TAC300 - Accounting Fundamentals

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Last revision date Jan 31, 2020 4:09:53 PM
Last review date Jan 31, 2020 4:09:53 PM

Subject Title
Accounting Fundamentals

Subject Description
This course will introduce students to the essentials and the use of accounting in the tourism industry. Topics will include financial transaction analysis, adjustments, inventory and cash control, budgeting, sales taxes, payroll, journal entries, and financial statements. Industry specific accounting software will be used to improve the student's overall understanding of relevant topics.

Credit Status
One credit towards the Tourism Services Management - Global Tourism Business Specialization Diploma

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

1. Describe generally accepted accounting principles
2. Explain the accounting cycle of the tourism industry
3. Record transactions to general journal and ledgers
4. Understand and create a budget
5. Identify payroll deductions and taxes
6. Explain the purpose and use of the balance sheet and income statement
7. Utilize tourism specific software applications to analyze daily, monthly and yearly financial information
8. Prepare relevant financial statements
9. 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.

Apply a systematic approach to solve problems.

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

Show respect for diverse opinions, values, belief systems, and contributions of others.

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: http://www.senecacollege.ca/about/policies/academic-integrity-policy.html 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 http://open2.senecac.on.ca/sites/academic-integrity/for-students 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 student.conduct@senecacollege.ca.

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.