- Have any questions?
- +1-316-444-1378
- +44-141-628-6690
- [email protected]
NewGuidnaceLO1-2022copy.docx
Hospitality Business ToolkitName:
1. Investigate the principles of managing and monitoring financial performance
· Identify three principles and explain each one in detail:
1- KPI’s tool (Key performance indicators)
What is KPI?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………
The importance of KPI for the hospitality sector:
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
We have several types for the KPI’s tool list and explain:
·
·
·
2- Budgeting approach: What is budgeting?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………
Budgeting definition:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………
Budget types and explanation:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………
3-Break- even point:
Break- even point definition:
…………………………………………………………………………………………………………………
How to Calculate the Break-Even Point:
a) The Cash break- even:
………………………………………………………………………………………………………………
b) The income Break- even:
………………………………………………………………………………………………………………
Breakeven point’ importance:
………………………………………………………………………………………………………………
………………………………………………………………………………………………………………
· Analyse sales and purchase transactions to compile a trial balance using double entry bookkeeping appropriately and effectively
Identified the process stages to prepare the trial balance starting from defining the transaction then examining each stage in detail.
The accounting cycle:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
Business Transaction:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
Recording transactions in a Journal:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
Posting in Ledger:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
Summarizing in Trial Balance:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
What is the Double Entry system?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………
What is the compound entry?
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………
Explain the correct way for using double entry system for booking keeping sales and purchasing transactions:-
1-
DR.
CR.
Date
Description
Amount/JD
Date
Description
Amount/JD
DR.
CR.
Date
Description
Amount/JD
Date
Description
Amount/JD
………………………….
DR.
CR.
Date
Description
Amount/JD
Date
Description
Amount/JD
………………………….
DR.
CR.
Date
Description
Amount/JD
Date
Description
Amount/JD
|
…………………………….. |
|||||
|
DR. |
CR. |
||||
|
Date |
Description |
Amount/JD |
Date |
Description |
Amount/JD |
|
………………………………. |
|||||
|
DR. |
CR. |
||||
|
Date |
Description |
Amount/JD |
Date |
Description |
Amount/JD |
|
……………………………….. |
|||||
|
DR. |
CR. |
||||
|
Date |
Description |
Amount/JD |
Date |
Description |
Amount/JD |
3- Produce the Trial Balance:
Hotel: Dallas/ Trial balance on 31/May
|
Account |
DR. |
CR. |
|
Bank |
||
|
Sales |
||
|
Cash |
||
|
Purchasing |
||
|
Payable |
||
|
Insurance |
||
|
Salaries |
||
Accounting principles (Explain)
Reference list
