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ACCT7012 Management Accounting for Tour Assignment Sample MTU Ireland

ACCT7012 Management Accounting for Tourism Industry module introduces students to the basic concepts of management accounting and its application to tourism businesses. Tourism businesses are unique in many ways and this module aims to provide students with an understanding of the specific accounting needs of these businesses.

Topics covered include cost-volume-profit analysis; marginal costing; activity-based costing; budgeting and forecasting; standard costing and variance analysis; and investment appraisal. Furthermore, the module also develops students’ skills in using financial information for business decision-making.

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In this section, we are describing some assigned tasks. These are:

Assignment Activity 1: Describe the role of management accounting and costing in the tourism environment.

Management accounting and costing play an important role in the tourism environment. Management accounting provides information that is useful for decision-making while costing helps businesses to understand the cost of their products and services. Costing is particularly important in the tourism industry as it can help businesses to understand the cost of providing their services and to price their products accordingly.

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Management accounting information is used in the tourism environment to make decisions about pricing, product mix, expansion plans, and marketing strategies. It can also help businesses to understand their costs and profitability. In addition, management accounting information can be used to benchmark performance against competitors.

Costing is important in the tourism industry as it can help businesses to understand the cost of providing their services. This information can be used to price products and services and to make decisions about product mix and expansion plans. Costing can also help businesses to understand their costs and profitability. In addition, costing information can be used to benchmark performance against competitors.

Management accounting and costing are important tools that can be used by businesses in the tourism industry to make informed decisions about their operations. These tools can help businesses to understand their costs, profitability, and competitiveness.

Assignment Activity 2: Record costs and apply different techniques of cost compilation.

Different businesses in the tourism industry will have different cost structures. For example, a tour operator will have different costs than a hotel. However, all businesses in the tourism industry will have some costs that are fixed and some that are variable.

  • Fixed costs are costs that do not change with changes in output or sales. Examples of fixed costs in the tourism industry include rent, insurance, and salaries.
  • Variable costs are costs that do change with changes in output or sales. Examples of variable costs in the tourism industry include fuel, electricity, and materials.

Businesses compile their costs using different techniques. Two common techniques are job costing and activity-based costing.

  • Job costing is a technique that is used to track the costs of specific jobs or projects. This technique is often used in the construction and engineering industries, but can also be used in the tourism industry. For example, a tour operator might use job costing to track the costs of a specific tour.
  • Activity-based costing is a technique that is used to assign costs to activities rather than products or services. This technique is often used in service industries, such as the tourism industry. For example, a hotel might use activity-based costing to assign costs to activities such as housekeeping, front desk, and laundry.

Both jobs costing and activity-based costing are useful techniques for businesses in the tourism industry to track and understand their costs.

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Assignment Activity 3: Interpret profit statements for tourism business.

Profit statements show a business’s revenue, expenses, and profit (or loss) for a specific period. Profit statements can be used to understand a business’s financial performance and to make decisions about pricing, product mix, expansion plans, and marketing strategies.

The revenue of a tourism business comes from the sale of products and services. The expenses of a tourism business include the cost of goods sold, operating expenses, and taxes. The profit (or loss) is the difference between revenue and expenses.

Profit statements can be prepared using different accounting methods. The two most common methods are accrual accounting and cash accounting.

  • Accrual accounting recognizes revenue when it is earned and recognizes expenses when they are incurred. This method is often used by businesses that sell products or services on credit.
  • Cash accounting recognizes revenue when it is received and recognizes expenses when they are paid. This method is often used by businesses that sell products or services for cash.

Both accrual accounting and cash accounting are useful methods for businesses in the tourism industry to prepare their profit statements.

Assignment Activity 4: Describe and apply budget costing principles.

A budget is a plan that shows how a business intends to use its resources. Budgets are often used to track actual results against desired results.

Budgeting is the process of creating a budget. The budgeting process often begins with the development of a sales forecast. A sales forecast is an estimate of future sales based on past sales and market trends.

Once a sales forecast is developed, businesses can begin to develop budgets for their income, expenses, and investment activities.

There are several principles that businesses use when creating budgets. These principles include:

  • Planning for growth: Businesses should plan for future growth when creating their budgets. This can be done by including a contingency fund in the budget.
  • Managing cash flow: Businesses should manage their cash flow when creating their budgets. This can be done by including a line item for accounts receivable in the budget.
  • Matching costs to revenue: Businesses should match their costs to their revenue when creating their budgets. This can be done by including the cost of goods sold in the budget.
  • Planning for contingencies: Businesses should plan for contingencies when creating their budgets. This can be done by including a line item for unexpected expenses in the budget.

Budgeting is an important tool that businesses in the tourism industry can use to track their actual results against their desired results.

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