Guideline

Effective Date:
Course Code
HOSP 1210
Accounting Principles
Hospitality Management
Commerce & Business Administration
Start Date
End Term
Not Specified
Semester Length
15 Weeks
Max Class Size
Contact Hours

Lecture: 4 Hours/week

Method Of Instruction
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. 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

Learning Outcomes

Upon succesful completion of this course, the student will be able to:

  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 and;
  7. demonstrate an understanding of general and industry-specific accounting terms through appropriate use, definition, and explanation.
Means of Assessment

Assessment will be in accordance with the Douglas College Evaluation Policy.

Assignment(s)/Quizzes            0% - 25%
Midterm examination 25% - 35%
Tests or second midterm examination 25% - 35%
Final Examination 25% - 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.

Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.

Textbook Materials

Textbooks and Materials to be Purchased by Students:

Weygandt, Kieso, Kimmel and DeFranco  Hospitality Financial Accounting, Latest Ed. (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