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Hospitality Finance

Course Number: 10109126
Credits: 3.00

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Course Description

10-109-126 HOSPITALITY FINANCE ...purchasing/receiving controls, storing/issuing controls, production controls, monitoring activities, sales controls, beverage controls, labor controls and financial statements.

Course Typically Offered

  • Spring

Credit for Prior Learning

Length of Course

Course Competencies

  1. Explain why it is essential for hospitality owners/operators to thoroughly understand accounting
  2. Describe the major forms of business organization
  3. Define and Describe bookkeeping, double entry accounting and identify bookkeeping accounts
  4. Identify the major financial statements and explain the use of each
  5. Describe the advantage/disadvantage of using a computerized accounting system
  6. Describe the accounting cycle and the difference between cash basis and accrual accounting
  7. Describe the income statement and the accounts used to prepare
  8. Identify the accounts used to prepare a balance sheet and explain the elements that apply
  9. Summarize the significance of restaurant accounting listing income statement components
  10. Describe the Summary Operating Statement and Identify the SOP Sections
  11. Explain the purpose and use of the statement of cash flows
  12. Define responsibility accounting and determine break-even points
  13. Define and apply the concept of price elasticity in the hospitality budgeting process