Evaluate methods of controlling stock and cash

Unit 2 Finance in Hospitality Industry - Level 5 Diploma in Hospitality Management

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Task-2

Question 1 Discuss elements of cost, gross profit percentages and selling prices for products and services

Question 2 Evaluate methods of controlling stock and cash in a business and services environment

Task-3

Budgetary control system

Material Price Variance

Material Usage Variance

Labour Rate Variance

Labour Efficiency Variance

Task-4

Definition of trial balance

Format of trial balance

Balance Sheet

Key Ratios

Accounts Receivable Turnover
Accounts Receivable Turn-Days
Average Payment Period

Key Ratios - Ratio Analysis

Task-5

a) BEP Analysis

b) Required Profit

Finance is the lifeblood of any business, and the hospitality industry is no exception. Hospitality businesses must carefully manage their finances in order to be profitable and sustainable. This can be a challenge, given the seasonal nature of the industry and the high costs associated with operating a hospitality business.

The Level 5 Diploma in Hospitality Management Unit 2 Finance in Hospitality Industry assignment is designed to help students develop a comprehensive understanding of the financial aspects of the hospitality industry. The assignment covers a wide range of topics, including:

• Financial accounting and reporting
• Cost control and management
• Budgeting and forecasting
• Financial analysis and decision-making
• Investment appraisal
• Risk management

Students are required to complete a series of tasks, such as preparing financial statements, analyzing financial data, and making financial recommendations. The assignment is designed to help students develop the skills and knowledge they need to make effective financial decisions in the hospitality industry.

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