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HFT 2401 Hospitality Financial Accounting

HFT 2401 Hospitality Financial Accounting. Final Exam Review. 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

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HFT 2401 Hospitality Financial Accounting

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  1. HFT 2401Hospitality 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 • Monday May 2, 2016 7:00 pm • Questions????

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