HFT 2403 Hospitality Financial Accounting

HFT 2403
Hospitality Financial Accounting
Final Exam Review
Summer 2007
Financial Statement Analysis (Ch 18)
From a set of financial information,
calculate the following.
Current Ratio
Quick Ratio
Accounts Receivable Turnover & Collection
Cost of Goods Sold – Food and Beverage
Food Inventory Turnover (Times)
Food Inventory Turnover in Days
Financial Statement Analysis
Beverage Inventory Turnover
Beverage Inventory Turnover in Days
Occupancy Percentage
Average Rate
Flow Through
Profit Margin
From Chapters 1-12 and Handouts
Normal balances of accounts
Asset : Debit
Liability or Equity : Credit
Revenue: Credit
Expense: Debit
Types of accounts – asset, liability, equity,
revenue, or expense
Permanent or Temporary Owners Equity
Chapters 1 Through 12
Principles of Accounting
Business Entity
Continuity of the Business Unit
Unit of Measurement
Objective Evidence
Full Disclosure
Other Items
Chart listing where balance sheet items
fall (see exam 2)
Complete a Retained Earnings Statement
Complete a Cost of Goods Sold Statement
Complete a Trial Balance
Completing a departmental income
Completing a balance sheet
What You Do Not Need to Review
The effects of not recording journal entries
( the overstate/understate chart)
Depreciation Problems
Bank Reconciliation
Chapters 1 Through 12, 15 & 18
Review terms and definitions at the end of
each chapter
Review questions from previous exams
and quizzes (including exam 3)
Bring a calculator & pencils
No Scantron