Differentiate between good and bad practice within the budgeting process. Construct operating budgets and cash budgets from appropriate financial information.

ASSIGNMENT OUTLINE

Assignment title: Individual Accounting Project

Programme: BBA 4

Course name: Hospitality Managerial Accounting

Course number: FIN 3173

Faculty: C Small

Hand out date: Week 5

Hand in date: Week 13

Weighting: 30%

Project Overview (Learning Outcome): Differentiate between good and bad practice within the budgeting process. Construct operating budgets and cash budgets from appropriate financial information.
Overall Aim: Prepare and explain a short-term operating budget for an individual department of a hotel.
Organisation and methodology:
Your case study will be based on a ‘Gastronomy’ establishment with a capacity of 50 guest rooms and a restaurant that is about to reopen.
Word count:
800 to 1000 words

Assessment tasks & weighting:
1. For the first month of operation prepare an income statement budget for your main restaurant. (45%)
2. Now produce a flexible income statement budget for the restaurant showing the effect of both a 10% & 20% higher demand, and 10% & 20% lower demand on the budgeted profit. (25%)
3. Report format and creativity. (10%)
4. English use and structure. (10%)
5. Referencing. (10%)
Common skills: assessed (bold) or developed (italics):

MANAGING AND DEVELOPING SELF 1.Manages own role and responsibilities 2. Manages own time in achieving objectives. 4. Transfers skills gained to new and changing situations and contexts. 5.Uses a range of thought processes
WORKING WITH AND RELATING TO OTHERS
COMMUNICATING 9.Receives and responds to a variety of information 10.Presents information in a variety of visual forms 11.Communicates in writing
mat 13.Uses information sources 14. Deals with a combination of routine and non-routine tasks 15.Identifies and solves routine and non-routine problems
BECOMING NUMERATE AND USING TECHNOLOGY 16.Applies numerical skills and techniques 17.Uses a range of technological equipment and systems

Special instructions:
1. The property can be located in Switzerland, but the ‘Gastronomy’ must not be Swiss (you can choose the country on which the gastronomy will be based).
2. It is assumed that the re-opening of the restaurant will be on 1st December and therefore the budget will be for that first month.
3. In task one the focus should firstly be on estimating the potential revenue (sales) for that month.
4. Once the revenue is calculated you can then complete the budgeted income statement by estimating the potential direct costs for the restaurant.
5. As this is the first month of the new restaurant there will always be some uncertainty about the expected revenue. Therefore task two allows you to show the effect that different revenues will have on the budget.
6. You should reference any examples of reports you have used in deciding your format.
7. The values used in the budget are up to you to estimate and justify.
Plagiarism:

Plagiarism is the act of presenting another’s ideas or words as one’s own. Cheating includes, but is not limited to, the intentional falsification or fabrication of any academic activity, unauthorized copying of another person’s work, or aiding and abetting any such acts.

Particular care must be taken when presenting information that has been obtained from an internet site. Should this information not be correctly referenced then you are guilty of plagiarism and will be penalised accordingly.

Statement of authorship

Following the title page of your assignment there should be a page on which you sign a statement that the work included in the assignment is your own work except where appropriately referenced. The following statement should be used:

Statement of authorship

I certify that this assignment is my own work and contains no material which has been submitted as part of an assignment in any institute, college or university. Moreover, to the best of my knowledge and belief, it contains no material previously published or written by another person, except where due reference is made in the text of the assignment.