Hospitality Business Toolkit Assignment - Carnival Cooperation

Added on - Dec 2020

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Business Toolkit
Table of ContentsINTRODUCTION..........................................................................................................................1TASK 1...........................................................................................................................................1P1 Principles of managing and monitoring financial performance............................................1P2 Preparation of ledger account...............................................................................................2P3 Trial Balance.........................................................................................................................3TASK 2...........................................................................................................................................4P4 HR life cycle.........................................................................................................................4P5 Performance Management Plan.............................................................................................5TASK 3........................................................................................................................................6P6 Legislation that Carnival Cooperation can comply..............................................................6P7 Impact of employment and contract law on business decision...........................................7TASK 4.........................................................................................................................................8P8 Interrelationship of different functions and roles within hospitality sector...........................8P9 Various methods of communication, coordination and monitoring within departments....11CONCLUSION.............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONIn today's competitive world, it cannot be denied that the hospitality industry plays acrucial role in the growth of world business as well as enhance the economic condition. THhospitality industry is wide group of business which provide service to customers and it focusedon satisfaction of customer and providing specific experience s to them (Brealey and et. al.,2012). However, hospitality industry is service industry that has encompasses many differentbranches of business including lodging, restaurants, cruises, theme parks and other segmentsrelated to tourism. In context to Carnival Cooperation, one of the world's largest travel leisurecompany which is founded in the year of 1972 and it is headquartered in Florida, Unites States. Ithas combined fleet of over 100 vessels and it serves across 10 cruise line brands. This reportcovers ways ledger account and trial balance, HR life cycle for talent management, developingperformance planning, laws related to hospitality industry. Pong with this, interrelationship ofdifferent functional roles within hospitality sector is also mentioned here.TASK 1P1 Principles of managing and monitoring financial performance.Principles encompasses a set of rules and procedure which help company to evaluate andinterpret the financial performance of an organisation (Financial Performance,2018). However,principles enable the Carnival Corporation to modify their whole fiscal state and aid them inapply trenchant enterprise decision. Some of the principles of carry off improved financialperformance are as follows:Arrangement of funds:In regard of Carnival Corporation, this principles plays aessential role as it assist them to set up their finance in order to achieve higher level ofskillfulness and can function their business operation smoothly (Cascio, 2015). For this, theyraise funds from bank loans, financial institutions and others.Formulation of financial statement:For ascertaining financial presentation, CarnivalCorporation compose financial statement such as ledger, trial balance, balance sheet which assistthem to determine monetary perspective for future day.Expenditure governance:In order to keep day to day business activity, CarnivalCorporation forms a team of professionals who are responsible to carry off and supervise dailyexpenditure for reach high proficiency.
Risk Factor:There is a existence of risk an uncertainty in Carnival Corporation businessoperation. However, they acquire efficacious strategic plan in order to overcome with inquiringand increase competitive advantage.The below mentioned principles render guidance to establishment in carry through businessobjective. The key performance fact are as follows:Food Cost:The investment on purchasing food materials should be retained the right wayin order to evaluate food consumption per head for calculating profit margin (Chapman, 2011).Kitchen Labour:This indicator is measured by assessing the total food sale on companyas it shows the kitchen sector productivity.P2 Preparation of ledger accountDouble entry system means every traction recorded in two accounts i.e. debit and creditaccount. However, Carnival Corporation implies this method to ascertain their profit and lossduring accounting year are as follows:Purchase A/CDateParticularAmountDateParticularAmount01st FebTo Kate's Kitchen500128th FebBy balance c/d3455301st FebTo Harry29552Total34553Total34553Kate's Kitchen A/CDateParticularAmountDateParticularAmount6th FebTo Bank500101st FebBy purchase5001Total5001Total5001Harry's A/CDateParticularAmountDateParticularAmount14th FebTo Meganne200801st FebBy purchase2955217th FebTo Bank2955228th FebBy balance c/d2008Total31560Total31560Bank A/CDateParticularAmountDateParticularAmount6th FebBy Kate's Kitchen500128th FebTo balance b/d3455317th FebBy Harry29552Total34553Total34553Beverage A/CDateParticularAmountDateParticularAmount3rd FebTo sale1120328th FebBy balance c/d4249310th FebTo sale8966
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