FINANCE AND FUNDING IN THE TRAVEL AND TOURISM SECTOR
Added on 2020-06-03
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FINANCE AND FUNDING INTHE TRAVEL AND TOURISMSECTOR
Table of ContentsTASK 1............................................................................................................................................1P 1.1 Explain the importance of costs and volume in financial management of travel andtourism businesses using Carnival Corporation & plc organisation......................................1P 1.2 Analysis of pricing method used in Carnival Corporation & plc organisation.............2P 1.3 Analyse factors influencing profit for Carnival Corporation & plc business...............4TASK 2............................................................................................................................................6P 2.1 Explain different types of management accounting information that could be used intravel and tourism business....................................................................................................6P 2.2 Assess the use of management accounting information as a decision-making tool forDalata Hotel Group Plc..........................................................................................................8TASK 3............................................................................................................................................9P 3.1 Interpret travel and tourism financial accounts.............................................................9TASK 4..........................................................................................................................................11P 4.1 Analyse sources and distribution of funding for the development of capital projectsassociated with tourism........................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONIn this documentation, this assignment defines about to necessity of various costing andvolume n Carnival Corporation & plc company in order to get proper success in travelling andtourism sector in the UK sufficiently. Apart from it, this assignment also review about variouspricing methods of the company by which they can increase productivity and profitability of thebusiness in the industry in relevant form. Moreover, this study also refer to utilisation of differentmanagement accounting information tools and techniques in respect to proper management offinancial system in Dalata Hotel Group Plc firm effectively. This assignment also defines aboutinterpretation of financial statements of Dalata Hotel Group Plc organisation in order to identifyits growth in the market sufficiently.TASK 1P 1.1 Explain the importance of costs and volume in financial management of travel and tourismbusinesses using Carnival Corporation & plc organisationCarnival Corporation & plc organisation is a United State based tourism organisationwhich is the world's largest travel leisure organisation effectively. Carnival organisation has beenconsisted of tow major components of the company which is Carnival corporation and CarnivalPlc. Its global headquarter is located in Miami, Florid in United State effectively. They arefurnishing several kinds of accommodation services is being furnished by the company aroundthe world towards travelling and tourism sector efficiently (Vanhove, 2017). Cost is one of thefactor in the company which plays major role in order measure different types of expenses andcosting in the firm effectively.IMPORTANCE OF COSTS: Direct cost: Direct cost in Carnival Corporation & plc organisation in those cost which isdirectly associated with the all expenses of the company which is furnishing by them in form ofvarious tourism product and services efficiently. There are some direct costing of the entitywhich is administration costs, depreciation costs etc.Fixed cost: This is the fixed form of cost in the company which never get changed evenvolume of production and services increase or decrease efficiently (Swarbrooke and Page,2012). Fixed costs must be paid by the company on regular basis in order to completion of eachwork in the company efficiently.1
Variable cost: These are those costs in the company, which never remain same and getchanged in the company as proportion of production level and service provision level fluctuate inthe company efficiently. This costing totally depends on manufacturing level of products in thecompany efficiently. IMPORTANCE OF VOLUME:Break even analysis: In case of travel and tourism company, break even analysis is alsomajor factor in order to computing and assessment of the margin of the entity ground on therevenue collected and associated with the company which has been gathered by provision ofvarious types of tourism services. This is the stage of the company in which revenue equal toexpenses in the firm effectively (Swanson, and Edgell Sr, 2013). This is most essential forCarnival Corporation & plc organisation in order to find out a break even point in whichsufficient profitability can be examined by its professionals in the company effectively.Economies of scale: This is also most crucial factor for the business in order to gainingproper analysis of profitability of the business in the industry in relevant form. This is used byCarnival Corporation & plc organisational professionals in order to cost saving with theincrement in the production level of the company in the industry in effective manner. This mightbe used in the business in terms of reducing over costing in the company while furnishingexisting tourism services in the corporation efficiently.Diseconomies of scale: At this stage, the economies of scale in nor working in thecompany properly then it could be used in the company in order to reduction of costing andvolume in the company at economic level in sufficient form (Pike, 2012). This must be used byCarnival Corporation & plc organisational professionals in respect to determine about workingcondition of the entity in the tourism industry efficiently. P 1.2 Analysis of pricing method used in Carnival Corporation & plc organisationPricing method is mos essential factor for Carnival Corporation & plc organisation inorder to ascertain the specific pricing of each product and service of accommodation which isfurnished by the company in industry effectively. Varied types of tourist cruise services aredelivering by the company around the world by its numbers of cruise brand in several countriesall they are implementing various pricing methods the workplace in order to examine efficientdevelopment and profitability of the corporation in the industry in sufficient form. 2
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