Hospitality Managerial Accounting

Description

This course introduces students to the basic cost concepts. It introduces the general nature of cost, cost in relation to sales volume, mixed cost element, fixed versus variable costs, direct and indirect costs, overhead costs, controllable costs and differential costs. It familiarizes students to calculating sunk costs, opportunity costs, standard costs and decision-making costs. In addition, it introduces the Cost-Volume-Profit Analysis. It tackles CVP analysis definition, CVP equation ? single product and CVP equation ? multiple products. It analyzes income taxes and CVP, profit- volume graphs, analyze Cash flow CV and operating leverages. In introduces cost approaches to pricing, including the importance of pricing, price elasticity of demand, informal pricing approaches, cost approaches, Mark-up approaches to pricing, pricing rooms, yield management, bottom-up approach to pricing meals, food sales mix and gross profit and integrated pricing. It introduces forecasting methods, operations budgeting, cash management and capital budgeting

Program

B.Sc. Hotel Management

Objectives

• Understand the concepts and procedures of product costing Use strategies to perform the functions of planning and decision-making Apply several forecasting methods Plan budget and capital Manage cash