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Budgeting

Budgeting

Code: FES1RB002
Extent: 3 ECTS (81 h)
Timing: Semester 3-4
Language: English
Level: Basic studies
Type: compulsory

Prerequisites
Basics of Business Mathematics
Financial Accounting and Reporting

Learning outcomes
The student is able to draw up the main budgets of a hotel, restaurant and tourism business and be responsible for the budget monitoring of his/her area.  The student will be able to utilize the spreadsheets when making financial calculations.

Upon successful completion of the course, the student
• Possesses good skills and hands-on expertise in financial planning and  monitoring
• Knows the principles of budgeting and financing
• Understands the key figures of the hotel, restaurant and tourism industry and can put them into practical use
• Can interpret financial statements and has a knowledge of how to implement them by means of  information technology
• Understands the difference between the planning of operational profit and cash management

Course contents
• Forecasting methods
• Operational budgeting: budgeted income statement and variance analysis
• Cash budgeting
• Forecasted balance sheet

Cooperation with the business community and other organisations
Students are encouraged to actively present their own thoughts and knowledge from their working experiences. All the assignments are working life related and based on practical cases.
 
International
Throughout the course international accounting standards will be applied.

Teaching and learning methods
It is possible to complete the course based on classroom learning or part time learning:

a) Classroom learning:
Lectures and Examination 24 h
Self-studies 55 h
The assessment of one’s own learning 1 h

b) Part Time Learning:
Lectures and Examination 24 h
Self-studies 55 h
The assessment of one’s own learning 1 h

Studies include mainly practical exercises done by excel spreadsheet.

Recognition of Prior Learning, RPL  (in Finnish AHOT)
The required skills and competences can be demonstrated by a skills examination.

Teacher with the main responsibility for the course
Pekka Heikkilä

Course materials
Schmidgall, R. 2005. Hospitality Industry Managerial Accounting. Educational Institute of the American Hotel & Motel Association, USA. 
And the other study material announced by teacher

Assessment
Participation in classroom teaching (at least 80 % attendance)
Examination 100 %

The assessment of one’s own learning does not influence the grade. The assignment is the same for all courses/modules and the answers will also be used for course/module development. The assignment is completed online in WinhaOpaali.

Assessment objects

• Student´s skills to produce forecasts and budgets included in course contents and handle them as management tools

Assessment criteria

Grade 1
The student masters the essential aspects of budgeting and related use of Excel spreadsheets with assistance. With given instructions, the student has the ability to perform basic tasks, but needs a lot of guidance.

Grade 3
The student masters the essential aspects of budgeting and related use of Excel spreadsheets. With given instructions, the student will be able to perform basic tasks.

Grade 5
The student masters the essential aspects of budgeting and related use of Excel spreadsheets independently. The student has the ability to apply the knowledge and skills learned as managerial tools.