The hospitality industry, with its unique challenges like seasonal demand, high fixed costs, and rapid inventory turnover, requires an accounting system distinctly tailored to its dynamic nature. "Hospitality Accounting," led by instructor Steven M. Bragg, addresses the need for specialized knowledge in financial and managerial accounting within this sector. For accountants working in hotels, restaurants, spas, and similar businesses, understanding these specific requirements is crucial to success.
This online CPE webcast course goes beyond basic concepts, delving into the preparation of various financial statements and the detailed accounting processes involved in constructing them. It covers key financial accounting topics such as payroll, fixed assets, and payables, as well as managerial aspects like budget construction, price formulation, cost-volume-profit analysis, and effective cash management. Participants will gain not only theoretical knowledge but also practical skills, essential for proficiently managing the accounting demands of the hospitality industry.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
Cite the operating characteristics of the hospitality industry.
Chapter 2
State the intent of the accounting cycle.
Cite key accounting principles.
Cite the source of the information in the trial balance.
Chapter 3
Identify the different types, contents, and formats of the financial statements.
Chapter 4
Cite the different types of receivable and payable transactions.
Identify the documents associated with the processing of receivables and payables.
Chapter 5
Cite the forms used in the payroll process.
Identify the methods for calculating compensation and depositing tax remittances.
Chapter 6
Identify the types of inventory systems and cost layering methods.
Cite the calculations used to estimate ending inventory.
Chapter 7
Identify the costs included in fixed assets, and the concepts used in the calculation of depreciation.
Chapter 8
Identify the types of projects for which interest should be capitalized.
Identify when such capitalization should be terminated.
Chapter 9
Cite the items included in interest expense and the loan amortization table.
Chapter 10
Identify the tax reports associated with each type of business entity.
Chapter 11
Identify the costs considered to be startup costs.
Cite the advantages of selling gift cards to customers.
Chapter 12
Define types of controls.
Identify the controls that apply to each functional area of a business.
Chapter 13
Compare the types of pricing systems in use in the hospitality industry.
Identify the impact of inelastic demand on price setting.
Chapter 14
Identify the flaws in the ratios used to analyze the hospitality industry.
Chapter 15
Identify the types of costs of cost management.
Identify the benefits of cost management.
Chapter 16
Cite the calculations for contribution margin, breakeven, cost-volume-profit analysis, and sales mix variance.
Chapter 17
Identify the disadvantages of budgeting in general and flexible budgeting.
Perform the calculation of the different types of variances.
Chapter 18
State the components of the cost of capital, and the types of analysis techniques used in capital budgeting.
Chapter 19
Cite the information used to derive a lease rate.
Identify the conditions under which it makes the most sense to use different types of leases.
Chapter 20
Identify the advantages and disadvantages of a cash concentration system and a notional pooling system.
Identify the content of the short-term and medium-term cash forecasts.
Chapter 21
Cite the composition of the cash conversion cycle.
Identify ways to improve working capital cash flow.
Major Topics
Hospitality Accounting
System of Accounting
Financial Statements
Receivables and Payable Accounting
Payroll Accounting
Inventory Accounting
Fixed Asset Accounting
Interest Capitalization
Debt Accounting
Income Taxes
Controls
Pricing Methodologies
Ratio and Trend Analysis
