HOTEL ACCOUNTING AND COST CONTROL

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OBJECTIVE
This course addresses the need of the students to understand better the procedures and methods of recording transactions in a hotel business. The discussions will focus on how the day-to-day economic activities are processed in “hotel accounting” and how this financial information is used in decision-making. The various assumptions and concepts as well as generally accepted accounting principles will be briefly explained in a simplified format to acquaint students to the method of preparing the general purpose financial statements and later to special reports required for management decision-making activities.

AUDIENCE
This subject is for fourth year students of the BSTHRM and BSHRM.

SCOPE
This class has four areas of study:
-Introduction to Accounting
-Accounting Theories, Assumptions, and Procedures
-Accounting Cycle
-Financial Statements

COURSE CONTENT

Chapter I – Introduction to Accounting
• Accounting – The Language of Business
• Definition of Accounting
• Development of Accounting
• Branches of Accounting
• Accountancy in the Philippines
• Accounting Standards in the Philippines
• The Hospitality Manager’s Need for Accounting Information
• Hotel and Restaurant Association of the Philippines
• Council of Hotel and Restaurant Educators of the Philippines

Chapter II – Accounting as Basis for Management Decisions
• Forms of Business Organization
• Purpose of Business Organizations
• Purpose and Phases of Accounting
• Accounting as an Information System
• Users and their Information Needs

Chapter III – Identifying and Processing Business Transactions
• Elements of Financial Statements
• Typical Account Titles Used
• The Accounting Equation
• Accounting for Business Transactions
• The Account
• Debits and Credits – The Double Entry System
• Distinction Between Receipts and Revenue
Chapter IV – Recording Business Transactions
• Accounting Cycle
• Transaction Analysis
• Transaction are Journalized
• The Ledger
• Chart of Accounts
• Normal Balance of an Account
• Posting
• Trial Balance

Chapter V – Worksheet and Financial Statements
• Preparing Worksheet
• Essence of Financial Statements
• Preparing the Financial Statements

Chapter VI – Balance Sheet and Income Statement
• Balance Sheet
• Income Statement
• Preparation of Balance Sheet and Income Statement

TEXTBOOK
Ballada, Win Lu (2010) Hospitality Basic Accounting