CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Hospitality Accounting

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
19 Credits: Accounting

Course Description

The hospitality industry is subject to a unique mix of issues, including seasonal demand, high fixed costs, rapid inventory turnover, and labor-intensive processes. The accountant needs to operate an accounting system that is specially tailored to this environment. In Hospitality Accounting, instructor Steven M. Bragg describes the financial and managerial accounting aspects of a hospitality business, which includes hotels, restaurants, spas, and similar businesses.

The course familiarizes the accountant with basic concepts, addresses various types of financial statements, and describes the accounting needed to construct them. More detailed financial accounting topics include payroll, fixed assets, and payables. There are also many managerial accounting topics, such as the construction of a budget, price formulation systems, cost-volume-profit analysis, and cash management.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Cite the operating characteristics of the hospitality industry.

Chapter 2

  • State the intent of the accounting cycle.
  • Cite key accounting principles.
  • Cite the source of the information in the trial balance.

Chapter 3

  • Identify the different types, contents, and formats of the financial statements.

Chapter 4

  • Cite the different types of receivable and payable transactions.
  • Identify the documents associated with the processing of receivables and payables.

Chapter 5

  • Cite the forms used in the payroll process.
  • Identify the methods for calculating compensation and depositing tax remittances.

Chapter 6

  • Identify the types of inventory systems and cost layering methods.
  • Cite the calculations used to estimate ending inventory.

Chapter 7

  • Identify the costs included in fixed assets, and the concepts used in the calculation of depreciation.

Chapter 8

  • Identify the types of projects for which interest should be capitalized.
  • Identify when such capitalization should be terminated.

Chapter 9

  • Cite the items included in interest expense and the loan amortization table.

Chapter 10

  • Identify the tax reports associated with each type of business entity.

Chapter 11

  • Identify the costs considered to be startup costs.
  • Cite the advantages of selling gift cards to customers.

Chapter 12

  • Define types of controls.
  • Identify the controls that apply to each functional area of a business.

Chapter 13

  • Compare the types of pricing systems in use in the hospitality industry.
  • Identify the impact of inelastic demand on price setting.

Chapter 14

  • Identify the flaws in the ratios used to analyze the hospitality industry.

Chapter 15

  • Identify the types of costs of cost management.
  • Identify the benefits of cost management.

Chapter 16

  • Cite the calculations for contribution margin, breakeven, cost-volume-profit analysis, and sales mix variance.

Chapter 17

  • Identify the disadvantages of budgeting in general and flexible budgeting.
  • Perform the calculation of the different types of variances.

Chapter 18

  • State the components of the cost of capital, and the types of analysis techniques used in capital budgeting.

Chapter 19

  • Cite the information used to derive a lease rate.
  • Identify the conditions under which it makes the most sense to use different types of leases.

Chapter 20

  • Identify the advantages and disadvantages of a cash concentration system and a notional pooling system.
  • Identify the content of the short-term and medium-term cash forecasts.

Chapter 21

  • Cite the composition of the cash conversion cycle.
  • Identify ways to improve working capital cash flow.

Course Specifics

Course ID
1153414
Revision Date
April 23, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

Hospitality Accounting

Expert Instructors
Format
CPE CREDITS
19 Credits: Accounting

$399.00$439.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
19 Credits: Accounting

Course Description

The hospitality industry is subject to a unique mix of issues, including seasonal demand, high fixed costs, rapid inventory turnover, and labor-intensive processes. The accountant needs to operate an accounting system that is specially tailored to this environment. In Hospitality Accounting, instructor Steven M. Bragg describes the financial and managerial accounting aspects of a hospitality business, which includes hotels, restaurants, spas, and similar businesses.

The course familiarizes the accountant with basic concepts, addresses various types of financial statements, and describes the accounting needed to construct them. More detailed financial accounting topics include payroll, fixed assets, and payables. There are also many managerial accounting topics, such as the construction of a budget, price formulation systems, cost-volume-profit analysis, and cash management.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Cite the operating characteristics of the hospitality industry.

Chapter 2

  • State the intent of the accounting cycle.
  • Cite key accounting principles.
  • Cite the source of the information in the trial balance.

Chapter 3

  • Identify the different types, contents, and formats of the financial statements.

Chapter 4

  • Cite the different types of receivable and payable transactions.
  • Identify the documents associated with the processing of receivables and payables.

Chapter 5

  • Cite the forms used in the payroll process.
  • Identify the methods for calculating compensation and depositing tax remittances.

Chapter 6

  • Identify the types of inventory systems and cost layering methods.
  • Cite the calculations used to estimate ending inventory.

Chapter 7

  • Identify the costs included in fixed assets, and the concepts used in the calculation of depreciation.

Chapter 8

  • Identify the types of projects for which interest should be capitalized.
  • Identify when such capitalization should be terminated.

Chapter 9

  • Cite the items included in interest expense and the loan amortization table.

Chapter 10

  • Identify the tax reports associated with each type of business entity.

Chapter 11

  • Identify the costs considered to be startup costs.
  • Cite the advantages of selling gift cards to customers.

Chapter 12

  • Define types of controls.
  • Identify the controls that apply to each functional area of a business.

Chapter 13

  • Compare the types of pricing systems in use in the hospitality industry.
  • Identify the impact of inelastic demand on price setting.

Chapter 14

  • Identify the flaws in the ratios used to analyze the hospitality industry.

Chapter 15

  • Identify the types of costs of cost management.
  • Identify the benefits of cost management.

Chapter 16

  • Cite the calculations for contribution margin, breakeven, cost-volume-profit analysis, and sales mix variance.

Chapter 17

  • Identify the disadvantages of budgeting in general and flexible budgeting.
  • Perform the calculation of the different types of variances.

Chapter 18

  • State the components of the cost of capital, and the types of analysis techniques used in capital budgeting.

Chapter 19

  • Cite the information used to derive a lease rate.
  • Identify the conditions under which it makes the most sense to use different types of leases.

Chapter 20

  • Identify the advantages and disadvantages of a cash concentration system and a notional pooling system.
  • Identify the content of the short-term and medium-term cash forecasts.

Chapter 21

  • Cite the composition of the cash conversion cycle.
  • Identify ways to improve working capital cash flow.

Course Specifics

Course ID
1153414
Revision Date
April 23, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

Hospitality Accounting

Expert Instructors
Format
CPE CREDITS
19 Credits: Accounting

$399.00$439.00

Clear