Description:

This course introduces the student to basic managerial accounting. This includes accounting concepts, processing data and the flow of financial information within a hospitality operation. The course provides a working knowledge of an income statement, balance sheet, statement of owner's equity and cash flows. 3 hrs. lecture/wk.

Supplies: Refer to the instructor's course syllabus for details about any supplies that may be required.

Textbook(s): For information see - http://bookstore.jccc.net

Course Fees: NONE

Course Objectives:

Upon successful completion of this course the student should be able to:

1. List and explain the purpose of generally accepted accounting principles.
2. Describe the proprietorship, partnership and corporate forms of business organization and their advantages and disadvantages.
3. Define and give examples of financial reporting centers.
4. Describe the purpose of a chart of accounts and its function in an accounting system.
5. Identify and explain the technical and long forms of the accounting equation.
6. Identify the five major account classifications.
7. List the basic rules governing debits and credits in relation to the major account classifications.
8. Summarize the purposes of and formats for hotel departmental financial statements.
9. List and explain the basic steps involved in the month-end accounting process, including the completion of the worksheet and the preparation of financial statements.
10. Compile, read and analyze an income statement, balance sheet and statement of owner’s equity.
11. Analyze and interpret income statement and balance sheets, including the use of ratios.
12. List the commonly used ratios for income statements and balance sheets.
13. Summarize the information reported on the statement of retained earnings, and explain the relationship between this statement and the income statement and balance sheet.
14. Explain the purpose, preparation, content and format of the statement cash flow.

Content Outline & Competencies:

I. Accounting Theory and Practice
   A. The function of accounting
      1. Identify the users of accounting information
      2. List and describe the generally accepted accounting principles
   B. Business organization
      1. List the three types of business organizations
      2. Describe the financial information systems for the lodging
operations

II. Financial Statements
   A. The accounting equation
      1. Identify the technical and long form of the equation
      2. List and explain the five major account classifications
      3. Explain the rules of increase and decrease as related to the
major account classifications
      4. Define the terms debit and credit and list the basic rules
governing debits and credits.
   B. Chart of accounts
      1. Explain the purpose of a chart of accounts
      2. Describe the Uniform System of Accounts and its purpose
   C. Monthly and year end procedures
      1. Compile the information to prepare a trial balance worksheet
      2. Calculate an adjusted trial balance
      3. Prepare financial statements
      4. Prepare and analyze the statement of retained earnings
   D. Statement of income and expense
      1. Compile information to prepare an income statement
      2. Prepare an income statement
      3. Read and analyze an income statement
      4. Prepare and analyze common-size and comparative formats
      5. Read a departmental income statement
   E. Balance sheet
      1. Compile information to prepare a balance sheet
      2. Prepare a balance sheet
      3. Read and analyze a balance sheet
      4. Prepare and analyze common-size and comparative formats
   F. Cash flow statement
      1. Read and analyze a cash flow statement

Methods of Evaluation of Competencies:

Evaluation of student mastery of course competencies will be accomplished using the following methods:

Final Exam                  200 pts  (29% of grade)
Three tests @ 100 points    300 pts  (43% of grade)
Problems and Case Studies   200 pts  (28% of grade)
                   Total    700 pts (100% total)

Caveats: NONE

Disabilities:

If you are a student with a disability, and if you will be requesting accommodations, it is your responsibility to contact Access Services. Access Services will recommend any appropriate accommodations to your professor and his/her director. The professor and director will identify for you which accommodations will be arranged.

JCCC provides a range of services to allow persons with disabilities to participate in educational programs and activities. If you desire support services, contact the office of Access Services for Students With Disabilities (913) 469-8500, ext. 3521 or TDD (913) 469-3885. The Access Services office is located in the Success Center on the second floor of the Student Center.