• TFAC3004
• Mgmt Acc - Planning & Control

Assessment

Minimum thresholds may apply.
For further details please refer to your Student Handbook or the Programme Document which is available from the DIT Library.

5.Describe how standard costing relates to budgetary control and variance analysis including calculating and evaluating variances based on standard costing data.
On completion the learner will be able to:
2. Identify and use key forecasting variables to develop projected financial statements for hospitality, tourism and leisure business entities and outline the factors to consider when forecasting these variables.
3. Prepare forecast budgeted financial statements for organisations within the hospitality, tourism and leisure sectors and explain their usefulness for decision-making purposes.
4. Compare actual performance to budget, calculating and evaluating variances.
6. Outline the importance of performance appraisal within hospitality, tourism and leisure organisations, distinguishing between benchmarking and interfirm comparisons as performance appraisal tools.
7. Prepare, analyse and appraise key financial performance indicators under the headings of profitability and cost analysis, management efficiency and operations, liquidity and capital structure.focusing on key performance indicators for the hospitality, tourism and leisure sectors.
1. Outline the importance of budgetary planning and control within the hospitality, tourism and leisure sectors and describe the various stages in the budgetary process.