Hospitality Finance

This course is associated with the following programs:

• Culinary Management - Associate Degree New
• Hospitality and Event Management - Associate Degree
• Hotel Management - Technical Diploma
• Restaurant Management - Technical Diploma

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