General Information

Professor Information

Instructor Profile Picture

Instructor

Miao Wang

Office

C-516, Tianjin Campus

E-mail

mwang@fiu.edu

phone

022-26669732, 15922190168

Office Hours

Tuesdays after class

Website

hospitality.fiu.edu

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.

Learning Outcomes

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

Policies

Please review the FIU's Policies webpage. The policies webpage contains essential information regarding guidelines relevant to all courses at FIU, as well as additional information about acceptable netiquette for online courses. For additional information, please visit FIU's Policy and Procedure Library.

As a member of the FIU community you are expected to be knowledgeable about the behavioral expectations set forth in the FIU Student Conduct and Honor Code.

Accessibility and Accommodation

The Disability Resource Center collaborates with students, faculty, staff, and community members to create diverse learning environments that are usable, equitable, inclusive, and sustainable. The DRC provides FIU students with disabilities the necessary support to successfully complete their education and participate in activities available to all students. If you have a diagnosed disability and plan to utilize academic accommodations, please contact the Center at 305-348-3532 or visit them at the Graham Center GC 190.

For additional assistance please contact FIU's Disability Resource Center.

Web Accessibility Statements for Partners and Vendors 

Please visit our ADA Compliance webpage for additional information about accessibility involving the tools used in this course.

Academic Misconduct Statement

Florida International University is a community dedicated to generating and imparting knowledge through excellent teaching and research, the rigorous and respectful exchange of ideas, and community service. All students should respect the right of others to have an equitable opportunity to learn and honestly demonstrate the quality of their learning. Therefore, all students are expected to adhere to a standard of academic conduct, which demonstrates respect for themselves, their fellow students, and the educational mission of the University. All students are deemed by the University to understand that if they are found responsible for academic misconduct, they will be subject to the Academic Misconduct procedures and sanctions, as outlined in the Student Conduct and Honor Code. Academic Misconduct includes:

 Cheating

  • The unauthorized use of any materials, information, study aids or assistance from another person on any academic assignment or exercise, unless explicitly authorized by the course Instructor; 
  • Assisting another student in the unauthorized use of any materials, information, study aids, unless explicitly authorized by the Instructor; and 
  • Having a substitute complete any academic assignment or completing an academic assignment for someone else, either paid or unpaid; and

Plagiarism

  • The deliberate use and appropriation of another are work without any indication of the source and the representation of such work as the Student's own.
  • Assisting another student in the deliberate use and appropriation of another’s work without any indication of the source and the representation of such work as the student’s own. 

Learn more about the academic integrity policies and procedures as well as student resources that can help you prepare for a successful semester.

Panthers Care & Counseling and Psychological Services (CAPS)

If you are looking for help for yourself or a fellow classmate, Panthers Care encourages you to express any concerns you may come across as it relates to any personal behavior concerns or worries you have, for the classmate’s well-being or yours; you are encouraged to share your concerns with FIU’s Panthers Care website.

Counseling and Psychological Services (CAPS) offers free and confidential help for anxiety, depression, stress, and other concerns that life brings. Professional counselors are available for same-day appointments. Don’t wait to call (305) 348-2277 to set up a time to talk or visit the online self-help portal.

Inclusivity Statement

This course will serve to embrace the diversity and inclusivity found within Florida International University. We appreciate and respect diversity, equality, equity, cooperativeness, community, and sustainability within our online courses. We are committed to the ongoing education of our students and their participation within the course regardless of gender, ethnicity, age, sexual orientation, geographical location, religion, and disability. We strive in encouraging collaboration by preparing our students to value the differences in others. At the core of our intentions is the encouragement of acceptance and appreciation of differences within our student population and community.

Copyright Statement

The following conduct is prohibited by the Student Conduct and Honor Code. Lack of familiarity with University policy is not a defense to a violation of this Code. Unless specifically noted, the intent is not a required element to establish a policy violation. The following conduct violation or any attempt to violate the Code will be used in charging all Students or Student Organizations;

Section 5 | Conduct Violations - g. Computer Misuse

  • vii. Unauthorized distribution or downloading of copyrighted materials, including but not limited to, unauthorized peer-to-peer file sharing. This is a violation whether the user is using their own personal computer or the University’s information technology system for unauthorized distributions.

Copyright Statement: The materials and content in this online course are provided solely for student use during the course. Course materials may not be shared outside of the course or with any third party without the explicit permission of the instructor or content publisher. Visit FIU Library’s Copyright Lib Guide to learn more about copyright law and restrictions.

Additional Resources:

Course Prerequisites

There are no prerequisites for this course.

Textbook and Course Materials

Horngren's Financial & Managerial Accounting
title : 
Horngren's Financial & Managerial Accounting
authors : 
Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
publisher : 
Pearson, Jan-2017
publish date : 
Jan-2017
isbn 10 : 
0134486838
isbn 13 : 
9780134486833
notes : 
Notes
Revised edition of the authors' Horngren's financial & managerial accounting, [2016]

Expectations of this course

We have face to face sessions and you should also be working heavily with Canvas and MyLab. You will need to read the book chapter before meeting with your professor each week.

Course Detail

Attendance

Class attendance is an essential part of this course. Instructor reserves the right to deduct one letter grade for more than 3 unexcused absences. 

You are responsible for all material covered and all information given in class, whether you are present or not. It is suggested that students form study groups to facilitate class preparation and optimize performance on exams.

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.

 (C) In the unfortunate event that a student is obliged to miss a class for circumstances beyond his/her control, the student is responsible for taking any exceptional steps necessary to learn the material discussed in that class. Such steps may include obtaining assistance from classmates and/or requesting assistance from the instructor during office hours, going to tutoring sessions, or from any other available source.


Grading

Course Requirements
Total Points Available
Weight
Attendance & Participation
10015%
Homeworks
50025%
Project
10020%
Mid-term Exam
10020%
Final Exam
100
20%
Total
900100%

Grading Schema

Name From To
A
100%
95%
A-
< 95%
90%
B+
< 90%
87%
B
< 87%
83%
B-
< 83%
80%
C+
< 80%
77%
C
< 77%
70%
D
< 70%
60%
F
< 60%
0%

Course Calendar

Weekly Schedule

Course Procedures/Methodology

The teaching methodology consists of lectures, problem solving, class exercises, and quizzes.


DateTasks

Week 1,  1/11 

Course Introduction / Review of Syllabus 
Student and Instructor Introductions

Week 2,  1/18

Chapter 1 – Accounting and Business Environment

Week 3,  1/25

Chapter 2 – Recording Business Tansactions

Week 4,  2/1

Spring Festival Holiday

Week 5,  2/8

Spring Festival Holiday

Week 6,  2/15

Chapter 3 – The Adjusting Process – 1

Week 7,  2/22

Chapter 3 – The Adjusting Process – 2

Week 8,  3/1

Chapter 4 – Completing the Accounting Cycle -1

Week 9,  3/8

Chapter 4 – Completing the Accounting Cycle -2
Chapter 5 – Merchandising Operations -1

Week 10,  3/15

Chapter 5 – Merchandising Operations -2
Mid-term Exam – Chapters 1-5

Week 11,  3/22

Chapter 6 – Merchandise Inventory

Week 12,  3/29

Chapter 7 – Internal Control and Cash

Week 13,  4/4

Chapter 8 – Receivables

Week 14,  4/11

Chapter 9 – Plant Assets, Natural Resources, and Intangibles

Week 15,  4/18

Chapter 9 – Plant Assets, Natural Resources, and Intangibles

Week 16,  4/25

Chapter 11 – Current Liabilities and Payroll
Chapter 12 – Long Term Liabilities
Week 17
Final Exam – Comprehensive Final but with emphasis on Chapters of 6, 7, 8, 9, 11, 12