Module Description
The module is associated with the understanding and application of specific financial and management (cost) accounting principles that are applicable to financial management in the Culinary Arts and food related industries. The financial accounting element focuses on delivering a broad overview of the relevant components used in the preparation and analysis of financial statements. The management (cost) accounting element focuses on the more practical cost accounting procedures that detail the relationship between cost efficiency and profit optimisation in the modern culinary environment
Module Aims
The aim of this module is to enable learners to understand and deliver on the fundamental financial components of a business plan that is typically associated with an entrepreneurial culinary or food business environment. This will be achieved by underpinning this specific requirement with a detailed knowledge of financial and managerial accounting matters that specifically impact on the delivery of a business plan
Indicative Syllabus
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Overview of the Accounting Environment
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Preparation of Sole Trader Financial Statements with adjustments for accruals, prepayments, bad debts and depreciation: Income Statement and Statement of Financial Position
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Preparation of Limited Company Financial Statements with adjustments for accruals, prepayments, bad debts and depreciation: Income Statement; Statement of Financial Position; and Statement of Changes in Equity
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Management/Cost Accounting: Overhead Costing and Overhead Absorption Model
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Management/Cost Accounting: Breakeven Analysis and Marginal Costing Model
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Management/Cost Accounting: Cash Flow Budgeting
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Management/Cost Accounting: Variance Analysis
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Lectures
Tutorial with sample questions
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 60 |
| Other Assessment(s) | 40 |