General Information The template

Professor Information

Instructor Profile Picture

Instructor

Yue Li

Office

C503

E-mail

liyu@fiu.edu

phone

15900392383

Office Hours

16:00-17:00 Mondays or By Appointment

Website

www.fiu.edu/~prof

Course Description and Purpose

Can you analyze business transactions that happen in your daily life? Can you read financial statements if you were a future hospitality leader? Can you invest the bond or stock market to make extra revenue? These are examples of “real world challenges” that require us to understand the basic accounting framework. In this course, you will understand the basic accounting principles and apply them to real world problems in the hospitality industry.

Course Objectives

  • To describe the basic accounting framework and to apply the basic accounting concepts to real world problems in the hospitality industry;
  • To proceed with a more detailed examination of the recording of transactions and the preparation of financial statements in the hospitality industry;
  • To become lifelong self-directed learners with strong accounting and financial knowledge and skills.


Students will be able to:

  • Apply the basic assumptions and principles (GAAP) underlying hospitality financial statements;
  • Explain the steps of the accounting cycle for a hospitality business including journalizing, posting, preparation of worksheets, financial statements, adjusting and closing entries;
  • Explain advantages and disadvantages of different forms of legal organization used in the hospitality and tourism industries;
  • Describe the components and purpose of the financial statements;
  • Prepare a classified balance sheet for a hospitality firm;
  • Distinguish the components of the stockholder's equity section of the balance sheet of a hospitality corporation;
  • Compare methods or recording and valuing inventories;
  • Define internal controls and describe the components of internal controls;
  • Demonstrate the use of bank reconciliations and petty cash;
  • Describe how debt and equity securities are accounted for and how are they reported according to GAAP.

Important Information

Textbook and Course Materials

HORNGREN'S FINANCIAL & MANAGERIAL ACCOUNTING, STUDENT VALUE EDITION, 6/E
title : 

HORNGREN'S FINANCIAL & MANAGERIAL ACCOUNTING, STUDENT VALUE EDITION, 6/E

authors : 

Nobles, Mattison & Matsumura

publisher : 

Pearson Higher Education

isbn 10 : 

0-13-448683-8

isbn 13 : 

978-0-13-448683-3

Course Detail

Course Communication

Attendance

You need to attend the class lectures in order to master the material for our class. The lectures and the textbook should provide you with a good basis to complete the quizzes, assignments, and exams. The instructor will take attendance every class meeting. You have only one absence to use in case of emergencies, family situations, etc. Therefore, I do not need any excuses when you are not in class. However, any more absences will start counting against you and no excuses will be accepted regardless of the reason(s). Use these absences very carefully.


Student Responsibility

It is assumed that students have attained a level of maturity that motivates them to take responsibility for achieving the learning objectives of this course by using the learning tools provided. This course is designed to be completed successfully through the use of three learning tools:

1. Doing the homework assignments on a timely basis

2. Doing the reading assignments on a timely basis, and

3. Attending all classes, taking appropriate notes and PARTICIPATING IN CLASS DISCUSSIONS. Since managers frequently engage in group presentations, as future managers you are expected to gain experience in developing and expressing your ideas before a group of your peers in the class. This being a learning environment, it is the instructor's intent to use class participation to enhance respect for each individual and help develop their self-confidence in a friendly setting. A student who does not use all three of the above tools appropriately and in a timely fashion runs the risk of falling behind and being unable to keep up with the rest of the class. More importantly, the student is wasting an opportunity to improve himself/herself.

(A) If, after doing the reading and homework assignments, a student does not understand a topic that has been explained in class, it is the student's responsibility to visit the instructor during office hours to seek additional instructional assistance, or to seek such assistance from classmates, or from any other source that is available.

(B) It is impossible to cover all assigned reading materials in class. Therefore it is of particular importance that a student request further explanation of any assigned material that the student does not understand, and that is not covered in class. Students are responsible, in the relevant classes, and on the relevant examinations, for the corresponding material in the reading and homework assignments regardless of whether it is, or is not, covered in class.

Grading

[Insert notes about grading here]

Course Requirements
Number of Items
Points for Each
Total Points Available
Weight
Attendance & participation
156.671005%
Homeworks
101010010%
Project110010015%
Midterm Exam110010030%
Final Exam110010040%
Total
5N/A500100%

Grading Schema

Name From To
A
100%
94%
A-
< 94%
90%
B+
< 90%
87%
B
< 87%
83%
B-
< 83%
80%
C+
< 80%
77%
C
< 77%
70%
D
< 70%
60%
F
< 60%
0%

Course Calendar

DateTasks
[Jan. 10] Week #1
Introduction and Chapter 1  Accounting and Business Environment
                 [Jan. 17] Week #2
Chapter 2  Recording Business Transactions -1
[Jan. 24] Week #3
Chapter 2  Recording Business Transactions -2
[Jan. 31] Week #4
Chinese Lunar New Year (No Class)
[Feb. 7] Week #5
Chinese Lunar New Year (No Class)
[Feb. 14] Week #6
Chapter 3  The Adjusting Process  1
[Feb. 21] Week #7
Chapter 3  The Adjusting Process  2
[Feb. 28] Week #8
Chapter 4  Completing the Accounting Cycle
[Mar. 7] Week #9
Mid-term Exam  Chapters 1  4
[Mar. 14] Week #10
Chapter 5  Merchandising Operation
[Mar. 21] Week #11
Chapter 6  Merchandise Inventory
[Mar. 28] Week #12
Chapter 7  Internal Control and Cash
[Apr. 4] Week #13
Chapter 8  Receivables
[Apr. 11] Week #14
Chapter 9  Plant Assets, Natural Resources, and Intangibles
[Apr. 18] Week #15
Chapter 11  Current Liabilities and Payroll
[Apr. 25] Week #16

Chapter 12 Long Term Liabilities

Project due

[May 2] Week #17
Final Exam  Comprehensive Final but with emphasis on chapters 5,6,7,8,9,11,12