This module aims to provide students with an understanding of the role of management accounting in the management process. It is intended that students will be able to apply the techniques acquired, for planning and decision making
The Scope of Management Accounting
Introduction to management accounting, comparison between financial and management accounting,implementation of strategic management accounting
Cost and Revenue Classification
Introduction to basic cost concept, elements of costs, direct and indirect costs, Controllable and uncontrollable costs, average cost and marginal cost, sales -cost-profit relationships
Accounting for Materials and Labour
Introduction of food and beverage control cycle, buying, receiving, storing and issuing, stocktaking food and beverage transfers, beverage control, accounting for labour
Pricing and Profit Analysis
Importance of pricing, pricing in tourism, determining room rates, yield management, food and beverage pricing, menu engineering, profitability, break-even point analysis, yield management
The Budgeting Process
Role of budgeting in a hospitality and tourism operation, objectives and advantages of budgeting,kinds of budgets,budgets control
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 30 |
| Formal Examination | 70 |