Matakuliah
Tahun
: V0232 – Akuntansi Keuangan Hotel
: 2009
Hospitality Financial Accounting
Week 1
Part 1
Hospitality Accounting in Action
1-1 Accounting Process
Identification
(Select
economic events/
transactions)
Internal Users
Management
Managers,
supervisors, and
company officers
Recording
(Record,
classify, and
summarize)
Communication
(Prepare
reports; analyze
and interpret)
External Users
Investors/creditors
Present & potential
Investors
Creditors
Other Users
Taxing authorities
Regulatory agencies
Labor unions
Economic planners
1-2 Bookkeeping vs. Accounting
Bookkeeping
Involves only the recording of
economic events
Just one part of the accounting
process
Accounting
Involves identifying, recording,
and communicating economic
events
Types of Accounting:
• Financial
• Managerial
1-3 Assumptions
Monetary Unit Assumption
Only transaction data that can be expressed in terms of
money can be included in the accounting records
Economic Entity Assumption
Activities of the entity must be kept separate from
activities of the owner
1-4 The Accounting Equation
ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY
Assets are = Liabilities are
resources that
creditor claims
possess future on the assets and
economic
represent the debts
benefits.
and obligations of
the entity.
TOTAL
ASSETS
+
Creditor claims
on assets
Stockholder’s claims on assets
Stockholders’ equity is
the stockholder’s residual
claim on total
assets.
1-5 The Accounting Cycle
Steps in the Accounting Cycle
1. Analyzing Transactions
2. Journalizing
3. Posting
4. Trial Balance
5. Adjustments
6. Adjusted Trial Balance
7. Financial Statements
8. Closing Entries
9. Post Closing Trial Balance
1-6 Uniform Systems
Hotels
Uniform System of Accounts for the Lodging Industry
Clubs
Uniform System of Financial Reporting for Clubs
Restaurants
Uniform System of Accounts for Restaurants
Spas
Uniform System of Financial Reporting for Spas
Hospitality Financial
Accounting
Part 2
Accounting Principles
2-1 Conceptual Framework
CONSTRAINTS
Objectives of Financial Reporting
Qualitative
Characteristics of
Accounting Information
Elements of
Financial Statements
Operating Guidelines
Assumptions
Principles
CONSTRAINTS
2-2 Qualitative Characteristics of
Accounting Information
Useful
Financial
Information has:
Relevance
1. Predictive value
2. Feedback value
3. Timely
Reliability
Comparability
and
Consistency
1. Verifiable
2. Faithful representation
3. Neutral
2-3 Operating Guidelines
Detailed Guidelines for Solving Practical Problems
ASSUMPTIONS
PRINCIPLES
1. Economic Entity
1. Revenue Recognition
2. Monetary Unit
2. Matching
3. Time Period
3. Full Disclosure
4. Going Concern
4. Cost
CONSTRAINTS
and
Materiality
Conservatism
2-4 Recording Business Transactions
A. Review of Selected Transactions
Mr. Sam Doty opened and incorporated a hospitality consulting firm during the
month of September and provided you with the following data.
1.
2.
3.
4.
5.
6.
7.
8.
Invested $8,000 in his business in exchange for common stock.
Purchased $500 of supplies for cash.
Purchased $4,000 of equipment on account.
Received $3,000 cash for consulting services.
Paid salaries of $800
Paid the first month’s rent of $200.
Paid $1,000 owned to a creditor.
The corporation paid a dividend of $1,500 in cash to Sam Doty, the stockholder.
Instructions: Prepare the tabular summary for the transactions above.
2-4 Recording Business Transactions
(continued)
Summary of Transactions
Month of September 2008
Answer:
Assets
Trans-
=
SupCash
(1)
+$8,000
(2)
-500
+
Equip-ment
+
Liabilities
+
Accounts
=
Stockholders’ Equity
Common
Retained
+
+$8,000
Investment
+500
(3)
+$4,000
+$4,000
(4)
+3,000
+3,000
(5)
-800
-800
Salary Expense
(6)
-200
-200
Rent Expense
(7)
-1,000
(8)
-1,500
$7,000
Service Revenue
-1,000
-1,500
+
$500
+
$4,000
=
$3,000
+
$8,000
$500
Dividends
2-4 Recording Business Transactions
(continued)
B. Financial Statement Relationship to Transactions and Balances
1.
Prepare the Income Statement and Retained Earnings
Statement from the Stockholders’ Equity Column of the
Summary of Transactions for the month of September.
Stockholders’ Equity
+
$8,000
+
3,000
-
800
(Salary Expense)
-
200
(Rent Expense)
-
1,500
$8,500
(Investment by Stockholders)
(Service Revenue)
(Dividends)
2-4 Recording Business Transactions
(continued)
Answer:
Sam Doty
Sam Doty
Hospitality Consultant
Hospitality Consultant
Income Statement
Retained Earnings Statement
For Month Ended September 30, 2008
For Month Ended September 30, 2008
Revenues
Service revenue
$3,000
Retained Earnings, September 1
$ -0-
Expenses
Salary expense
Rent expense
Total expenses
Net income
Add: Net income
$800
2,000
2,000
200
1,000
$2,000
Less: Dividends
$1,500
Retained Earnings, September 30
$ 500
2-4 Recording Business Transactions
(continued)
2.
Prepare the Balance Sheet from the Month-end Balances
of the Summary of Transactions.
Assets
=
Liabilities
+
Stockholders’
Equity
Cash + Supplies + Equip.
$7,000 + $500 + $4,000
=
=
Accounts Payable
$3,000
+
+
Common Stock
$8,000
+
+
R.E.
$500
2-4 Recording Business Transactions
(continued)
Sam Doty, Hospitality Consultant
Answer:
Balance Sheet
September 30, 2008
Assets
Cash
$ 7,000
Supplies
500
Equipment
4,000
Total assets
$11,500
Liabilities and Stockholders’ Equity
Liabilities
Accounts payable
$ 3,000
Stockholders’ Equity
Common stock
Retained earnings
Total liabilities & stockholders’ equity
8,000
500
$11,500
2-4 Recording Business Transactions
(continued)
3.
Prepare the Statement of Cash Flows from the Cash Column of the
Summary of Transactions for the month of September.
Sam Doty, Hospitality Consultant
Statement of Cash Flows for Month Ended September 30, 2008
Cash flows from operating activities
Cash receipts from customers
$3,000
Cash payments for expenses
1,000
Net cash provided by operating activities
$2,000
Cash flows from investing activities
Purchase of supplies
Payment for equipment
(500)
(1,000)
(1,500)
Cash flows from financing activities
Sale of common stock
$8,000
Dividends paid
(1,500)
Net increase in cash
Cash at the beginning of the period
Cash at the end of the period
6,500
7,000
0
$7,000
2-5 Analyzing Transactions
Identify the various transactions indicated by the
information provided:
1.
2.
3.
4.
CASH
ACCOUNTS RECEIVABLE
increased…………………..
decreased_________________
RENT EXPENSE
CASH
increased…………………..
decreased_________________
SUPPLIES
ACCOUNTS PAYABLE
increased…………………..
decreased_________________
EQUIPMENT
CASH
increased…………………..
decreased_________________
2-5 Analyzing Transactions
(continued)
Continue exercise by asking students for a transaction which
increases the following:
Cash, Accounts Receivable, Supplies, Equipment,
Accounts Payable, Common Stock
Continue exercise by asking students for a transaction which
decreases the following:
Cash, Accounts Receivable, Supplies, and
Accounts Payable
Answer:
1.
2.
3.
4.
5.
6.
2-5 Analyzing Transactions
(continued)
Collection of an accounts receivable.
Payment of the current month’s rent.
Purchase of supplies on account.
Purchase of equipment for cash.
Rendering of services for a customer on account.
The declaration of a cash dividend.