The course will introduce the basic concepts and procedures of financial accounting. The student will learn to analyse strategically the financial information that companies display in their Financial Statements. Emphasis will be placed on managerial level ratio analysis and interpretation. This course also includes the basic norms of income- and value added taxation.

All the material handled is based on industry cases to reach the financial thinking behind all business operations. Financial reports will be used as managerial tools.

On successful completion of this course, the student is able to

Calculate revenues and expenses based on operations
Make calculations how operational income is generated
Calculate the cash flows based on operations, investments and financing
Produce and analyze the financial statements: The Income Statement, The Balance Sheet and The Statement of Cash Flows
Calculate the working capital tied in business
Calculate company value added tax and income tax

Prerequisites: Basics of Business Mathematics

Accounting basics: Overview of accounting systems
Fundamental concepts: Revenue, Costs, Assets, Equity, Liabilities
The accounting cycle and Financial Statements: Income statement, Balance sheet, Statement of Cash Flows
Uniform System of Accounts for the Lodging Industry
Gross Profit and inventories
Working capital
Ratio analysis
VAT calculations

The student masters the essential aspects of producing and analysing financial reports and calculations included in course contents. With given instructions, the student has the ability to perform basic tasks, but needs a lot of guidance.

The student masters the essential aspects of producing and analysing financial reports and calculations included in course contents. With given instructions, the student will be able to perform basic tasks.

The student masters the essential aspects of producing and analysing financial reports and calculations included in course contents independently. The student has the ability to apply the knowledge and skills learned in management position.