UNIVERSITY OF NORTH TEXAS Spring 2011 SCHOOL OF MERCHANDISING AND HOSPITALITY MANAGEMENT

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1 UNIVERSITY OF NORTH TEXAS Spring 2011 SCHOOL OF MERCHANDISING AND HOSPITALITY MANAGEMENT SMHM 2280 Hospitality Industry Financial Accounting Course Syllabus Course Instructor: Hyewon Youn, Ph.D., CHE Class Meeting Time & Place: 100% Online Class Office: CHIL 359H Phone: (940) address: Use Blackboard please Other information: The quickest and easiest way to contact me is through . CATALOG DESCRIPTION: Application of financial accounting principles to the hospitality industry; Uniform System of Accounts for restaurants, hotels, and clubs; completion of the accounting cycle for hospitality operations; transactions related to payroll, inventories, receivables, and payables for the hospitality industry. PREREQUISITES: Open to hospitality management majors only. INSTRUCTIONAL MATERIALS Moncarz, E.S., & Portocarrero, N.J. (2003). Accounting for the hospitality industry. Upper Saddle River, NJ: Prentice Hall. ISBN-10: ISBN-13: Texas Instruments BAII PLUS Financial Calculator (Required). COURSE DESCRIPTION The objective of the course is to provide students with the concepts related to financial reporting and accounting principles in the hospitality industry and the tools required in these activities. The class utilizes a combination of lecture, exercises, problem solving and online discussions. Students are encouraged to bring accounting and financial management issues for online discussion. 1

2 LEARNING OBJECTIVES Upon completion of the course, students will be able to: Describe accounting and its environment Classify the major types of accounts Identify the Generally Accepted Accounting Principles (GAAP) Analyze, journalize, and post business transactions Prepare an unadjusted trial balance Identify the major types of adjustments and discuss their importance Analyze, journalize, and post adjustments Prepare an adjusted trial balance Prepare and evaluate the importance of a worksheet Identify and evaluate the importance of financial statements Prepare a set of financial statements Prepare closing entries Prepare a post-closing trial balance Identify the role and characteristics of sole proprietorships, partnerships, and corporations in the hospitality industry Explain the purpose and contents of a classified balance sheet Review the major contents of the balance sheet of a publicly held company in the hospitality industry Understand the statement of retained earnings as a supplementary statement to the balance sheet Explain the purpose and contents of an income statement Distinguish between the single-step and the multiple-step formats in preparing an income statement Review and prepare a statement of income based on the ninth revised edition of the Uniform System of Accounts for the lodging industry format Review the major contents of the income statement of a publicly held company in the hospitality industry TEACHING PHILOSOPHY It is my responsibility as an instructor to organize a friendly learning environment in which students will learn highly quantitative and challenging materials. Therefore, I encourage my students to ask questions and discuss class-related issues with me at any time via or Blackboard discussion. To equip students with the most important accounting and analytical tools for enhancing hospitality profitability, I attempt to identify, prepare and present elements essential to efficient hospitality management from a financial perspective at the micro level. A thorough understanding of those key elements is more important than a broader but shallow understanding of the hospitality accounting. Motivation is particularly important for learning highly challenging materials. I try to show the importance of the topics and concepts as related to the hospitality operation and students future career in the industry. I encourage students to ask me questions regarding the industry applications of these concepts and how they may help the students achieve their career goals. 2

3 COURSE REQUIREMENTS The student will access and follow all course instructions found in the Weekly Lessons area of the Blackboard course. The student will study all online lecture notes and hand outs provided in the Weekly Lessons. The student will study all suggested exercise problems provided in the Weekly Lessons. The student will complete the assigned online quizzes by accessing the assessment tool or Weekly Lessons in the Blackboard course. The student will complete and submit assignments electronically using the Blackboard assignment drop box tool/tab. The student will respond to posted online course discussion questions using the Blackboard discussion tool. COMMUNICATION I will communicate with students mainly using the Announcements and Discussions tools and Blackboard . Students may send personal concerns or questions to me using the Blackboard tool. I will reply to student s or Discussion board messages within 2 working days under normal circumstances. I generally check my daily during the week. However, please remember that I am human like the rest of you, with family obligations and outside commitments. So, if I do not respond immediately to your , please do not worry. I will get in touch with you as soon as I am able to. I take weekends off, so do not expect a response until Monday. ASSESSMENT & GRADING Assessments: This course is made up of a series of assignments and assessments to assist you in achieving the course learning objectives/outcomes. Each week you will work on various combinations of assignments, quizzes, discussions, readings, etc. 3

4 Grading Grades will be determined as follows: Grades Assignments 20% Quizzes 20% Mid-term Exam 30% Final Exam 30% Total 100% Grading Scale A B C D Less than 60 F Accessing Grades: Students can check their grades by clicking My Grades under Course Tools after the grade for each assessment task is released. CLASS PARTICIPATION Students are required to log-in regularly to the online class site. The instructor will use the tracking feature in Blackboard to monitor student activity. ASSIGNMENT SUBMISSION INSTRUCTIONS You will submit your assignments (in the word file format with a simple file name) by using the Assignments tool on the course site. Please see the Assignments link on the course menu or see the icon on the designated page. You can click each assignment name link and follow the onscreen instructions to upload and submit your file(s). Please refer to the Help menu for more information on using this tool. Please note: The assignments are due by the date given on the Blackboard. There are no makeups or extra credit opportunities and I will not accept late work. If you know in advance that there will be a conflict, please inform me and we will try to work something out. Each assignment link will be deactivated after the assignment due time. 4

5 ONLINE QUIZZES Closed book quizzes will cover the required textbook reading and the content of the online lectures. You can access quizzes by clicking the Assessments link on the course menu or see the quiz icon on the designated page. Each quiz is timed and can be accessed only one time within the scheduled time window. Please read the on-screen instructions carefully before you click Begin Assessment. After each quiz is graded and released, you may go back to the Assessments page and click View All Submissions to review your quiz results. If you lose Internet connectivity during the quiz, log back in immediately and continue on with the quizzes. Save your answers often (every 2-3 minutes). If you experience any issues while taking the quiz, you must contact the Blackboard Helpdesk immediately so that your issue is documented with a helpdesk ticket number. Considerations regarding quiz issues will be made by the instructor on an individual basis based on the documentation. MIDTERM AND FINAL EXAMS Students are required to take both the midterm and final exams on-campus on designated dates. Exams will be closed book and proctored. Students must bring their UNT student ID card in order to take the exam. Both exams may include objective and subjective questions. Examples of objective items include multiple choice, true/false, fill in the blank, and problems. Examples of subjective questions include short answer, essay, and case study analysis. *All students are to take special notice of the exam dates stated on this syllabus. No make-up exams will be given EXCEPT IN AN EMERGENCY. Emergencies include a medical emergency involving yourself or a death in your immediate family. Regular medical appointments Checkups and/ or Family gatherings do not constitute emergency situations and do not meet the aforementioned requirement. Travel plans are not emergencies. Additionally, excuses related to employment (working during the exam or sleeping late because of work the night before) do not meet the requirement for a make-up exam. I strongly advise you to contact your employer as soon as possible so that you can coordinate your work schedule with your academic/ exam schedule. VIRTUAL CLASSROOM CITIZENSHIP The same guidelines that apply to traditional classes should be observed in the virtual classroom environment. Please use proper netiquette when interacting with class members and the professor. 5

6 ACADEMIC CALENDAR/COURSE DESIGN WEEK TOPIC/LECTURE READING ASSIGNMENTS 1 Introduction/ Accounting as the Basis for Management Decisions 2 Basic Accounting Concepts (1) Suggested problems (Chap 2: S1, L1, L2) Syllabus Chapter 1 (Textbook) Chapter 1 PPT note Chapter 2 (Textbook) Chapter 2 PPT note Zipcode survey Orientation Quiz Assignment 1 (Chap 1: Q1~Q20) Assignment 2 (Chap 2: Q1~Q19) 3 Basic Accounting Concepts (2) Quiz 1 (Chap 1&2) 4 Processing Business Transactions (1) Suggested problems (Chap 3: E3, S3, L1) Chapter 3 (Textbook) Chapter 3 PPT note Assignment 3 (Chap 3: Q1~Q13) 5 Processing Business Transactions (2) Quiz 2 (Chap 3) 6 Journalizing, Posting and Taking a Trial Balance (1) Suggested problems (Chap 4: L1, L2) 7 Journalizing, Posting and Taking a Trial Balance (2) 8 Adjusting the Trial Balance (1) Suggested problems (Chap 5: S1, S3) Chapter 4 (Textbook) Chapter 4 PPT note Chapter 5 (Textbook) Chapter 5 PPT note Assignment 4 (Chap 4: Q1~Q19) Quiz 3 (Chap 4) Assignment 5 (Chap 5: Q1~Q16) 9 Spring Break (no class) 10 Adjusting the Trial Balance (2) Mid-term Exam Review 1&2 11 Mid-term Exam (Chapter 1-5) March 29 th, 5:30-8:00 pm 12 Completing the Accounting Cycle (1) Suggested problems (Chap 6: L3) Chapter 5 (Textbook) Chapter 5 PPT note Chapter 6 (Textbook) Chapter 6 PPT note Quiz 4 (Chap 5) Assignment 6 (Chap 6: Q1~Q13) 13 Completing the Accounting Cycle (2) Quiz 5 (Chap 6) 6

7 14 The Balance Sheet Suggested problems (Chap 9: S1, S4, L4) 15 The Statement of Income Suggested problems (Chap 10: E2, E4, S1, S3) 16 Final Exam Review Chapter 9 (Textbook) Chapter 9 PPT note Chapter 10 (Textbook) Chapter 10 PPT note Assignment 7 (Chap 9: Q1~Q16) Assignment 8 (Chap 10: Q1~Q21) 17 Final Exam (Comprehensive) May 10 th, 5:30-8:00 pm * The instructor reserves the right to revise this syllabus and list of requirements when, in her judgment, such revision will benefit the advancement of the course goals and objectives. COURSE EVALUATION The Student Evaluation of Teaching Effectiveness (SETE) is a requirement for all organized classes at UNT. This short survey will be made available to you at the end of the semester, providing you a chance to comment on how this class is taught. I am very interested in the feedback I get from students, as I work to continually improve my teaching. I consider the SETE to be an important part of your participation in this class. TECHNICAL REQUIREMENTS/ ASSISTANCE The following information has been provided to assist you in preparation for the technological aspect of the course. Hardware and software necessary to use Blackboard: PC: Windows 98 (2 nd Edition), 2000, XP, Vista Mac: OS 9, OSX Internet Access with compatible web browser Word Processor Browser and computer settings check: Computer and Internet Literacy: Visit Plug-ins necessary to access course materials and resources: ACCESS & NAVIGATION Access and Log in Information: This course was developed and will be facilitated utilizing the University of North Texas Learning Management System, Blackboard Vista. To get started with the course, please go to: 7

8 You will need your EUID and password to log in to the course. If you do not know your EUID or have forgotten your password, please go to: Ticket to Vista Tutorial: As a student, you will have access to the Ticket to Vista tutorial via Blackboard Vista. It is recommended that you become familiar with the tools and tutorials within Ticket to Vista to better equip you to navigate the course. BEING A SUCCESSFUL ONLINE STUDENT What Makes a Successful Online Student? Self Evaluation for Potential Online Students STUDENT SUPPORT The University of North Texas provides student technical support in the use of Blackboard and supported resources. The student help desk may be reached at: vista@unt.edu Phone: In Person: ISB Rm. 119 Regular hours are maintained to provide support to students. Please refer to the website ( ) for updated hours. RESOURCES UNT Portal: UNT Blackboard Student Resources: Technical Support: UNT Library Information for Off-Campus Users: UNT Computing and Information Technology Center: Computer Labs: [provide information if departmental labs are available for use to students]. General access computer lab information (including locations and hours of operation) can be located at: COPYRIGHT NOTICE Some or all of the materials on this course Web site may be protected by copyright. Federal copyright law prohibits the reproduction, distribution, public performance, or public display of copyrighted materials without the express and written permission of the copyright owner, unless fair use or another exemption under copyright law applies. Additional copyright information may be located at: 8

9 POLICY ON SERVER UNAVAILABILITY OR OTHER TECHNICAL DIFFICULTIES The University is committed to providing a reliable online course system to all users. However, in the event of any unexpected server outage or any unusual technical difficulty which prevents students from completing a time sensitive assessment activity, the instructor will extend the time windows and provide an appropriate accommodation based on the situation. Students should immediately report any problems to the instructor and also contact the UNT Student Help Desk: vista@unt.edu or The instructor and the UNT Student Help Desk will work with the student to resolve any issues at the earliest possible time. 9

10 ACADEMIC REQUIREMENTS Students entering the School of Merchandising and Hospitality Management are required to have a minimum grade point average of at least 2.25 on all courses completed at UNT. First term/semester transfer students must have a transfer grade point average of A grade of C or above must be earned in each merchandising and hospitality management (SMHM) course completed in residence or transferred to UNT. Academic requirements for graduation with a BS from the School of Merchandising and Hospitality Management include: a. A minimum of 2.25 grade point average in the major, with minimum grades of C required in all merchandising and hospitality management (SMHM) courses; b. A minimum of 2.25 grade point average in all courses completed at UNT; and c. A minimum of 2.25 grade point average in all work attempted, including transfer, correspondence, extension and residence work. For additional information regarding requirements and policies, refer to the Undergraduate Catalog. ACADEMIC ADVISING The SMHM Advising Staff recommends that students meet with their Academic Advisor at least one time per long semester (Fall & Spring). It is important to update your degree plan on a regular basis. Departmental Contact Information (Chilton Hall 331): Hospitality (N-Z) and Digital Retailing Lynne Hale Hospitality (A-M) Ernestine Denmon Merchandising (A-O) and Home Furnishings Sarah Kim Merchandising (P-Z) Keeley Simpson Please check prerequisites carefully prior to enrolling in courses. Students are responsible for completing all prerequisite courses before enrolling in upper division courses. It is imperative that students pay for all enrolled classes. Please check your online schedule daily through the 12 th class day (January 31) to insure you have not been dropped for nonpayment. Students unknowingly have been dropped from classes for various reasons such as financial aid, schedule change fees, etc. SMHM will be unable to reinstate students for any reason after the 12 th class day regardless of situation. It is the student s responsibility to ensure all payments have been made. 10

11 IMPORTANT SPRING 2011 DATES January 17 January 21 January 31 February 1 February 18 February 28 March March 29 April 22 April 22 April 30 May 5 May 6 May 7 13 May 13 May 14 Last day for 100 percent refund Last day to change schedule other than a drop Twelfth class day Beginning this date a student who wishes to drop a course must first receive written consent of the instructor. Last day to apply for May graduation Beginning this date, instructors may drop students with grade of WF for nonattendance. Spring Break Last day for a student to drop a course with consent of instructor Last day for a instructor to drop a student with a grade of WF for nonattendance. Last day to withdraw from the semester (Dropping all UNT courses) A grade of WF may be assigned if student is not passing. Pre-finals week Reading day; no classes Finals week Master s commencement Undergraduate commencement ACADEMIC ORGANIZATIONAL STRUCTURE Understanding the academic organizational structure and appropriate Chain of Command is important when resolving class-related or advising issues. When you need problems resolved, you should start with your individual faculty member and/or advisor who will then help you navigate the Chain of Command shown below: University of North Texas SMHM Academic Chain of Command Individual Faculty Member/Advisor Division Chair Associate Dean, School of Merchandising & Hospitality Management Dean, School of Merchandising & Hospitality Management 11

12 QUALIFIED STUDENTS UNDER THE AMERICANS WITH DISABILITIES ACT OR SECTION 504 OF THE REHABILITATION ACT OF 1973 The School of Merchandising and Hospitality Management cooperates with the Office of Disability Accommodation to make reasonable accommodations for qualified students with disabilities. If you have a disability for which you will require accommodation, please present your written accommodation request by the end of the first week and make an appointment with the instructor to discuss your needs. COURSE SAFETY STATEMENTS Students in the School of Merchandising and Hospitality Management are urged to use proper safety procedures and guidelines. While working in laboratory sessions, students are expected and required to identify and use property safety guidelines in all activities requiring lifting, climbing, walking on slippery surfaces, using equipment and tools, handling chemical solutions and hot and cold products. Students should be aware that the University of North Texas is not liable for injuries incurred while students are participating in class activities. All students are encouraged to secure adequate insurance coverage in the event of accidental injury. Students who do not have insurance coverage should consider obtaining Student Health Insurance for this insurance program. Brochures for this insurance are available in the UNT Health and Wellness Center on campus. Students who are injured during class activities may seek medial attention at the UNT Health and Wellness Center at rates that are reduced compared to other medical facilities. If you have an insurance plan other than Student Health Insurance at UNT, please be sure that your plan covers treatment at this facility. If you choose not to go to the UNT Health and Wellness Center, you may be transported to an emergency room at a local hospital. You are responsible for expenses incurred there. ACADEMIC DISHONESTY Academic dishonesty includes, but is not limited to, the use of any unauthorized assistance in taking quizzes, tests, or exams; dependence upon the aid of sources beyond those authorized by the instructor, the acquisition of tests or other material belonging to a faculty member, dual submission of a paper or project, resubmission of a paper or project to a different class without express permission from the instructors, or any other act designed to give a student an unfair advantage. Plagiarism includes the paraphrase or direct quotation of published or unpublished works without full and clear acknowledgment of the author/source. Academic dishonesty will bring about disciplinary action which may include expulsion from the university. This is explained in the UNT Student Handbook. CLASSROOM POLICIES Student behavior that interferes with an instructor s ability to conduct a class or other students opportunity to learn is unacceptable, disruptive, and will not be tolerated in any instructional forum at UNT. Students engaging in unacceptable behavior will be directed to leave the 12

13 classroom, and the instructor may refer the student to the Center for Student Rights and Responsibilities to consider whether the student s conduct violated the Code of Student Conduct. The University s expectations for student conduct apply to all instructional forums, including university and electronic classrooms, labs, discussion groups, field trips, study abroad programs, etc. The Code of Student Conduct can be found at The School of Merchandising and Hospitality Management requires that students respect and maintain all university property. Students will be held accountable through disciplinary action for any intentional damages they cause in classrooms. (e.g., writing on tables). Disruptive behavior is not tolerated (e.g., arriving late, leaving early, sleeping, talking on the phone, texting or game playing, making inappropriate comments, ringing cellular phones/beepers, dressing inappropriately). STUDENT EVALUATION OF TEACHING EFFECTIVENESS (SETE) The Student Evaluation of Teaching Effectiveness (SETE) is a requirement for all organized classes at UNT. This short survey will be made available at the end of the semester to provide students a chance to comment on how this class is taught. Student feedback is important and an essential part of participation in this course. FINAL EXAM POLICY Final exams will be administered at the designated times during the final week of each long semester and during the specified day of each summer term. Please check the course calendar early in the semester to avoid any schedule conflicts. ACCESS TO INFORMATION As you know, your access point for business and academic services at UNT occurs within the my.unt.edu site If you do not regularly check Eagle Connect or link it to your favorite account, please so do, as this is where you learn about job opportunities, SMHM events, scholarships, and other important information. The website that explains Eagle Connect and how to forward your COURSES IN A BOX Any SMHM equivalent course from another university must receive prior approval from the SMHM academic advisor to insure that all UNT Merchandising and Hospitality Management degree plan requirements are met. For example, courses that are taken online or from a program that offers course material via CD, booklet, or other manner of correspondence must have prior advisor approval. This includes courses in a box from other educational institutions (SMHM 2550, 4250, 4820, etc.). Courses in a box do not meet the UNT Merchandising and Hospitality Management degree plan requirements and will not be approved. 13

14 IMPORTANT NOTICE FOR F-1 STUDENTS TAKING DISTANCE EDUCATION COURSES To comply with immigration regulations, an F-1 visa holder within the United States may need to engage in an on-campus experiential component for this course. This component (which must be approved in advance by the instructor) can include activities such as taking an on-campus exam, participating in an on-campus lecture or lab activity, or other on-campus experience integral to the completion of this course. If such an on-campus activity is required, it is the student s responsibility to do the following: (1) Submit a written request to the instructor for an on-campus experiential component within one week of the start of the course. (2) Ensure that the activity on campus takes place and the instructor documents it in writing with a notice sent to the International Advising Office. The UNT International Advising Office has a form available that you may use for this purpose. Because the decision may have serious immigration consequences, if an F-1 student is unsure about his or her need to participate in an on-campus experiential component for this course, students should contact the UNT International Advising Office (telephone or international@unt.edu) to get clarification before the one-week deadline. 14