HFT 2403Hospitality Financial Accounting

Final Exam Review

Summer 2007

Financial Statement Analysis (Ch 18)

From a set of financial information, calculate the following. 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

Financial Statement Analysis

Beverage Inventory TurnoverBeverage Inventory Turnover in DaysOccupancy PercentageAverage RateREVPARFlow ThroughProfit Margin

From Chapters 1-12 and Handouts

Normal balances of accounts Asset : Debit Liability or Equity : Credit Revenue: Credit Expense: Debit

Types of accounts – asset, liability, equity, revenue, or expense Permanent or Temporary Owners Equity

Chapters 1 Through 12

Principles of Accounting Cost Business Entity Continuity of the Business Unit Unit of Measurement Objective Evidence Full Disclosure Consistency Matching Conservation Materiality

Other Items

Chart listing where balance sheet items fall (see exam 2)

Complete a Retained Earnings StatementComplete a Cost of Goods Sold StatementComplete a Trial BalanceCompleting a departmental income

statementCompleting a balance sheet

What You Do Not Need to Review

The effects of not recording journal entries ( the overstate/understate chart)

Depreciation ProblemsBank Reconciliation

Chapters 1 Through 12, 15 & 18

Review terms and definitions at the end of each chapter

Review questions from previous exams and quizzes (including exam 3)

Bring a calculator & pencilsNo ScantronQuestions????