Hospitality Financial Accounting
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|Description:||The goal of a firm is to maximize the value of its shares, while operating within the laws and restrictions reflecting the social goals of society. Any individual, may at times, wear different hats: manager, stockholder or society member. Because of this variety of roles, conflicts of interest may arise between the three groups. Any antagonism may be lessened by an understanding of potential problems and by careful financial planning. The function of financial management is to raise and employ funds in a manner consistent with the stockholders desire to maximize wealth and while remaining a responsible corporate citizen.
Firms with these stated objectives need plans in order to accomplish those objectives. This plan is referred to as a budget or profit plan and the process of preparing it is referred to as budgeting. A business budget (profit plan) is a management plan covering all phases of operations for a definite period in the future. It is a formal expression of the policies, plans, objectives and goals established by management for the concern as a whole and for each subdivision thereon. The purpose of a profit plan is to achieve the maximum benefit from the resources available to an organization over a particular span of time.
As money and profit are the lifeblood of most business activities, this course is designed to allow the student to identify and explore the factors that are relevant to financial decision making and budgeting. The course focuses on the learner's ability to use a variety of standard problem solving tools of financial management and standard forms of budgeting. As most of the students will work in Canada, special emphasis will be placed on a well-developed Canadian financial infrastructure.