Accounting and Budget Management

Course Philosophy

This course examines the basic concepts of accounting so that students can understand the need and usefulness of accounting records, financial statements, and budgeting — tools they are likely to adopt in their professional environment.

Objectives

The course aims to provide students with a general understanding of the financial aspects of business. Students will learn the basic principles governing the recording of business transactions, using examples from the hospitality industry, as well as the accounting cycle process. It will also enable students to appreciate the importance of budgeting as a management tool.

Intended Learning Outcomes

Upon successful completion of this unit, students will be able to:

• Understand information presented in Financial Statements
• Understand and perform all functions related to the accounting cycle
• Demonstrate basic bookkeeping skills
• Prepare Final Accounts and year-end adjustments
• Recognize the importance of budget management
• Prepare cash budgets and final accounts budgets

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