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Finance and Funding in the Travel and Tourism Sector Doc

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Added on  2020-10-22

Finance and Funding in the Travel and Tourism Sector Doc

   Added on 2020-10-22

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Finance and Funding in the Travel and Tourism Sector
Finance and Funding in the Travel and Tourism Sector Doc_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Importance of costs and volume in financial management of travel and tourism businessesusing Carnival Corporation & plc ..............................................................................................31.2 Evaluating pricing techniques used in the travel and tourism sector....................................61.3 Determine elements influencing profit for travel and tourism businesses using CarnivalCorporation & plc cruise brands.................................................................................................7TASK 2............................................................................................................................................92.1 Different types of management accounting information that could be used in travel andtourism businesses using The Fulham Shore plc........................................................................92.2 Evaluate the use of management accounting information as a decision-making tool for TheFulham Shore plc......................................................................................................................11TASK 3..........................................................................................................................................123.1 Interpret financial accounts of The Fulham Shore plc for the year ended 25th March 2018showing at least two years performance (for example comparing 2018 to 2017)....................12TASK 4 .........................................................................................................................................144.1 Analyse sources and distribution of funding for the development of capital projectsassociated with tourism. (Covered in leaflets)..........................................................................14CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15APPENDIX....................................................................................................................................16
Finance and Funding in the Travel and Tourism Sector Doc_2
INTRODUCTIONFinance is an important and necessary function of any business that helps in performingdaily activities (Jucan and Jucan, 2013). Funding is providing financial resources to fulfil needrelated to business project and program. It is normally used by firms to fill the need of cash frominternal reserves and acquiring adequate level of finance. In Travel and tourism sector, financeand funding both play an important role. The report is focused on importance of costs, Volumeand profit for management decision making, use of management accounting information as adecision making tool and interpret financial accounts to assist decision making and understandsources and distribution of funding for public and non public tourism development.In order to prepare report two organisation have been taken into consideration namelyCarnival corporation Plc and The Fulham shore plc. In task one Carnival corporation plc is usedto study the pricing methods and factors in travel and tourism sector. In task second the Fulhamshore Plc is used for different types of management accounting informations. In task thirdinterpret financial accounts to assist decision making in travel and tourism businesses and in taskfour understand sources and distribution of funding for public and non public tourismdevelopment. TASK 11.1 Importance of costs and volume in financial management of travel and tourism businessesusing Carnival Corporation & plc Tourism sector is a fast growing business and carnival corporation Plc is one of them. Itis a cruise company of United States of America. Carnival corporation is US based travel,tourism and cruise operator company. It is combined swift of over 100 vessels across 10 cruiseline. Main objective of this organisation is to expand their service across the globe, so group ofpeople can take advantage of it. The main goal of this organisation is to become leader oftravelling industry (Swarbrooke and Page, 2012). Cost Cost is refer as the main part to conduct business activities as a function in everycompany. As a travel and tour company has involved cost of tour package so the manager hasorganise several tours for providing appropriate packages to clients. There are different types ofcost they are mentioned below -
Finance and Funding in the Travel and Tourism Sector Doc_3
Fixed cost – In this mention those costs are fixed during the production that is related todifferent goods and delivery services in travel company. Many times in company have somegoods are fixed and some are variable so it is included in semi variable. Variable cost – There is refers to that cost keep on fluctuating with the production ofvarious goods and services like as ticket charges. Direct cost – It is straight away connected by the company of carnival on the line ofcruise. It is also provided other services to customers. Indirect cost – It is not connect in every manner with company and it is relate to specificactivities like delivering several services for visitors like as maintained charges and repaircharges. Importance of costs:In present time cost is very important that define price of any product and it will help tomaximising profitability of company and also in long term growth. There are discussed aboutimportance of costs- Direct cost – It is helping to control cost that are related to several operation activities andit provides multiple benefits that are not directed traced. Indirect cost – It is related to several operations which are performed in company formany benefits. Fixed cost – It does not change in production units and also does not pay extra cost onadditional unit. Variable cost – It will help to manager for decision making regarding to different tasksand project which affect to financial planning. BEVSales 800000Fixed cost 120000Contribution 600000BEP0.2
Finance and Funding in the Travel and Tourism Sector Doc_4

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