Lectures, demonstrations of material, and discussions will be used, together with any appropriate technology available which may be of assistance to students.
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
- demonstrate the completion of all steps in the accounting cycle;
- demonstrate the completion of industry-specific statements and statements of financial position;
- classify, record and summarize business transactions as they relate to a service and merchandise operations;
- prepare adjusting and closing entries;
- demonstrate the use of subsidiary ledgers and classify transactions in a special journal;
- account for various classifications of assets, liabilites of a business;
- demonstrate an understanding of general and industry-specific accounting terms through appropriate use, definition, and explanation.
| 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.
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.
Courses listed here must be completed prior to this course:
- No prerequisite courses
Courses listed here must be completed either prior to or simultaneously with this course:
- No corequisite courses
Courses listed here are equivalent to this course and cannot be taken for further credit:
- No equivalency courses