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Financial Transactions and Types of Costs Assignment

   

Added on  2020-10-05

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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Introduction to financial transactions..........................................................................................1Principles of double entry bookkeeping system..........................................................................1Need of accounting report...........................................................................................................2Types of cost...............................................................................................................................4Conclusion..................................................................................................................................5TASK 2............................................................................................................................................5Issues related in talent acquisition and retention.........................................................................5Factors.........................................................................................................................................6Specific Legislation.....................................................................................................................6Stages of HR life cycle................................................................................................................7Performance management plan...................................................................................................8Recommendations.......................................................................................................................9TASK 3............................................................................................................................................9Interrelation of different functional units in an organisation......................................................9Methods of communication........................................................................................................9Effectiveness of communication methods................................................................................10Creation of mind map...............................................................................................................10Recommendations.....................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONFinancial management is a process of managing financial transactions that are made in anorganisation by making accounting report. Human resource management is a functional unit inan organisation which takes the process of training and development. Recruitment and selection,reward appraisal. Present study lay emphases on Hotel Hilton. It is a global hospitality sectorwhich provides room and food services to customer. It has approx more than 57 hotelsworldwide. It is founded in 1919. This report included introduction to financial transactions andtypes of costs. It also frames stages of HR life cycle. It also outlines the different communicationmethods.TASK 1Introduction to financial transactionsFinancial transactions is like an agreement in organisation between producer andcustomer for buying and selling assets or products against payment. It includes a change in statusof finances between two or more than two organisation. Exchange of goods and service takesplace between buyer and seller means one who gives money and one who receives moneyagainst services (Zietlow, Hankin, Seidner and O'Brien, 2018).In Hotel Hilton, different documents are to be needed for financial transactions. Like acontract is signed between two parties for exchange of services with money. With CCTVcamera, a recording is done for availing services. It is a valid proof against any party for availingservices in Hotel Hilton. Payment can be made through debit card or credit card or throughmobile banking or by cash. Financial transaction takes place based on trust between Hotel Hiltonmanager and customers who are receiving services.Principles of double entry bookkeeping systemDouble entry bookkeeping is a system of keeping entries based on a corresponding entryand opposite entry to a different account. Means there are two parties involve in a transaction;one who receives goods and services and one who gives services. So its beneficial to do dualentry of transaction for knowing the nature of transaction (Banerjee, 2015). Principle of double entry is to keep two separate transactions of one transaction i.e., oneis credited and one is debited. Money is exchanged for goods and services and that money valueis equal to services that are availed by Hotel Hilton. It can be said that for every credit, there ia1

always a corresponding debit which is equal to the value of services. Let's take an example ofincome and expenditure of a month.Transactionscreditdebitincome12000expenditure12000total1200012000Hence, it is proved that every double entry transaction system, a cross check is done forsatisfaction that where money is debited and where money is credited. It is done to calculateerrors in transaction system by verifying the balance sheet in system. By above example, it isverified that debit amount is equal to credit amount (Van Dooren, Bouckaert and Halligan,2015).Need of accounting reportAccounting report refers to financial status of company over a certain period and certaintime. It keeps information about transactions made in organisation and about operations whichtakes place. It includes balance sheet, income statement and a cash-flow statement. Balance sheetis report of business which shows the amount of money debited and credited and shows theliability, equity balances of assets. Income statement refers to keep information regarding profitand loss of an organisation. It also keeps details about the revenue tat is earned against servicesin Hotel Hilton for specified period. A cash-flow statement refers to statement of flow of cashesmade in an organisation. It deals with the sources for business operations, financing andinvesting. It is useful when generation of cash is done in Hotel Hilton to calculate the capacityand profitability (Maher, 2018).Purpose of accounting report is to maintain a record of transactions made in Hotel Hiltonin terms of income statements, cash-flow statement and verifying from balance sheet. It reducesthe risk of getting cheated by having a record for a specified period. For a cross-check for anytransaction in case of an enquiry, accounting report makes easier to access such information. Ithelps to maintain budget accordingly by analysing predict cash-flow and income statement forforecast revenue.Lets' make a balance sheet of a transaction made in Hotel Hilton which is based on sample data.2

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