This managerial accounting course is designed specifically for students in the field of Hotel, Restaurant, and Institutional Management (HRIM). It provides a comprehensive introduction to the accounting and finance operations within organizations, particularly focusing on the hospitality industry. The course emphasizes the importance of financial information in managerial decision-making processes. As a pre-requisite, Learners are expected to have a foundational knowledge in financial accounting as the course builds upon it to explore more advanced topics.
The core of the course revolves around the concept of cost—understanding its characteristics, how it behaves, and its significance in making informed decisions. Students will learn to present financial information that prioritizes:
· The needs of internal stakeholders, such as managers, over external entities like investors, regulators or creditors;
· Projecting future financial scenarios rather than solely examining and reporting on historical financial transactions;
· Detailed reports for specific segments or subunits of an organization instead of a consolidated organization-wide information; and
· Information that is pertinent to planning and managerial control, which may not always conform to the Generally Accepted Accounting Principles (GAAP).
The course adopts a strategic managerial perspective, demonstrating how managers utilize accounting information to make decisions that influence the company's profitability and long-term financial health.
Additionally, this course integrates theories from various disciplines, including economics, marketing, strategy, and organizational behavior. This interdisciplinary approach aims to broaden students' business understanding and enhance their strategic thinking skills.
A significant component of the course involves the analysis and presentation of case studies. These case studies provide students with practical experience in tackling real-world business problems, simulating the challenges they may face in a corporate environment. Through this hands-on approach, students will develop their problem-solving abilities and prepare for real-life managerial roles.
- Teacher: James Robert Aguila