HOW TO GET DISTINCTION IN UNIT 2: FINANCE IN THE HOSPITALITY INDUSTRY

HOW TO GET DISTINCTION IN UNIT 2: FINANCE IN THE HOSPITALITY INDUSTRY

The learner can: 1.1 review sources of funding available to business and services industries 1.2 evaluate the contribution made by a range of methods of generating income within a given business and services operation 2.1 discuss elements of cost, gross profit percentages and sellingprices for products and services 2.2 evaluate methods of controlling stock and cash in a business and services environment 3.1 assess the source and structure of the trial balance 3.2 evaluate business accounts, adjustments and notes 3.3 discuss the process and purpose of budgetary control 3.4 analyse variances from budgeted and actual figures, offering suggestions for appropriate future management action

LO1 Type of funding in hospitality industry
LO2 Understand business in terms of the elements of cost
LO3 Be able to evaluate business accounts
LO4 Be able to analyse business performance by the application of ratios


4.1 calculate and analyse all ratios to offer a consistent interpretation of historical business performance 4.2 recommend appropriate future management strategies for a given business and services operation 5.1 categorise costs asfixed, variable and semi-variable for a given scenario 5.2 calculate contribution per product/customer and explain the cost/profit/volume relationship for a given scenario 5.3 justify short-term management decisions based on profit/loss potentials and risk (break-even) calculations for a given business and services operation

LO5 Be able to apply the concept of marginal costing


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