THE PENNSYLVANIA STATE UNIVERSITY SCHOOL OF HOSPITALITY MANAGEMENTHM 335(3 credits)Hospitality Financial Accounting Fall 2017 Course Instructor: Seoki Lee Office Location: 217 Mateer Building Office Hours: TUE: 11AM to 11:50AM / WED: 11AM to 12:15 PM / By appointment Phone: (814) 863-7442 E-mail: [email protected]Course Meeting: MWF: Section 004 / 12:20 PM to 1:10 PM / 011 Mateer Required Text: Hospitality Industry Financial Accounting, Fourth Edition Raymond S. Schmidgall and James W. Damitio ISBN 13: 978-0-86612-451-5 American Hotel & Lodging Institute Teaching Assistant: Michael Lin / E-MAIL:[email protected]Office Hours: By appointment Course Description: This course provides students with a basic knowledge of hospitality financial accounting principles and techniques. The course emphasizes what accounting information is, why it is important, and how it is used in the hospitality industry. Accounting is the information system that measures business activities, processes that information into reports, and communicates the results to decision makers. The students are exposed to all the important elements described above: the measurement system, processing of the information and the communication. The emphasis in this course is on the use of financial information from the user’s perspective. Course Objectives: Upon completion of this course, you will be able to: 1.Explain what accounting information is, why it is important and how it is used in decision making in the hospitality industry. 2.Demonstrate knowledge of accounting theory and fundamental concepts as a foundation for preparation and interpretation of financial statements in the hospitality field. Analyze hospitality income statements and balance sheets, including ratio analysis to make financial decisions. 3.Evaluate how cash, receivables, property, plant, and equipment, intangible assets, current liabilities and owner’s equity affect financial statements. 4.Demonstrate knowledge of specialized journals and subsidiary ledgers in the hospitality industry. 5.Explain the differences between partnerships and corporations outlining the advantages and disadvantages of each entity. Demonstrate how to calculate book value and explain
6.Describe bonds, leases and mortgage payables and how each is used in the hospitality industry. 7.Prepare Statement of Cash Flows in the hospitality industry. Grading: 5 Exams (drop 2 lowest) @ 22% each 66% 1 Final Exam @ 24% 24% Homework @ 10% 10% TOTAL 100% Exams: Exams will consist of multiple-choice questions or computations, both types require computation using various concepts and techniques. Each exam will cover the materials covered in previous class sessions. The final exam will be comprehensive. Exams are designed to gauge a student’s knowledge, comprehension and progress in learning the materials covered in class.