vcc.ca
HOSP 1504: Accounting Processes in Hospitality
Effective date
May 2023
Department
Hospitality Diploma Int'l
School
Hospitality, Food Studies and Applied Business
Description
Students explore a hospitality business accounting system and how it provides accountability by recording sales revenues and expenses resulting from operating activities. This course covers all the steps of the accounting cycle and how they integrate the special accounting requirements of the hospitality industry with generally accepted accounting principles. Throughout the course, students examine control procedures and food and beverage costing. Students also analyze financial statements and examine how they are used in management positions.
Credits
3.0
Year of study
1st Year Post-secondary
Prerequisites
None
Corequisites
None
Course Learning Outcomes
Upon successful completion of this course, students will be able to:
- Prepare and analyze financial statements in general and specifically for the hospitality industry
- Complete all steps in the accounting cycle
- Create and analyze industry-specific statements and statements of financial position
- Classify, record and summarize business transactions as they relate to a service and merchandise operations
- Prepare segment reporting and transfer pricing
- Prepare a master budget
- Apply capital budgeting techniques, make investment decisions, and analyze cash flow statement to clarify operational financial decisions
- Explain the main concepts of GAAP (Generally Accepted Accounting Principles)
Prior Learning Assessment & Recognition (PLAR)
None
Hours
Lecture, Online, Seminar, Tutorial: 45
Total Hours: 45
Total Hours: 45
Instructional Strategies
Instruction involves interactive lectures, presentations, group discussions, role plays, and peer feedback. Learning will be enhanced through a variety of interactive classroom and collaborative activities. The interactive and practical exercises give students the opportunity to take an active role and learn by doing.
Grading System
Letter Grade (A-F)
Passing grade
D
Evaluation Plan
|
Type |
Percentage |
Assessment activity |
|
Quizzes/Tests |
15 |
|
|
Assignments |
25 |
Assignments on course concepts and case studies |
|
Assignments |
15 |
Prepare a financial statement |
|
Midterm Exam |
15 |
|
|
Final Exam |
20 |
|
|
Participation |
10 |
Preparation for class, active discussion, participation during class |
Course topics
- 1. Financial Statement Analysis 2. Uniform system of accounts 3. The Accounting Process 4. Statement of Cash Flows 5. Inventory systems 6. Cash, Receivables, and Long-lived Assets 7. Current, Non-current Liabilities, and Equity Financing 8. Statement of Financial Position and Related Disclosures 9. Budgeting and Capital Budgeting 10. Flexible Budgeting and Variance Analysis 11. Costs, Cost Volume, and Profit Analysis 12. Relevant Costs and Business Strategies 13. Statement of Retained Earnings 14. Accounts and notes payable, payroll entries, and sales tax transactions 15. Plant and equipment; acquisition, amortization, and depreciation
Notes:
- Course contents and descriptions, offerings and schedules are subject to change without notice.
- Students are required to follow all College policies including ones that govern their educational experience at VCC. Policies are available on the VCC website at:
https://www.vcc.ca/about/governance--policies/policies/. - To find out if there are existing transfer agreements for this course, visit the BC Transfer Guide at https://www.bctransferguide.ca.