Accounting
Dear students, welcome to HFT 2401 Accounting for the Hospitality Industry!
It is understandable that many students who majored in hospitality and tourism management are wary of taking accounting courses. “I take it because I have to!” “I don’t like it!” “I hate math!” These are always the first words I hear from my students when I meet them at the beginning of each semester. What do you think? Please first ask yourself: Do you truly understand what accounting is? Let’s get familiar with accounting by using this discussion board. Perhaps you will find accounting to not be so boring and hard.
This discussion is an opportunity for us to dive deeper, think critically, and call on in-depth thinking as we engage in conversation. Your initial post should be at least 150 words and include three parts: Remember, Understand, and Analyze.
#Remember What is your existing understanding of Accounting? How much do you already know? Do not worry about the correct answer, just use your own words.
#Understand Do you think that subjects such as accounting are important to the hospitality industry? Why? Please use a real-world example (better in the hospitality industry) to support your opinion.
#Analyze What are your expectations for this course?
In addition to your initial 150 words post due by Thursday at 11:59 pm
Please indicate that Iām not very knowledgeable about accounting and I do find accounting to be challenging
ANSWER
Accounting
Current understanding of accounting
Accounting helps record and balance all transactions helps in budgeting in hospitality and tourism. Many visualize accounting as complicated due to the many formulae and calculations involved. I understand the importance of accounting in the hospitality and tourism industry; hence will be paying as much attention and have total interests as any other unit in my studies. The fact that accounting involves a lot of calculation makes it more interesting since I enjoy working with numbers.
Importance of Accounting
The hospitality and tourism industry requires accounting just like a financial institution due to the involvement of money. Many transactions are involved in the hospitality and tourism industry during the purchase of equipment and provision of services. All the transactions must be recorded and accounted for due to calculating profits and losses in the industries. Accounting also helps prioritize the important things and eliminate the irrelevant expenditures, thus avoiding losses.
A company can decide the relevant number of employees in ratio with the services required, thus making sure every sector is well covered. The fair distribution of employees and services helps the company provide quality services with minimum expenditure.
Expectations for learning to account
By learning to account, I expect to gain enough skills to do bookkeeping without much pressure and with a complete understanding of terms used by accountants. Learning accounting will help me understand the various terms of transactions and calculate profit and losses in the near future. Accounting will help me run a business in the hospitality industry without much struggle and external hiring of accountants. This will help the expenses for my business
