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Course Description
Fundamental accounting principles and procedures applied to the hospitality and service industries. Includes study of the uniform system of accounts, financial statements, special purpose journals, and subsidiary ledgers unique to the hospitality and service industries.
Pre-requisite
College of Consumer & Family Sciences majors only.
Course Objectives
At the completion of this course, the student will be able to:
- Describe the basic forms of business organization and their advantages/disadvantages.
- Describe the responsibilities of a firm's accounting department.
- Apply Generally Accepted Accounting Principles to hospitality situations.
- Explain the major types of financial statements and the information contained within.
- Explain the major accounting categories that appear on the statement of income, equity statements and the balance sheet, and describe specific accounts found within each category.
- Describe the correct application of debits and credits by analyzing transactions for a wide variety of accounting situations.
- Explain the steps in the accounting cycle.
- Describe the month-end and year-end accounting processes, including the calculation of food and beverage costs.
- Identify the purposes and characteristics of special journals, including their design and use in an accounting system.
- Describe the record keeping procedures associated with perpetual and periodic inventory systems.
- Explain and demonstrate various methods of depreciation as appropriate to the hospitality industry.
- Describe payroll systems, internal control policies and procedures that are appropriate for them.
- Produce an income statement and balance sheet.
Instructor Information
SooCheong (Shawn) Jang, PhD
Office: Stone B1-B
Phone: (765) 496-3610
E-mail: jang12@purdue.edu
John Rousselle. MBA
Office: Stone 152-B
Phone: (765) 494-4738
E-mail: rousselle@purdue.du
Nelson,Douglas, PhD
Office: Stone 153-A
Phone: (765) 496-2498
E-mail: nelsond@purdue.edu
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