ACCT6024 Management Acc for Tour & Hosp Assignment Sample MTU Ireland
The ACCT6024 Management Accounting for Tourism and Hospitality unit seeks to provide students with an understanding of the use of management accounting tools and techniques within the tourism and hospitality industry.
Within the hospitality industry, effective management accounting is essential to ensuring that businesses are run efficiently and profitably. This course will introduce students to a range of management accounting tools and techniques that can be applied in both small and large businesses operating within the tourism and hospitality sector. In particular, students will learn how to use these tools to support decision-making within organizations.
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In this section, we are describing some assigned tasks. These are:
Assignment Task 1: Evaluate the role of management accounting and explain the nature of costs.
Management accounting is the process of providing financial and operational information to managers to aid them in making decisions about how to best run their business.
One of the main purposes of management accounting is to identify and track costs. Costs can be categorized as either fixed or variable. Fixed costs remain the same regardless of how much product or service a company produces, while variable costs change in direct correlation with production levels.
Managers need to be aware of both fixed and variable costs, as well as the relationship between the two, to make informed decisions about pricing, production levels, and other strategic matters.
Assignment Task 2: Calculate overhead costs for a hospitality business.
Calculating overhead costs for a hospitality business can be a complex and detailed process. There are various methods that businesses use to calculate their overhead costs, and the approach that you take will depend on the specific nature of your business and operations.
One common method for calculating overhead costs is to track all of the expenses incurred by your business every month and then categorize those expenses into different categories, such as “rent,” “utilities,” “insurance,” etc. Once you have all of your expenses categorized, you can then begin to calculate an average monthly cost for each category. This can be a helpful way to get a broad overview of your overhead costs.
Another approach is to break down your overhead costs into specific cost centers, such as “marketing,” “sales,” “customer service,” etc. This approach can be helpful if you want to get a more detailed understanding of where your overhead costs are being incurred.
Once you have calculated your overhead costs, you can then begin to make decisions about how to reduce those costs or pass them on to your customers in the form of pricing.
Assignment Task 3: Prepare cost volume profit calculations for the food & beverage industry.
To prepare cost volume profit (CVP) calculations for the food and beverage industry, you’ll need to gather data on your fixed and variable costs, as well as your sales volume. Once you have this information, you can use it to calculate your break-even point and determine how changes in sales volume will impact your profits.
Fixed costs are those that remain constant regardless of changes in sales volume, while variable costs fluctuate along with changes in production. To get an accurate picture of your fixed and variable costs, you’ll need to track them over time. Once you have a good understanding of these costs, you can begin working on your CVP calculations.
Your break-even point is the point at which your sales revenue equals your total costs, both fixed and variable. To calculate your break-even point, you’ll need to divide your total fixed costs by your contribution margin (sales price minus variable costs). Once you know your break-even point, you can use it to make decisions about pricing, production levels, and other strategic matters.
Assignment Task 4: Prepare food and beverage cost and price calculations.
There are a few different ways to approach food and beverage cost and price calculations. The most important factor is to have a clear understanding of your restaurant’s overall concept and target market. Once you know who your guests are and what they’re looking for, you can better assess what pricing will work best for your establishment.
One method is to calculate a menu item’s recipe cost, which tells you the direct cost of all the ingredients used to make that menu item. To do this, simply add up the costs of all the individual ingredients used in the recipe. This total cost representation is helpful in two ways: first, it pinpointed areas where there may be potential for ingredient substitutions or price adjustments with certain vendors; and second, it provides a good starting point for price negotiations with guests.
Another approach is to calculate a menu item’s selling price by factoring in the cost of goods sold (COGS). To calculate COGS, you’ll need to take into account not only the recipe cost of an item but also the costs of labour, overhead, and other indirect costs. This figure will give you a more accurate representation of what it costs to produce a menu item. From there, you can add in the desired profit margin to come up with a selling price that works for your business.
As you can see, there are a few different ways to approach food and beverage cost and price calculations. The most important thing is to use a method that makes sense for your particular business.
Assignment Task 5: Evaluate short-term decision-making scenarios.
It’s important to take into account all the information you have when making a decision, as well as the potential consequences of each choice. When deciding on a short-term scenario, it’s also important to be realistic about your abilities and what you can accomplish.
For example, if you’re choosing between two possible activities, ask yourself which activity will give you the most satisfaction or sense of accomplishment. Also, consider how much time each activity will take and whether you have enough time for both. Other factors to consider include your energy level and how tired you are.
In some cases, it might make more sense to delay a decision until you have more information or until later in the day when your energy level might be higher. Trust your instincts and go with your gut feeling if you’re not sure which decision to make.
Assignment Task 6: Prepare cash flow budgets and projections relevant to the operation of a hospitality business.
A cash flow budget is a tool that can be used to track and predict a business’s financial health. It’s important to have a clear understanding of your business’s cash flow to make informed decisions about pricing, expenses, and other strategic matters.
There are a few different ways to approach creating a cash flow budget. One method is to use historical sales data to predict future cash flow. This approach can be helpful in understanding trends and making assumptions about what might happen in the future.
Another method is to create a more detailed budget that includes all of your business’s income and expenses. This type of budget can help identify areas where you may need to cut costs or increase prices.
No matter which method you use, the goal is to have a clear understanding of your business’s cash flow so that you can make informed decisions about its future.
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