HTM240 - Hospitality Accounting

Outline information
Schools offering this subject
Last revision date May 25, 2020 1:51:36 AM
Last review date Aug 3, 2020 12:15:14 AM

Subject Title
Hospitality Accounting

Subject Description
This course will introduce students to the essentials and the use of accounting in the hospitality industry. Topics will include financial transaction analysis, adjustments, inventory and cash control, budgeting, sales taxes, payroll, journal entries, and financial statements.

Credit Status
One credit towards Tourism Services Management - Global Tourism Business Specialization, or the Tourism Services Management - Meetings, Incentives, Conventions, Conferences & Events Specialization, or Hospitality - Hotel and Restaurant Services Management.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Identify the different forms of business ownership in the hospitality industry
  2. Describe generally accepted accounting principles
  3. Explain the accounting cycle of the hospitality industry
  4. Record transactions to general journal and ledgers
  5. Prepare hospitality specific journals
  6. Describe accrual and cash basis of accounting
  7. Identify payroll deductions and taxes
  8. Explain the purpose and use of the balance sheet and income statement
  9. Prepare relevant financial statements
10. Use correct business etiquette and adhere to professional standards of dress, hygiene and grooming

Essential Employability Skills
Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

Respond to written, spoken, or visual messages in a manner that ensures effective communication.

Execute mathematical operations accurately.

Apply a systematic approach to solve problems.

Use a variety of thinking skills to anticipate and solve problems.

Locate, select, organize, and document information using appropriate technology and information systems.

Analyze, evaluate, and apply relevant information from a variety of sources.

Take responsibility for one's own actions, decisions, and consequences.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.