This course is designed to acquaint students with the concepts of accounting theory and practices with the specialized requirements of the Hospitality Industry. The course covers areas such as: the nature and purpose of accounting, the double entry system, specialized accounting for hotel revenue and expenses, periodic inventory accounting for food and beverage, payroll accounting, accounting for property and equipment and financial analysis.

At the end of this course, students should be equipped to:

• Demonstrate the ability to prepare final accounts and reconcile balances using knowledge of the accounting principles and processes (Accounting Concepts, Journal, Ledgers, Trial balance).
• Demonstrate the ability to record Hotel Expenses and design Internal Control procedures for Food and Revenue Sales (Guest Checks, Front Office Operation, Daily Room Reports, Housekeepers' Reports and Guest Charges).
• Demonstrate the ability to assess the value of inventory using various inventory valuation methods (First-in First-out, Last-in first-out, Weighted Average Pricing and Specific Identification methods).
• Demonstrate the ability to evaluate the worth of Property and Equipment using various depreciation methods and record acquisition and replacement costs.
• Develop an understanding of Statutory and Voluntary deductions and demonstrate the ability to calculate weekly, monthly and annual payroll in the Jamaican context.
• Demonstrate the ability to calculate and interpret the main accounting ratios (Leverage, Liquidity, Operating, Profitability and Solvency Ratios).