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1.1 review sources of funding available to business and services industries

Unit 2: Finance in the Hospitality Industry  

LO1 Understand sources of funding and income generation for business and services industries

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

LO2 Understand business in terms of the elements of cast

2.1    discuss elements of cost, gross profit percentages and selling prices for products and services

2.2  evaluate methods of controlling, stock and cash in a business and services environment

LO3 Be able to evaluate business accounts

3.1   assess the source and structure of the trial balance

3.2   evaluate business accounts, adjustments and notes

3.3   discuss die process and purpose of budgetary control

3.4  analyse variances from budgeted and actual figures, offering suggestions for appropriate future management action

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

LO5 Be able to apply the concept of marginal costing

5.1 categorise costs as fixed, 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-ever) calculations for a given business and services operation

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