HFT 2401 Hospitality Financial Accounting

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Presentation transcript:

HFT 2401 Hospitality Financial Accounting Final Exam Review

Financial Statement Analysis From a set of financial information, calculate the following.(10 multiple choice) Current Ratio Quick Ratio Accounts Receivable Turnover & Collection Period 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 REVPAR Flow Through Profit Margin

From Chapters 1-12 and Handouts Normal balances of accounts (5 multiple choice) Asset : Debit Liability or Equity : Credit Revenue: Credit Expense: Debit Types of accounts – asset, liability, equity, revenue, or expense (5 multiple choice) Permanent or Temporary Owners Equity

Chapters 1 Through 12 Principles of Accounting (10 multiple choice) Cost Business Entity Continuity of the Business Unit Unit of Measurement Objective Evidence Full Disclosure Consistency Matching Conservation Materiality

Other Items Where balance sheet items fall (see exam 2) ( 5 multiple choice) Current Asset, Current Liability, etc. Complete a Retained Earnings Statement Complete a Cost of Goods Sold Statement Complete a Trial Balance (simplified)

What You Do Not Need to Review The effects of not recording journal entries ( the overstate/understate chart) Depreciation Problems Inventory Valuation Problems Adjusted trial balance (exam 1)

Problems to Complete Financial Analysis (Exam 2) Multiple Choice (Required) Trial Balance (Required) Cost of goods sold (Required) Retained earnings (Required) Projected cash flow (collection) problem

Sample Definitions (15 multiple choice questions) Forms of business structure Net working capital Fundamental accounting equation Temporary owners equity Assets, liabilities, equity Additional paid in capital Factoring Distributed/Undistributed expenses

Chapters 1 Through 12,15,18 Review terms and definitions at the end of each chapter and chapter slides Review questions from previous exams and quizzes (including exam 3) Bring a calculator, pencils & erasers Scantron Required – Form 2052 Questions????