Finance and Funding in the Travel and Tourism Sector - Doc
Added on 2020-09-17
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Finance and Funding in the Travel andTourism Sector
INTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................41.1 Significance of cost and volume in travel and tourism sector..........................................41.2 Analyse of pricing methods used in travel and tourism sector.........................................61.3 Analysis of different factors which influence profitability of travel and tourism...........7TASK 2............................................................................................................................................82.1 Different kind of management accounting information which used in tourism sector....82.2 Utilisation of management accounting information as a decision-making tool...............8TASK 3............................................................................................................................................83.1 Interpretation of financial accounts to assist decision-making.........................................8TASK 4..........................................................................................................................................134.1 Sources and distribution of findings for public and private tourism development........13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONFinance and funding is an essential concept which helps the company in defining the amountthat can be used by the company to invest in developing the economy. Travel and Tourism isconsidered as the fastest growing industry which is giving huge benefits for the business worldas well (Evans, Stonehouse and Campbell,2012). This report is based on Carnival plc which isalso considered as world’s biggest travel and Tourism Company. This firm is contributing highlyin developing the economy of UK. In the current report, the importance of volume and cost infinancial management of travel and tourism companies will be discussed. The pricing methodsthat are used by these types of companies will also be discussed. It will also cover various typesof management accounting information which can be very useful in travel and tourism business.Along with this, accounting information related to management as decision making tools willalso be assessed. One more company that will referred here is the Dalata Hotel group Plc whereanalysis of financial accounts of the company will also be assessed. Apart from that, distributionand sources of funding for development of capital related projects related with tourism will behighlighted here. TASK 11.1 Significance of cost and volume in travel and tourism sectorIt is well known that Carnival Corporation and Plc is considered as the biggest leisuretravel and tourism company in all around the world. This association has created a big portfolioof cruise brands that are basically located in Australia, Europe and in North America as well. Thefinancial management of company aims to arrange finance for conducting operations of thecompany in an effective as well as efficient manner. It normally includes factors like cost andexpenses that are necessary to be considered in order to bring growth and development. Throughthese factors travelling packages for customers or visitors are created (Henderson, 2010). It is to be considered that in the business of travel and tourism, cost is consideredas a very important factor as it is very useful in evaluating cost of the travel packages that aredesigned for the travellers or the visitors. Carnival Corporation and Plc is making use of thesefactors while taking some decisions for the company. The factors are as follows :-COST – It can be termed as that part of money which is used by companies for their businessrelated operations. It is considered as a very important element because its absence can createmany problems for the companies. It includes the expenses that is bear by company for creating
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