ࡱ> ?A>a bjbj B/AbAb lllll8$<'0&&&&&&&$3(*&lBBB&ll&` ` ` Bvll&` B&` ` :%,%>?tydB% n&&0'L%R++%+l%0#"` Ea&&f'BBBB+ B 2:  GROSSMONT COLLEGE Official Course Outline BUSINESS 160 HOSPITALITY MANAGERIAL ACCOUNTING AND CONTROLS 1. Course Number Course Title Semester Units Semester Hours BUS 160 Hospitality Managerial 3 3 hours lecture: 48-54 hours Accounting and Controls 96-108 outside-of-class hours 144-162 total hours 2. Course Prerequisites A C grade or higher or Pass in BUS 120 or equivalent. Corequisite None Recommended Preparation None. 3. Catalog Description Integrates the areas of managerial accounting and controls to applications in the hospitality industry. Topics include internal control and cost management, operations budgeting, occupancy projections and pricing decisions, credit policy and cash flow, and investment decision-making. 4. Course Objectives The student will: a. Apply accounting principles to the variety of areas of hospitality operations. b. Assess accounting systems being used in various hospitality operations. c. Prepare a long-range budget for a hospitality business. d. Analyze the financial statements of hotels and other hospitality businesses. e. Compare and contrast financial control systems in lodging and eating establishments. 5. Instructional Facilities Standard classroom. 6. Special Materials Required of Student Internet access. 7. Course Content a. Introduction and accounting review. b. Analysis and interpretation of financial statements. c. Internal control; cost considerations in pricing; cost management. d. The cost-volume-profit approach to decisions. e. Operations budgeting; working capital/cash management. f. Investment decision-making; feasibility studies. g. Financial goals and information systems. h. Accounts receivable; credit card processing; credit policy/cash flow. BUSINESS 160 HOSPITALITY MANAGERIAL ACCOUNTING AND CONTROLS page 2 7. Course Content (continued) i. Purchasing and receiving; monthly inventory and month food/beverage cost. j. Daily food/beverage cost; actual versus standard cost. k. Cost-volume-profit considerations in hospitality organizations. l. Labor cost controls; cash flow. m. Break-even analysis; application to case studies. n. Establishing room rates; occupancy projections and pricing decisions. o. Room rate discounting and yield analysis. 8. Method of Instruction a. Lecture. b. Group discussion. c. Case studies. 9. Methods of Evaluating Student Performance a. Quizzes and competency based tests. b. Reports on topics such as Internal Controls, Bottom-Up Pricing, and Cost-Volume-Profit Decisions. c. Term papers on topics such as Cash Management and Financial Operating Budgets and Analysis for a specific business. d. Homework. e. Comprehensive final exam utilizing both essay and objective questions. 10. Outside Class Assignments a. Case studies including sample financial statements to analyze and prepare a report with recommendations. b. Term papers on topics such as Cash Management and Financial Operating Budgets and Analysis for a specific business. 11. Texts Required Text(s): (1) Jagels, Martin G. and Catherine E. Ralston. Hospitality Management Accounting, 9th Edition. Hoboken, NJ: Wiley and Sons, 2007 (2) Schmidgall, Raymond S. Hospitality Industry Managerial Accounting, 7th Edition. Upper Saddle River, NJ: Pearson Higher Education, 2011. b. Supplementary texts and workbooks: None. Addendum: Student Learning Outcomes Upon completion of this course, our students will be able to do the following: Analyze and evaluate financial reports that are unique to the hospitality industry and apply that knowledge in creating and analyzing budgets. Apply analytical skills when facing a financial decision unique to the hospitality industry, providing a well thought-out and documented solution. Demonstrate the importance of internal controls specifically within the hospitality environment and recognize the importance of ethical behavior in the hospitality and tourism industry. 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