1. HFT 2401 Hospitality Financial Accounting
Final Exam Review

2. 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

3. Financial Statement Analysis
Beverage Inventory Turnover
Beverage Inventory Turnover in Days
Occupancy Percentage
Average Rate
REVPAR
Flow Through
Profit Margin

4. 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

5. 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

6. 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)

7. 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)

8. 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

9. 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

10. 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????