Hospitality Industry Solved Assignment (Doc)
Added on 2021-01-02
12 Pages3120 Words126 Views
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Table of ContentsINTRODUCTION.....................................................................................................................................3TASK 1.......................................................................................................................................................3Introduction of financial statement and identification of types of source documents and recording processes.....................................................................................................................................................3Principles of double entry system by using an example...........................................................................4Need of an accounting report and Purpose of Trial balance.....................................................................5Type of costs and importance of accurate recording of transactions with the help of accounting principles.................................................................................................................................................7Role of financial management.................................................................................................................7TASK 2.......................................................................................................................................................8Issues in talent acquisition and retention with in the food & beverage sector..........................................8Legislations complied by hospitality organization...................................................................................9Performance management plan for a specific job role.............................................................................9Recommendation on improvement of company’s HR life cycle..............................................................9TASK 3(PPT)............................................................................................................................................10CONCLUSION........................................................................................................................................10REFERENCES..........................................................................................................................................11
INTRODUCTIONHospitality industry offers wide range facilities to its customers which includesaccommodation, foods & beverages, cruise lines and event management. This report gives anintroduction of financial transaction and type of source documents. Further, this report explainsprinciples of double entry system, need of accounting report and purpose of trial balance.Moreover, this report includes different types of cost and importance of recording accuratetransaction. Further, this report elaborates role of financial management in Eat-studio.Furthermore, this report explains issues related to talent acquisition & retention. Furthermore,this report elaborate legislation applied on foods & beverages industry. Moreover, this reportexplains various stages of HR lifecycle & importance in a specific job role of hospitality sector.After this, the report develop a performance management plan. At last, the report givesrecommendation for improving stages of HR life cycle. TASK 1 Introduction of financial statement and identification of types of source documents andrecording processesEat-studio is a restaurant & hotel newly established at Bishops gate in London whichoffers variety of salads & juices and the main aim of this cafe is to provide hygienic & healthyfood to its customer’s and it also offers affordable accommodation.Financial Statement- Financial statement of any organization is a combination of Balance sheet,Cash flow statement and Income statement. Every organization prepare financial statement toknow inflow and outflow of cash in the business, ability of business of paying liabilities out of itsassets and for what purpose the cash is being used. Company make financial statement to checkthat the start up is profitable or not and what will be the future position of the business. Iffinancial statement of Eat-studio is strong than it also shows ability of the company in takingloans from the bank. Eat-studio make balance sheet and income statement each year to know theposition of its business. Company follow general accounting principles to record its transactions& for the preparation financial statement. For recording of transactions of the company and formaking balance sheet and income statement company need various source documents such asbank statement, sales order, supplier invoice, vouchers and cash register. Source documents arephysical proof based on which accountant of Eat-studio record the transactions and prepare
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