A study in the design and use of specialized accounting and financial control systems in management decision-making for hotels and restaurants. Additional topics include analysis of hospitality financial statements, statement of cash flows, property and equipment, inventory accounting, and hospitality payroll accounting. Generally accepted accounting principles are applied in the preparation, analysis and interpretation of financial statements. Particular emphasis is applied to valuation of current and long-term liabilities and stockholders' equity, timing of the recognition of revenue, and earnings per share. Special topics included are taxes, long-term investments, and leases.
Further consideration is applied to errors and their correction, and statements of cash flow.
The course requires the preparation of a series of individual income tax returns. 101-124 Auditing 3 credits A study of the auditing code of ethics, conventional auditing procedures, and critical issues in the field of auditing. Emphasizes internal control and preparation of working papers. A short audit case is completed to illustrate various auditing concepts and procedures, and the intensive use of working papers and schedules. 101-125 Cost Accounting 4 credits Areas emphasized include job order cost, process cost, standard costs, joint cost and budgets.