Management Accounting for the Hospitality Industry

Professor Information

Instructor Profile Picture

Instructor

Dr. Eric Beckman

Office

HM 366

E-mail

ebeckman@fiu.edu

phone

(305) 919-4090

Office Hours

Zoom by Appointment

Course Description and Purpose

This course provides advanced study of the Accounting decision-making process involved in the hospitality industry.   Emphasis is placed on budgeting, pricing decisions, cost-volume-profit analysis and capital budgeting.

At the conclusion of this course, students will (a) be familiar with the tools and techniques of management accounting as applied to the hospitality industry, and (b) be able to use critical thinking in analyzing and solving management accounting problems in the hospitality industry as detailed below:

Course Objectives

Upon completing this course, students will be able to:

  • CLO1. Recall the basic concepts and principles of Financial Accounting.
  • CLO2. Appraise and assess the importance of financial statement analysis and ratios and their use in managerial accounting as related to hospitality operations.
  • CLO3. Describe the purpose statement of cash flows and learn how to prepare it.
  • CLO4. Identify and outline the main characteristics and concepts of managerial accounting.
  • CLO5. Explain and interpret the Cost Volume Profit (CVP) method and how it can assist management in evaluating current and future events regarding sales revenue inflows and cost outflows as related to hospitality operations.
  • CLO6. Explain the importance of various pricing methods that are used in the hospitality industry and points the need for current, tactical, and long-term pricing decisions.
  • CLO7. Explain the importance of the operating and financial budgets including cash budgets, sales and purchasing budgets.
  • CLO8. Analyze the ways in which capital investments differ from operational budget for hospitality companies.
  • CLO9. Describe the importance of internal controls in corporate governance for publicly traded hotels.

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.

Technical Requirements and Skills

One of the greatest barriers to taking an online course is a lack of basic computer literacy. By computer literacy, we mean being able to manage and organize computer files efficiently and learning to use your computer's operating system and software quickly and easily. Keep in mind that this is not a computer literacy course, but students enrolled in online courses are expected to have moderate proficiency using a computer. Please go to the What's Required webpage to find out more information on this subject.

Privacy Policy Statements for Partners and Vendors

Please visit our Technical Requirements webpage for additional information.

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

HFT 2401 Accounting for the Hospitality Industry or it's equivalent.

Textbook

Horngren's Financial & Managerial Accounting, 7th Edition
title : 

Horngren's Financial & Managerial Accounting, 7th Edition

authors : 

Tracie Miller-Nobles, Austin Community College, Texas

Brenda Mattison, Tri-County Technical College

publisher : 

Pearson

publish date : 

2021

isbn 10 : 

0136516255

isbn 13 : 

978-0136516255

Expanding on proven success with Horngren's accounting

Horngren’s Financial and Managerial Accounting presents the core content of principles of accounting courses in a fresh format designed to help today’s learners succeed. As teachers first, the author team knows the importance of delivering a student experience free of obstacles. Their pedagogy and content uses leading methods in teaching students critical foundational and emerging topics (e.g., data analytics and employability skills) in the field of accounting, and concentrates on improving student results — all tested in class by the authors themselves. With this in mind, the 7th Edition continues to focus on readability and student comprehension and takes this a step further by employing a new theme to help students see how managerial accounting is used as a tool to help all business people make decisions. By providing more meaningful learning tools, this title gives professors the resources needed to help students clear hurdles inside and outside of the classroom, like never before.

Expectations of This Course

This is a traditional/live course utilizing online materials, which means most of the course work will be conducted online.  Expectations for performance utilizing online course materials are the same as for a traditional course.  This course requires a degree of self-motivation, self-discipline, and technology skills which can make this course more demanding for some students.

Students are expected to:

  • review the getting started page located in the course modules;
  • introduce yourself to the class during the first week.
  • take the practice quiz to ensure that your computer is compatible with the learning management system, Canvas;
  • interact with your instructor and peers;
  • review and follow the course calendar and weekly outlines;
  • attend the course weekly;
  • respond to discussions in class. No late work is accepted; 
  • respond to emails within 1 day; 
  • submit assignments by the corresponding deadlines

The instructor will:

  • log in to the course daily; 
  • respond to emails within 24 hours
  • grade assignments within 1 day of the assignment deadline.

Course Detail

Course Communication

Communication in this course will take place via the Canvas Inbox and FIU email.  Check out the Canvas Conversations Tutorial or Canvas Guide to learn how to communicate with your instructor and peers using Announcements, Discussions, and the Inbox. I will respond to all correspondences within 24 hours. Professor Beckman's email is ebeckman@fiu.edu

Assessments

In order to mitigate any issues with your computer and online assessments, it is very important that you take the "Practice Quiz" from each computer you will be using to take your graded quizzes and exams. It is your responsibility to make sure your computer meets the minimum hardware requirements.

All assessments will auto-submit when (1) the timer runs out OR (2) the closing date/time is reached, whichever happens first. For example, if a quiz has a closing time of 5:00 pm but the student begins the exam at 4:55 pm, the student will only have 5 minutes to complete the quiz.

Professor Beckman will:

  • List all assessments (i.e. graded or practice)
  • Provide the dates and times when assessments will become available (i.e. From Monday 10:00 am – Tuesday 11:59 pm)
  • Provide assessment duration (i.e. 30 minutes, 1 hour)
  • Provide details for results
  • When will students be able to see the results (i.e. Immediately after exam, after the availability period has ended, or not at all)
  • What will they be able to see the results (i.e. Total score only, all of the questions and answers, etc.)
  • The expected turn-around time for feedback or grade.

Assessments in this course are not compatible with mobile devices and should not be taken through a mobile phone or a tablet. If you need further assistance please contact FIU Canvas Help Team.

Assignments

  • Provide clear guidance on the expectations and requirements
  • Provide due dates and late assignment policies
  • Define if it is an individual or group assignment (groups: Let the students know how the groups will be formed)
  • Specify and describe how to submit assignments (i.e. Assignment dropbox or Turnitin.com)
  • State the criteria for evaluation (Rubric or list of criteria)
  • The expected turn-around time for feedback or grades

Grading

[Insert notes about grading here]

Course Requirements
Number of Items
Weight
Quizzes
11/1335%
Exams
135%
Homework Assignments
6/825%
Attendance/Class Participation15%
Total

100%

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

DateTopic(s)Weekly Tasks
Module #1
January 9&16, 2023

Read learning objectives in Canvas®

Readings: Syllabus and review Chapter 1 (F)

MyLab® Homework 1; MyLab® Quiz 1. & Introduce yourself to the class (Canvas).

All 3 assignments are due by Sunday, January 22, 2023
Module #2
January 23, 2023

Readings: Chapter 15 (F) – Financial Statement Analysis

MyLab® Quiz 2 is due by Sunday, January 29, 2023
Module #3
January 30, 2023
Readings: Chapter 14 (F) – The Statement of Cash Flows 

MyLab® Homework 2; MyLab® Quiz 3. 

Both assignments are due by Sunday, February 5, 2023
Module #4
February 6, 2023
Readings: Chapter 1(M) – Introduction to Managerial Accounting 

MyLab® Homework 3; MyLab® Quiz 4.

Both assignments are due by Sunday, February 12, 2023
Module #5
February 13, 2023

Readings: Chapter 5(M) – Cost Volume Profit 

MyLab® Homework 4; MyLab® Quiz 5.

Both assignments are due by Sunday, February 19, 2023
February 20, 2023No Classes/Nothing Due (SOBEWFF Week)   

February 27, 2023No class (spring break)    

Module #6
March 6 , 2023
Readings: Chapter 6(M) – Variable Costing

MyLab® Quiz 6.

The assignment is due by Sunday, March 12, 2023
Module #7
March 13, 2023
Readings: Chapter 10 (M) – Short Term Business Decisions

MyLab® Homework 5; MyLab® Quiz 7.

Both assignments are due by Sunday, March 19, 2023
Module #8
March 20, 2023

Readings: Chapter 7 (M) – Master Budgets


MyLab® Homework 6; MyLab® Quiz 8. Both assignments are due by Sunday, March 26, 2023
Module #9
March 27, 2023

Readings: Chapter 11 (M) – Capital Investment Decisions 


MyLab® Homework 7; MyLab® Quiz 9.  Both assignments are due by Sunday, April 2, 2023
Module #10
April 3, 2023
Readings: Chapter 9(M) – Responsibility Accounting and Performance Evaluation 
MyLab® Quiz 10.  The assignment is due by Sunday, April 9, 2023
Module #11
April 10, 2023
Readings: Chapter 4 (M) - Lean Management Systems: Activity-Based, Just-in-Time, and Quality Management Systems    
MyLab® Quiz 11.  The assignment is due by Sunday, April 16, 2023
April 17, 2023Study for final exam
April 24-28, 2023Final ExaminationThe Final Examination will be taken online.  You will have all week, Monday, April 24, 2023 to Friday, April 28 at 11:59pm to  complete the exam.  You will have one continuous three-hour time period in which to complete the exam.  The exam is open book, open note.