VISION
In pursuit of perfection, the University of Baguio is committed to provide balanced quality education by nurturing academic excellence, relevant social skills and
ethical values in a fun-learning environment
MISSION
The University of Baguio educates individuals to be empowered professionals in a global community.
INSTITUTIONAL GOALS
The University of Baguio aims to produce a graduate who:
1. exemplifies a higher standard of learning;
2. manifest the mastery of relevant skills;
3. upholds a conduct that is rightful and just;
4. undertakes scientific and significant researches;
5. advocates sustainable programs for the community and the environment; and
6. leads and demonstrates exemplary performance in the field of specialization.
Course Title:
HBCTNG2 (3 units)
Description:
ACCOUNTING FOR HOTEL AND
RESTAURANT OPERATIONS
(SERVICING)
Effectivity:
First Semester
SY 2012-2013
Date Revised:
October
2012
1
Prepared by:
John V. Balanquit, CPA
Approved by:
Dr. Kareen B. Leon, CPA,
MSBA, PhD
Page
1 of 16
School of Business Administration and Accountancy
SBAA MISSION
The School of Business Administration and Accountancy edifies competitive and morally upright individuals.
SBAA OBJECTIVES
The School of Business Administration and Accountancy, in an exuberant learning climate, aims to nurture a business graduate who:
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6.
cultivates the knowledge, that is imperative for career success in a globalized setting;
demonstrates relevant skills;
Utilizes macro-environmental acumen for economic growth and development;
Typifies professional integrity with humility;
Undertakes researches to promote systematic bases for business decisions; and
Models exemplary performance in business.
Program Objectives
P1.
P2.
P3.
P4.
P5.
P6.
Cultivates the knowledge, that is imperative for career success in a globalized setting.
Demonstrates relevant skills.
Utilizes macro-environmental acumen for economic growth and development.
Typifies professional integrity with humility.
Undertakes researches to promote systematic bases for business decisions.
Models exemplary performance in business.
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Institutional Objectives
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2. Program Outcomes and Relationship to College/ Program Objectives
Program Outcomes
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O1. Students graduate to become professionals imbued with high moral/ ethical standards.
O2. Graduates are highly competitive with their acquired knowledge, skills and values in the practice of their profession.
O3. Graduates are confident of their academic and industry preparations and the entry competencies learned to tackle the rigors of the
business world.
O4. Students can carry out researches that can be utilized in the community and in the business profession.
O5. Students recognize their responsibility and accountability as professionals and as workers in the community.
O6. Students become aware of and strive for their physical, mental and spiritual well-being.
O7. Students are prepared to meet the needs and demands of global employment without losing the Filipino spirit.
O8. Students become aware of their responsibility to the environment and participate actively in environmental programs.
COLLEGE/ PROGRAM
OBJECTIVES
P2
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P4
P5
P6
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3. Course Objectives and Relationship to Program Outcomes
Course Objectives
COGNITIVE DOMAIN
C1. Discuss the key concepts of the course.
C2. Explain the importance of accounting in different business organizations.
C3. Enumerate and explain the different steps in the accounting cycle.
C4. Relate the preparation and importance of financial statements in the analysis of business operations
AFFECTIVE DOMAIN
C5. Appreciate the value of accounting to his future profession.
C6. Appreciate the need for the fair and reliable reporting of assets, liabilities, owner’s equity, revenue and expenses as
they affect the economic decision of statement users
C7. Imbibe desirable attitudes and values in the fulfillment of course requirements.
PSYCHOMOTOR DOMAIN
C8. Prepare accounting documents and reports in good form.
C9. Solve for unknowns in accounting problems/exercises.
C10. Apply the accounting cycle in solving accounting problems.
C.11 Perform simple evaluation of service and merchandising businesses as to effectiveness of their operations.
4. Prerequisite: none
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O1
O2
PROGRAM OUTCOMES
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5. Course Description
This course provides an introduction to accounting, within the context of business and business decisions. Students explore the role of accounting information in the
decision-making process and learn how to use various types of accounting information found in financial statements and annual reports. This course starts with a discussion of
accounting thought and the theoretical background of accounting and the accounting profession. The next topic is the accounting cycle for service concerns – recording,
handling, and summarizing accounting data, including the preparation and presentation of financial statements for service companies. Emphasis is placed on understanding the
reasons underlying basic accounting concepts and providing students with an adequate background on the recording, classification, and summarization functions of accounting
to enable them to appreciate the varied uses of accounting data.
6. Course Coverage
Learning Contents/Topics
Course Syllabus
VMO
Seat Plan
Leveling of Expectations
1. INTRODUCTION
1.1. Development of Accounting
1.2. Accountancy in the Philippines
1.2.1.
Globalization
1.2.2. Policy Developments
(www.accounting.rutgers.edu/raw
)
1.2.3.
Technological Developments
1.2.4.
Accountancy Act of 2004
1.2.5.
Scope of Practice
1.2.5.1. Public Accountancy
1.2.5.2. Commerce and
Industry
1.2.5.3. Education/Academe
1.2.5.4. Government
1.2.6. The Professional Regulatory
Board of Accountancy
1.2.7. Qualifications of members of the
Professional Regulatory Board
1.2.8. The Certified Public Accountant
No. of
hours
P1
College Objectives
P2 P3 P4 P5 P6
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Program Outcomes
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Activity and
Learning Approach
Evaluation
Orientation
Internalize the VMO
Arrange students
Requirements and
Grading system
-Lecture/discussion
Recitation
-Quiz
-Recitation
Examination
1.2.8.1. Qualifications of
Applicants
1.2.8.2. Scope
1.2.8.3. Rating in the Licensure
Examination
1.2.8.4. Report of Ratings
1.2.8.5. Failure of Candidates to
take Refresher Course
1.2.9.
Code of Ethics for Philippine
CPAs
1.2.9.1. Distinguishing
Characteristics of a
Profession
1.2.9.2. Basic Requirements to
meet the Objectives on
the Accountancy
Profession
1.2.9.2.1.
Credibility
1.2.9.2.2.
Professiona
lism
1.2.9.2.3.
Quality of
Services
1.2.9.2.4.
Confidence
1.2.9.3. Fundamental
Principles/Pre-requisites
to Achieve the Objectives
of the Accountancy
Profession
1.2.9.3.1. Objectivity
1.2.9.3.2. Professional
Competence
and Due Care
1.2.9.3.3. Confidentiality
1.2.9.3.4. Professional
Behavior
1.2.9.3.5. Technical
Standards
1.2.10.
The Accounting Profession
1.2.11. The Professional Organization –
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PICPA
1.2.11.1. Objectives
1.2.12.
Core Competencies for
Accountants
1.2.12.1. General Knowledge
1.2.12.2. Organizational and
Business Knowledge
1.2.12.3. Information Technology
Knowledge
1.2.12.4. Skills
1.2.12.5. Values
1.2.13.
Business Ethics
1.2.14.
International Accounting
Standards
1.3. Specialized Accounting Services
1.3.1.
Auditing
1.3.2.
Cost Accounting
1.3.3.
Financial Accounting
1.3.4.
Internal Auditing
1.3.5.
Government Accounting
1.3.6.
Tax Accounting
1.3.7.
Management Consulting
1.3.8.
International Accounting
1.4. Forms of Business Organization
1.4.1.
Sole Proprietorship
1.4.2.
Partnership
1.4.3.
Corporation
1.5. Activities Performed by Business
Organization
1.5.1.
Service Concern
1.5.2.
Merchandising Business
1.5.3.
Manufacturing Business
1.5.4.
Agriculture
1.6. Definition of Accounting
1.6.1.
Phases of Accounting
1.6.1.1.
Recording
1.6.1.2.
Classifying
1.6.1.3.
Summarizing
1.6.1.4.
Interpreting
1.7. Bookkeeping and Accounting
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1.8. Fundamental Concepts
1.8.1.
Entity Concept
1.8.2.
Periodicity Concept
1.8.3.
Stable Monetary Unit Concept
1.9. Users of Financial Information and their
Information Needs
2. THE ACCOUNTING EQUATION AND THE
DOUBLE ENTRY SYSTEM
2.1. Accounting Information System
2.2. Elements of Financial Statements
2.2.1.
Real Accounts
2.2.2.
Nominal Accounts
2.3. The Account
2.3.1.
Account – Definition
2.3.2.
Typical Account Titles Used
2.4. The Accounting Equation
2.5. The Double Entry System – Debits and
Credits
2.6. The Rules of Debit and Credit
2.7. Accounting Events and Transactions
2.8. Effects of Transactions
2.9. Analyzing Business Transactions
2.9.1.
Use of Financial Transaction
Worksheet
2.9.2.
Use of T-Account
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-Problem-solving
-Quiz
-Board Exercises
-Recitation
-Case analysis
-Assignment
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-Lecture/Discussion
-Quiz
Case Analysis: Adding Accounts (Source:
Fundamentals of Accounting Course 1, 7th edition,
page 41)
Ethical Dilemma: Ethics and Professional Conduct
in Business (Source: Fundamentals of Accounting,
Chapters 1 – 11, Activity 2-1, page 96)
3. ACCOUNTING FOR A SERVICE
BUSINESS
3.1. Introduction of the Accounting Cycle
3.1.1. Identifying the transactions to be
recorded
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3.1.2. Journalizing of transactions in the
general journal
3.1.3. Posting of journal entries in the
general ledger
3.1.4. Trial balance preparation
3.1.5. Journalizing adjusting entries
3.1.6. Worksheet preparation
3.1.7. Financial statements preparation
3.1.8. Closing entries
3.1.9. Preparation of the post-closing
trial balance
3.1.10. Preparation of reversing entries
3.2. Transaction Analysis
3.2.1. Identifying the transactions from
the source documents
3.2.2. Identification of financial
statement elements affected by the
transactions
3.2.3. Changes to an account caused by
a particular transaction
3.2.4. Using the rules of debit and credit
3.3. Journalizing Transactions
3.3.1.
Journalizing-definition
3.3.2.
The Journal
3.3.3.
Contents of the General
Journal
3.3.4.
Types of Journal Entries
3.3.4.1.
Simple Entry
3.3.4.2.
Compound Entry
FIRT GRADING EXAMINATION
PART 1 – PROBLEMS
PART 2 – THEORETICAL EXAMINATION
3.4. Posting
3.4.1.
Posting-definition
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-Problem-solving
-Quiz
-Recitation
-Board Exercises
-Assignment
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-Problem-solving
-Quiz
-Board Exercises
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3.4.2.
The Ledger-definition
3.4.3.
Types of Ledger
3.4.3.1.
General Ledger
3.4.3.2.
Subsidiary Ledger
3.4.4. Types of Accounts in the General
Ledger
3.4.4.1.
Permanent Accounts
3.4.4.2.
Temporary Accounts
3.4.5. Procedures in posting journal
entries to ledger
3.4.6.
Chart of Accounts
3.4.7.
Normal Balance of an Account
3.4.8.
Ledger Accounts after Posting
3.4.8.1.
Footing
3.4.8.2.
Account Balance
3.5. Trial Balance
3.5.1.
Definition
3.5.2.
Procedures in Preparing the
Trial Balance
3.5.3.
Locating Errors
-Assignment
-Case Analysis
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-Lecture/Discussion
-Reporting
-Role-Playing
-Quiz
-Case analysis
-Board Exercises
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-Lecture/discussion
-Problem-solving
-Seatwork
-Quiz
-Recitation
-Common
Examination
Case Analyses:
 High Standards for Journalizing (Source:
Fundamentals of Accounting Course, 7th
edition, page 65)
 The Curious Accountant (Source:
Fundamental Financial Accounting Concepts,
4th edition, page 149)
3.6. Preparing the Worksheet
3.6.1.
6-column Worksheet
3.7. Preparation of Financial Statements
3.7.1.
Statement of Comprehensive
Income
3.7.2.
Statement of Changes in
Owner’s Equity
3.7.3.
Statement of Financial
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Position
3.8. Preparation of Closing Entries
3.9. Preparation of Post-Closing Trial Balance
3.10. Adjusting the Accounts
3.10.1. Periodicity Concept
3.10.2. Revenue Recognition
Principle
3.10.3. Expense Recognition
Principle
3.10.4. The Need for Adjustments
3.10.5. Deferrals and Accruals
3.10.5.1. Deferrals
3.10.5.1.1. Prepaid
Expenses
3.10.5.1.2. Precollected
Income
3.10.5.2. Accruals
3.10.5.2.1. Accrued
Expenses
3.10.5.2.2. Accrued
Income
3.10.5.3. Bad Debts
3.10.5.4. Depreciation
3.10.6. Effects of Omitting the
Adjustments
MIDTERM EXAMINATION
PART 1 – PROBLEMS
PART 2 – THEORETICAL EXAMINATION
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-Lecture/discussion
-Problem-solving
-Quiz
-Board Exercises
-Assignment
-Quiz
-Recitation
-Assignment
-Quiz
-Assignment
1
1
3.11. Worksheet with Adjusting Entries
3.11.1. 8-column worksheet
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-Problem-solving
3.12. Preparation of Financial Statements
3.13. Closing Entries
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-Problem-solving
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3.14. Post-Closing Trial Balance
3.15. Reversing Entries
-Case Analysis
-Board Exercise
-Recitation
4.GENERALLY ACCEPTED ACCOUNTING
PRNCIPLES
4.1. Definition
4.2. Criteria for General Acceptance of an
Accounting Principle
4.3. Generally Accepted Accounting
Principles
5.FRAMEWORK FOR THE PREPARATION
AND PRESENTATION OF FINANCIAL
STATEMENTS
5.1. Underlying Assumption
5.2. Qualitative Characteristics of Financial
Statements
5.2.1.
Threshold Quality –
materiality
5.2.2.
Relating to Content
5.2.3.
Relating Presentation
5.3. Constraints on Relevant and Reliable
Information
Case Analysis: The Job Interview (Source:
Fundamentals of Accounting Course 1, 7th edition,
page 5)
Ethical Dilemma: Ethics and Professional
Conduct in Business (Source: Accounting, Chapter
1 – 11, Activity 1-1, page 43)
FINAL EXAMINATION
PART 1 – COMMON EXAM (PROBLEMS)
PART 2 – THEORETICAL EXAMINATION
Total Hours
3
2
108
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Grading System:
For Board Exam Subjects: the cut-off score is 75%. The highest possible grade is ninety-nine (99); the lowest passing grade is seventy-five (75); and the lowest failing grade is
sixty-five (65).
Grade requirement for Accountancy Students: At least 85
First grading
Midterms
(Tentative
Finals
(Tentative
Class standing = 70 %; Exam = 30 %
Class standing = 60 %; Exam = 40 %
Midterm Grade x 2 + First Grading) / 3 = Midterm Grade
Class standing = 50 %; Exam = 50 %
Final Grade x 2 + Midterm Grade) / 3 = Final grade
TEXTBOOK AND REFERENCES:
Lopez, Rafael M. Jr. (2009) Basic Accounting for Hotel and Restaurant Operations 2009 Millennium Edition. MS Lopez Printing & Publishing.
Frias, Solita A. (2008) Introductory Accounting. Manila: Busy Book Dist.
Ballada, Win Lu and Ballada, Susan (2009). Basic Accounting. Manila: Dom Dane Publishers and Made Easy Bookstore.
Gascon, Robert H. (2005) Financial Accounting. Manila: Inter Campus Trading.
Edmonds, Olds,et.al. (2007) Fundamental Financial and Managerial Accounting Concepts 2007 Edition. McGraw Hill Companies, Inc.
Edmonds, MacNair M., et.al. (2008) Fundamental Financial Accounting Concepts 4th Edition, New York.
Weygandt, Kieso, et.al., (2008) Hospitality Financial of Accounting, John Wiley & Sons, Inc.
Jagels, Martin G., et.al. (2008) Hospitality Management Accounting, 10th Edition. John Wiley & Sons, Inc.
Guenther, David (2007) Financial Reporting and Analysis. Boston: McGraw Hill Companies, Inc.
Valencia, Edwin (2008) Basic Accounting, 2008 – 2009 International Edition, Baguio City: Valencia Educational Supply.
Warren, Reeve et.al. (2008) Accounting 21st Edition. Thomson Asian Publishing.
Ross, Gilbertson, et.al. (2007). Fundamentals of Accounting Course 17th edition, South-Western Educational Publishing.
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Internet References:
http://www.iasplus.com/
http://www.investopedia.com/
http://www.picpa.com.ph/
Syllabus Evaluation Committee:
RHADVIC F. ESTOQUE, CPA, MBA
Program Chair
DR. KAREEN B. LEON, CPA, MBA, PhD
Dean, College of Business Administration and Accountancy
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