Northeast Wisconsin Technical College
10-109-126 054848
Hospitality Finance
Outline of Instruction
Course Information
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.
Total Credits
3
Prior Learning Assessments
Credit by Exam
Course Competencies
Explain why it is essential for hospitality owners/operators to thoroughly understand accounting
Describe the major forms of business organization
Define and Describe bookkeeping, double entry accounting and identify bookkeeping accounts
Identify the major financial statements and explain the use of each
Describe the advantage/disadvantage of using a computerized accounting system
Describe the accounting cycle and the difference between cash basis and accrual accounting
Describe the income statement and the accounts used to prepare
Identify the accounts used to prepare a balance sheet and explain the elements that apply
Summarize the significance of restaurant accounting listing income statement components
Describe the Summary Operating Statement and Identify the SOP Sections
Explain the purpose and use of the statement of cash flows
Define responsibility accounting and determine break-even points
Define and apply the concept of price elasticity in the hospitality budgeting process