Managing Financial Resources in the Hospitality Industry

Managing financial
resources in
Hospitality industry

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
Question 1: Describe GAAP principles and identify the users of financial statements along
with their needs for taking decisions...........................................................................................3
Question 2: Elaborate which financial statement is of most interest to the following persons.. 4
Question 3: Discuss the components of supplement of annual report. Also discuss financial
reporting concept.........................................................................................................................5
Question 4: Evaluate the performance of Smart Resort Ltd.......................................................6
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Management of monetary resources determined as a monitoring and controlling issues
related to finance and also evaluating the specific performance of company with a motive of
increasing its profitability. It is very critical concept as it is impossible to correctly interpret the
environmental situations and also impactfull to generalize its impact on the internal operations
and activities of the organization. It is determined that there are various species measures that
can useful in order to manage the money factor for the organization like framing budget,
analyzing and evaluating the recent position of organisation and preparing a well proof policy for
the recovery and payment of debts. There are few specific rules and regulations which can useful
to maintain the performance of the company and also enhance the documentation in order to
prepare the records. The main concern of this assessment is to utilize the specific parameter in
order to identify the impact of financial resources in the hospitality industry (Lee, Hwang and
Kang, 2020). The primary motive of this assessment is to focus on Smart Resort Ltd. This report
will discuss about accounting principles & specific needs of the users in context of financial
statements. Moreover, this report evaluates the various creditors through specific components of
the financial statements. Lastly, this assessment will analyze the performance of the selected
organization through comparison with the rations of the last two years.
MAIN BODY
Question 1: GAAP principles and users of financial statements
Generally accepted accounting principles are popularly known as the GAAP. It is determined
that GAAP can helpful to provide the details and appropriate information about the structure or
the transaction in the accounting books. GAAP can helpful to set few standard and also
procedure which are mandatory followed by the organizations on a specific time period. In
United Kingdom , all the specific companies which are listed in a structured manner can adopt
and implement these principles of the IFRSs.
Companies have the option of using GAAP or IFRS codes. It gives a thorough description of the
financial company. These standards contain all of the rules pertaining to assets, liabilities, and