This unit will enable learners to develop practical understanding of the accounting techniques used to control costs and profits, and to support managers in making effective short-term decisions.
Learners will gain understanding of the sources of funding and income generation for business and services industries. They will also understand business in terms of the elements of cost and how to analyse business performance by the application of ratios.
Learners will have opportunities to investigate control systems, income generation and methods of measuring and analysing performance.
On completion of the unit, learners will be able to evaluate business accounts and apply the concept of marginal costing.
Learners must ensure that their evidence relates to the hospitality industry.
On successful completion of this unit a learner will: