HFT 2403 Hospitality Financial Accounting Final Exam Review Summer 2007.

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Presentation transcript:

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 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  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  Cost  Business Entity  Continuity of the Business Unit  Unit of Measurement  Objective Evidence  Full Disclosure  Consistency  Matching  Conservation  Materiality

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 statement 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 Questions????