Accounting Theory and Practice

Bellagio Hotel and Casino Las VegasAccounting like any other profession has it’s own technical symbols, terminology, and principles.  In accounting, these elements form the “vocabulary” which is used to convey financial information, especially that information presented in the form of financial statements.  Accounting is often referred to as “the language of business.” Executives, investors, bankers, creditors, and governmental officials use this language in their day to day activities.  In order to effectively communicate in today’s business world, a fundamental grasp of the theory and practice of accounting is required.

Many of those presently employed in the hospitality industry, and many students who are new to the field of hospitality sometimes feel that the language of business is understood only by specialists who seem to thrive on “number crunching.”  This misconception arises from an unfamiliarity with the fundamental purpose of accounting and the logic which lies behind basic accounting activities.

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This week we will be focusing on the basics of Hospitality accounting.  We will look at questions such as:

Why should supervisors and mangers understand accounting?  What is the fundamental purpose of accounting?  How much math is needed to understand accounting?  What is the difference between bookkeeping and accounting? What career opportunities are there in the field of accounting?  What fundamental principles apply to every aspect of business enterprise?

It is important to understand the theory and practice of accounting for managers, supervisors, and any students planning to study the field of Hospitality accounting.  Any professional career will require economic decisions and all economic decisions require financial accounting.

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Purdue University Global
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Eastern Oregon University
Eastern Oregon University offers diverse bachelor’s options, delivered 100% online. Your own support team will ensure you’re on-time, on-track, and headed toward success. Take an additional 45 credits and you’ll be qualified to sit for the Uniform CPA Exam.
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Lindenwood’s fully online BBA in Accounting allows students to take classes wherever and whenever it’s most convenient. Lindenwood students enjoy perks that include an online academic advisor and career center. Also offers a Master of Accountancy and an MBA in Accounting.
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The online MSA program through Liberty University offers an affordable, accessible, high-quality way to develop advanced accounting skills, putting a world-class Christian-centered education within reach. Holds specialty, programmatic accreditation through the ACBSP. 100% online. Military tuition discounts available.
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The University of Scranton
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Utica College
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