Paper , Order, or Assignment Requirements
As a future leader in Hospitality and Tourism, you will use management accounting to make better business decisions. Choose one type of Hospitality and Tourism business that you might manage, for example, hotel, restaurant, airline, event company, cruise company etc. Apply accounting decision-making concepts with your company to structure your Report:
- Explain the importance of learning how to understand management accounting for your type of business. Provide one (1) specific example of applying CVP analysis and one (1) specific example of applying Budgeting analysis to explain how they can help you make better business decisions.
- In your business, provide one (1) specific example each of applying contribution margin, contribution margin ratio, breakeven analysis, target profit analysis and operating leverage with an explanation of why each of them is meaningful.
- Critically analyse why Sales budget, Direct materials budget, Direct labour budget, Overhead budget, Selling expenses budget and Administration expenses budget is essential to making better business decisions.