b0307accounting for management
DESCRIPTION
1. Traditional dish washing is labor intensive thus more expenses to the restaurant2. Using special extraordinary ingredients will definitely mean the food will be costly3. Satisfying the diversity of food preferences among the tourists community is hard since they are from diverse backgroundsBusiness desired outcomesThere is one desired outcome for this restaurant: becoming a restaurant of choice whenever it is located. Although this desired outcome is not stated clearly as so in the case study, it is not hard to perceive that this is the direction the restaurant is taking. The restaurant is going an extra mile in everything it is doing; special extraordinary meals, no queuing, developing more brands of hamburgers, being environment friendly etc. All these actions are meant to enable it to stand out from the rest and thus become the restaurant of choice for everybody – the owner’s aim is to serve a large audience.Assess Capability GapsCurrent capability analysisCurrent capabilities help a business to achieve its objectives. For the restaurant they are:1. It is at the middle of the town, it has access to many potential customers2. It serves both vegan and non vegan meals3. It serves excellent food cooked using special extraordinary ingredients4. Customers get served while sat5. It is an Environmental friendly restaurant6. It has embarked on developing more brands of its hamburgersAssessment of new capability requirementThere are a number of areas that the restaurant can improve in order to move steadfastly towards achieving its objectives.1. Make use of an internet based social networks to undertake marketing2. Try to make a slight reduction in the price of foods while maintaining the quality3. Develop a customer response system for customers to air opinions as they leave the restaurant4. The restaurant staff should acquire the necessary skills required to excel in a service industry5. The restaurant should also focus on creating an unforgettable customer experience (nice music, comfortable chairs, courteous servers etc)TRANSCRIPT
ACCOUNTING FOR MANAGEMENT
ACCOUNTING FOR MANAGEMENT
Course Code: MBA 101
Credit Units: 04
Course Objective:
Participants in this course will develop the essential ability of all managers, to use complex accounting information as a platform for decision-making. As the course unfolds, participants will build an increasingly sophisticated level of understanding of the language of accounting and its key concepts. In addition the course develops skills in interpreting earnings statements, balance sheets, and cash flow reports. This ability to analyze financial statements will enable participants to deal more effectively with strategic options for their businesses or business units.
Course Contents:
Module I: Accounting Basics
Introduction, Foundations, Accounting policies, Accounting and management control, Branches of accounting, Recording of transactions and classification, Trial Balance & Errors, Cash book
Module II: Final Accounts
Preparation, Adjustments, Analysis, Depreciation Accounting, Reserves & Provisions. Form and contents of financial statements with reference to Indian Companies Act.
Module III: Financial Statement Analysis
Relation and Comparison of Accounting data and using financial statement information, Ratio Analysis, Cash flow analysis. Determination of Existing and future capital requirement.
Module IV: Cost Accounting
Elements of cost, Cost Classification and Allocation, Cost Sheet
Module V: Management Accounting
Emergence of Management Accounting, Marginal Costing and Cost Volume Profit Analysis, Budgeting
& Variance Analysis.
Examination Scheme:
Components CACTEE
Weightage (%)1051570
Text & References:
Text:
Bhattacharya, S.K. and Dearden, J. 2006 - Accounting for Management, Vikas Publishing House
References:
Narayanaswamy R,2005, 2nd Edition,Finanacial Accounting A Managerial Perspective,PHI (Prentice Hall of India.) Maheshwari S N and S K Maheshwari, 2006, Accounting for Management, Vikas Publishing House Pvt. Ltd.
Tulsian, P.C. 2006 - Financial Accounting, 2nd Ed, Tata McGraw Hill.
Banerjee, A. 2005 - Financial Accounting, 2nd Ed, Excel Books.
Ghosh,T.P, 2005, Fundamentals of Management Accounting, Excel Books