Introduction to Hospitality and Tourism BusinessLaajuus (5 cr)

Objective

Students will master the basic mathematical skills needed for tourism management.
They understand the importance of external accounting (bookkeeping) and management accounting to support the short and long term planning of a company or association. They understand the importance of accounting legislation and the concept of double-entry bookkeeping. They understand the basics of the formation of the company's profit for the financial year, the basics of VAT and the importance of auditing.
They can identify the costs of a product or service, price it using the break-even method and assess the profitability at the product level.
They will be able to obtain further information on the subject and to use the services of business advisory organisations and accountancy firms.

Content

Brush-up of basic mathematical skills.
Basics of bookkeeping. Income statement and balance sheet. VAT system and VAT calculations.
Cost accounting and mark-up based pricing.
Cost-volume-profit analysis: variable and fixed costs, break-even point, margin of safety.