Basic Hotel Restaurant Accounting

Course Notes

Course textbook is provided for on-going reference. There is a final exam upon completion of the course. Participants who receive 70% or higher on their exam will receive a certificate.

Course Breakdown

• Lesson 1:
  What is Business Accounting?; Why Financial Statements Are Necessary; Why Study Accounting?; The Corporate Accounting Department; The Accounting Profession; The Certified Public Accountant; Influence of Government and Professional Organizations; Generally Accepted Accounting Principles; Business Transactions; Accounting Income vs. Taxable Income; The Accounting Equation; Financial Statements
• Lesson 2:
  Legal Business Structure; Taxation of Business Income
• Lesson 3:
  Basic Financial Statements; Statement of Income; Equity Statements; Balance Sheet; Statement of Cash Flows
• Lesson 4:
  Preparation of the Balance Sheet; Asset Classification; Current Asset Accounts; Noncurrent Asset Accounts ; Liability Classification; Current Liability Accounts; Long- Term Liability Accounts; Bonds; Equity Classification; Proprietorship Equity Accounts; Partnership Equity Accounts; Corporation Equity Accounts; Limited Liability Company Equity Accounts
• Lesson 5:
  Preparation of the Income Statement; Revenue Classification; Sales Accounting; Expense Classification; Cost of Sales Expense; Inventory Systems; Other Business Expenses; Depreciation
• Lesson 6:
  Origins of Bookkeeping; 21st Century Bookkeeping; Bookkeeping Accounts; Learning Debits and Credits; Analyzing Business Transactions; Analyzing 21 Universal Transactions; The Nature of Debits and Credits; Recording 21 Universal Transactions; Contra Accounts; Normal Account Balance
• Lesson 7:
  Advantages of Computerized Systems ; Input Forms; Output Forms; Online Accounting System; Features of Accounting Packages; Standard General Ledger Modules; Selecting General Ledger Accounting Software
• Lesson 8:
  Accounting Cycle; Tower Restaurant: A Computerized Demonstration; Conversion from Manual to Computer System; Journalizing the Monthly Business Transaction; Computerized Posting of the Special Journals; End-of- Month Accounting; Computation of Net Income or Loss; Computerized Financial Statements; Computerized General Ledger; Reversing Entries; Computerized Year- End Processing
• Lesson 9:
  Restaurant Income Statement; Significance of Restaurant Accounting; Food Sales Accounting; Beverage Sales Accounting; Cost of Sales; Operating Expenses; Restaurant Balance Sheet; Chart of Accounts for Restaurants; Food and Beverage Ratio Analysis; Food Sales Statistics and Analysis; Beverage Sales Statistics
• Lesson 10:
  Hotel Financial Statements for External Users; Hotel Income Statement for Internal Users; Departmental Statements; Revenue Accounting; Expense Accounting; Hotels with Casino Departments; Hotel Balance Sheet; Chart of Accounts for Hotels; Operating Ratios
• Lesson 11:
  Definition and Objectives of Internal Control; Internal Control of Cash Receipts; Internal Control of Cash Disbursements; Bank Reconciliation
• Lesson 12:
  Financial Statement Package; The Money Illusion; Overview of Analytical Methods; The Income Statement; Statement of Cash Flows
• Lesson 13:
  Governmental Authority on Reporting by Public Companies; Annual Report to Shareholders: An Overview
• Lesson 14:
  Evaluating Credit Card Acceptance; Processing Credit Card Transactions: The Merchant Account; Point-of-Sale Systems; Real-Time Credit Card Processing; Credit Card Fraud; Merchant Account Fees and Charges
• Lesson 15:
  What Is a Budget?; Sales Forecasting; The Relationship of Expenses to Volume; Variable Expenses; Fixed Expenses; Semi-Variable Expenses; Breakeven Point
• Lesson 16:
  Small Business Start-Up Assistance and Resources; The Franchise Option; Initial Planning Strategy; Insuring the Business