Management Accounting for TourismLaajuus (5 cr)

Objective

Management accounting focuses on providing information for internal decision makers. This course will provide you with the basic knowledge and capabilities of management accounting. Having taken this course you know different aspects, processes and responsibilities of operational management in profitable and responsible hospitality business. You know the prerequisities of profitable business operations and the means to enhance profitability. You can analyse business data and take decisions based on your analysis.

Content

The course contents cover the basic concepts and the purpose of cost and management accounting in hospitality business. The contents include basics of cost accounting, break-even analysis, pricing and resource and revenue planning.

Assessment criteria, satisfactory (1)

Adequate 1
You are able to name concepts of profitability and costs from the management accounting point of view and know which factors affect profitability. You understand the basic principles of cost-volume-profit analysis and are able to prepare a basic cost-volume-profit calculation. After completing the course, you will be able to explain the basic principles of pricing in your own words.

Satisfactory 2
You are able to present factors affecting to profitability from the management accounting point of view and recognize the factors related to the management of profitability. You are able to prepare cost-volume-profit and pricing calculations for an example company under guidance. You recognize factors affecting the pricing in the example company and are able to name key factors in pricing..

Assessment criteria, good (3)

Good 3
You are able to outline cost-volume-profit analysis and calculations, itemize the process steps from the management accounting point of view and describe the impact of cost-volume-profit based analytical profit calculation factors on profitability. You are able to prepare error-free cost-volume-profit and pricing calculations as well as apply these methods for decision making. You are able to carry out profitability analysis based on cost-volume-profit and pricing calculations.

Very Good 4
You are able to assess the impact of cost-volume-profit analysis from the management accounting point of view. You are able to develop profitability analysis as an analytical profit calculation based on cost-volume-profit and pricing calculations.

Assessment criteria, excellent (5)

Excellent 5
You are able to plan cost-volume-profit analysis and sensitivity analysis for alternative action plans from the management accounting point of view. You are able to plan active measures related to cost-volume-profit and pricing calculations to influence the company’s profitability.