Accounting for the Hospitality Industry

DESCRIPTION:
Basic principles and procedures of financial accounting for the hospitality industry. Preparation and interpretation of financial statements.

RATIONALE: 
This course is designed to provide students with a mix of accounting theory and practice and is tailored for the needs of the hospitality service industries. The course is organized in three parts. Part I includes accounting terminology and concepts, various forms of business entity that are used in the hospitality industry, and the accounting cycle. Part II deals with the major financial statements. Part III explains some selected, commonly-used accounting processes in greater detail than Part I.

LEARNING OUTCOMES: 
As a result of taking this course the student should be able to:
1. Apply relevant accounting theory and knowledge in conducting the functions involved in the accounting cycle of a hospitality organisation.
2. Utilize appropriate methods and tolls in recording specialist accounting transactions.
3. Analyze financial statements.

METHOD OF TEACHING AND LEARNING:
In congruence with the teaching and learning strategy of the college, the following tools are used:
- Class lectures, interactive learning (class discussions, group work) and practical problems solved in class.
- Office hours: students are encouraged to make full use of the office hours of their instructor, where they can ask questions, see their exam paper, and/or go over lecture material.
- Use of blackboard site, where instructors post lecture notes, assignments instructions, timely announcements, as well as additional resources.
- Peer tutoring is also available to students who choose to get additional help.
- Exercises assigned as homework.
- IT sessions in labs, where the student practices on recording transactions using special accounting software.