Report on Financial Performance and HR Practices at Carnival Corp

This report provides a comprehensive analysis of Carnival Corporation, a major travel company, covering various aspects of its business operations. The report begins with an introduction to the hospitality sector and then delves into the principles of managing and monitoring financial performance, including maximizing employment benefits, understanding risk, and capital ratios. It then explains the double-entry bookkeeping system and its application to record sales and purchases, supported by example transactions. A trial balance with balance off rule is presented to complete the ledger task. The report further explores the HR life cycle, outlining the stages of recruitment, education, motivation, evaluation, and celebration, and discussing the importance of the HR life cycle in overcoming staff retention issues. It identifies specific legislations that Carnival Corporation must comply with, particularly in employment and contract law, and examines the interaction between functional roles within the hospitality sector. The report also covers different communication methods, coordination, and monitoring techniques used within departments. Overall, the report offers valuable insights into the financial, HR, and legal aspects of Carnival Corporation, contributing to a better understanding of its operations and strategies.

ASSIGNMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
Principles of managing and monitoring financial performance..................................................1
P2 The double entry bookkeeping system of debits and credit to record sale and purchases.....2
P3 Trial balance with balance off rule for complete the task of ledger......................................3
TASK 2............................................................................................................................................4
P4 Different stages of the HR life cycle.....................................................................................4
P5 Importance of HR life cycle for overcoming issues of staff retention...................................5
TASK3.............................................................................................................................................6
P6 Identify specific legislations that Carnival Cooperation Plc has to comply and adhere to....6
P7 example relate with employment and contract act that impact on business..........................6
TASK 4............................................................................................................................................7
P8 Interaction between functional roles and hospitality sector. .................................................7
P9 Different communication method, coordination and monitoring in the department.............8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
INTRODUCTION
Hospitality is the friendly behaviour of many business. The aim of these business is to
provide various services for welcoming of guest. The hospitality business has a wide range of

services that they offer to their customer like hotel, events, business meeting etc. Major motive
of the hospitality sector is to provide quality products or services. So that there customer can
satisfy with their services. This report will based on Carnival corporation which is the largest
travel company situated in UK. The major topic covered under this project is to monitor financial
performance of the company(Karadag 2015). Trial balance, law and rules that are cover for
hospitality industry. Different communication are also included by which organisation can
achieve their goals and objective.
TASK1
Principles of managing and monitoring financial performance.
The term principle refer to the rules, norms and value that create positive environment in
the company and help them to find out what is right and what is wrong in their business
operating activities. So for a business it is necessary to develop some principle that can govern
both policy and objective of a company. Some principle which is discussed for Carnival financial
performance which is as follow.
Maximize of employment benefits- The employee which are working with the Carnival
organisation they can enjoy benefit their job. Company can also help the employees by providing
information them about their rights and scheme. So the employee can increase their income or
saving by reducing their expenses like save tax, medical bill etc. The Carnival organisation can
reduce their employee turnover(Dudin and et. al., 2014..). It also help company to save the
money on training and development of employee's.
Understand risk- company can invest more money to earn high profits as they work on
principle more risk will bring more profits. While making investment company can do some
research that can help to moderate risk. For carnival plc it is essential to research that where the
risk is high in operating their business. It can help company to moderate changes where they are
necessary.
Put your money to work- the ideal ratio for every business to maintain their financial
performance is capital ratio (2:1). This ratio help a company to find out that they are capable to
pay their creditors. So carnival has opportunity to earn more money by putting company surplus
profits in expanding their business.

P2 The double entry bookkeeping system of debits and credit to record sale and purchases.
Double entry Bookkeeping system- it is a fundamental concept that underlying the two
entries which is one of debit and other is of credit. Double entry book system work that both
sides of the account can be equal in total balance(Loevenich 2014.). Carnival cooperation can
use double entry bookkeeping system because it is easy to prepare financial statement of the
company. By these carnival cooperation also detect the errors in their accounts. The double entry
booking system work on a simple formula which is Asset= Liability + Equity.
Purchase A/C
Date Particular Amount Date Particular Amount
01st Feb To Kate's Kitchen 5001 28th Feb By balance c/d 34553
01st Feb To Harry 29552
Total 34553 Total 34553
Kate's Kitchen A/C
Date Particular Amount Date Particular Amount
6th Feb To Bank 5001 01st Feb By purchase 5001
Total 5001 Total 5001
Harry's A/C
Date Particular Amount Date Particular Amount
14th Feb To Meganne 2008 01st Feb By purchase 29552
17th Feb To Bank 29552 28th Feb By balance c/d 2008
Total 31560 Total 31560
Bank A/C
Date Particular Amount Date Particular Amount

6th Feb By Kate's Kitchen 5001
28th Feb To balance b/d 34553 17th Feb By Harry 29552
Total 34553 Total 34553
Beverage A/C
Date Particular Amount Date Particular Amount
3rd Feb To sale 11203 28th Feb By balance c/d 42493
10th Feb To sale 8966
22nd Feb To sale 10614
17th Feb To sale 11710
Total 42493 Total 42493
Sales A/C
Date Particular Amount Date Particular Amount
3rd Feb By Beverage 11203
3rd Feb By Food 1824
10th Feb By Beverage 8996
10th Feb By Food 1687
17th Feb By Food 1611
17th Feb By Beverage 11710
28th Feb To balance b/d 49360 22nd Feb By Beverage 10614
22nd Feb By Food 1715
Total 49360 Total 49360
Food A/C
Date Particular Amount Date Particular Amount
3rd Feb To sale 1824
10th Feb To sale 1687 28th Feb By balance c/d 6837
22nd Feb To sale 1715

17th Feb To sale 1611
Total 6837 Total 6837
Meganne A/C
Date Particular Amount Date Particular Amount
14th Feb By Bank 2008
28th Feb To balance b/d 2008
Total 2008 Total 2008
P3 Trial balance with balance off rule for complete the task of ledger.
Balance off rule- this rule state that at the end of the year. Some accounts are closed
while some other are needed to be carry forward for the next accounting year. The block account
which are carried next year are came under the method of balancing off method(Altman and et.
al., 2012). The main motive to apply balance off method it to evaluate the information that are
covered in the journal and ledger of the company. For carnival cooperation it is not so easy to
manage the performance of all account. So the company can go with double entry bookkeeping
system this can help them to balance company accounts on both side. Some major step that are
followed to create trial balance is as follow:
The trial balance is produced by the combination of various ledger accounts. This ledger
account is already mention in the above task. Trial balance is calculated after the close of ledger
account.
 In trial balance there are total three column that are included in the worksheet. First is of
account name, second and third is of debit and credit balance.
 The total amount should be calculated but it will be beneficial only when the total
amount of trial balance should be equal.
 For trial balance it is essential to keep the closing balance of cash and bank book. This
balance will be come after the closing account(Zhang and Chiang-shan 2012). At last if
account will not matched than error will be identified and changes should be done to
remove the errors.

TASK 2
P4 Different stages of the HR life cycle.
There are five different stage in the HR life cycle of a business. Employee who want to
recruit in the company has to go through with these five stages which are mention as follow.
 Recruitment- The main focus of HR department is to hire the right people. The decision
for hiring a employee is very critical. Carnival can develop strategies that can attract
more and more people to work with them. For food and beverage manager company
should recruit those who have knowledge and graduation in the hotel industry.
 Education- When a company join an organisation than they should know about the role
and responsibilities that is to be implemented in their job profile. Carnival plc can
organise orientation program. This program help the employee to familiar with company
existing employees and to understand culture and value that are follow in internal
environment of company(Hildebrand 2013).
 Motivation- Employees will move from one company to another in their first ninety
days. So it is the primary task of the manager to find that what can motivate their
employees. Carnival plc should find different elements such as better compensation,
insurance policy and job security. For F&B manger company should provide stay,
conveyance and job security to keep motivated them towsrds work.
 Evaluation- this stage work for the organisation. In these the employee performance can
be measured. HR manager or team will develop appraisal cards for their employees.
Carnival plc can be monitor the performance of their employ and promote them as per
their performance(Sanada and et. al 2013). For F&B department it can be to monitor
quality of food regularly.
 Celebration- This is the last stage of the HR life cycle. It work as a opportunity in these
employ who do the hard work for the company. HR department will appreciate those
employees. Carnival plc can provide benefits to their hard worker employees like flexible
work schedule and overtime etc.
P5 Importance of HR life cycle for overcoming issues of staff retention
The HR department has a major responsibility to control the staff retention. HR
department in a company work to solve the issues that are facing by the staff. The HR team help

the employee to increase the morale of their employees. So the performance of their employ is
more boosted and they can bring out more productivity. In carnival cooperation the lower staff is
not satisfy with their working environment. So there is a always a conflict between staff and
team leaders. The performance management plan for Carnival can be as follow:
 Sharp plan- In a company there plan to do their activities should be transparent and
sharp. Here the word sharp stand for to do action in a sudden way. So there competitor
cannot predict there strategy. Like they can make fellowship with the new employ and
provide a healthy working environment to them.
 Smart implementation- after making plan. Company should monitor that there planned
activities should be implemented in a smart way(Koplyay and et. al., 2014). For the
carnival cooperation the HR department can view that new employee are open to ask for
query. The team leader should communicate them and solve their queries.
 Evaluate and feedback- the major focus on these activity of the HR department is to
evaluate the performance of their employees. Mostly in every organisation employees
performance is evaluated on quarterly basis. Carnival cooperation can improve the
performance of their F&B department by providing customer's feedback to the team
leader. So F&B team cannot repeat same mistake that can deploy their performance.
TASK3
P6 Identify specific legislations that Carnival Cooperation Plc has to comply and adhere to
The term legislation refer to the laws under which a business can operate its business
activity and operations. It is the way to operate a business with rules and regulation that are
approved by the government and industry union. Carnival cooperation can operate their
hospitality service sector. So the company cannot be suit by others. Some laws that follow by
carnival cooperation.
 Health and safety act (1974)- this act explain that an organisation should provide safety
to their employees. The company should be aware about their resources and substance
that they cannot harm to their employee's(Buhalis and Cobanoglu 2014). In case of
Carnival cooperation and food & beverage department. They should provide safety to
employee like fire extinguisher in kitchen, first aid kit etc. So the employ will not get hurt
in their working hours.

 Employment act (2002)- this act is developed to secure the right of the employee. Under
employment act leaves, pay, compensation etc. are included that can help an employ to
know about his rights. Carnival cooperation should aware about employment act. As the
company have more than 100,000 workforce that are working with them.
 Food Safety act (1990)- these act told that this is the responsibility of F&B department
to ensure that the food should be served in quality. The environment should be hygiene.
Carnival cooperation can use these act to serve hygiene food to their customer. As quality
food can help them to create a strong local base of customer.
P7 example relate with employment and contract act that impact on business.
Employment and contract law is a deal which is signed between the employer and
employee. It is the employment relation between worker and owner. Contract start as when an
employ accept the performance and it is proved when employee start to working. Law are
mention in the contract on which an employee has to perform its activities. Carnival cooperation
should be aware about the employment law. In the case any miss-happen event the employee can
suit a case against company and this can destroy goodwill and brand image of the company also.
Impact of employment and contract law against business( Evrengil, Guner and Dagli 2016).
 The large automotive car manufacturer, Land Rover was fined when a worker has lost his
leg in the system of production line.
 In the employment act, Cascom that handle the television and internet installation
business. They are fined by the District court as they violated fair labor standard act
which include minimum and overtime wage.
 Asda the largest UK retailer in the company was face the issue of equal pay. A woman
who was working in distribution warehouse of the Asda claim that they are not equally
paid. Male worker are paid more despite they have equal share value in their work.
 To break through with pay protection act, in Powell an employee was moved to a new
role because of disability in his back problem. Company decided that now his job as a
temporary key runner(Bharwani and Butt 2012). Now court decided this is not a valid
reason to break the employment act.

TASK 4
P8 Interaction between functional roles and hospitality sector.
Functional role can be defined as a set of activities that are essential to perform in the
business. These roles can be defined by the company as per their structure. Resources provided
to those employees as per their organisation structure and role. Carnival cooperation deal with in
different sector to complete the task and to provide service to their customer. For the case of
Carnival cooperation there are large number of employee's and millions of customer. So for Food
and Beverage industry it is essential to connect with room service staff and top management for
continue of services. The hospitality industry is so dynamic that each of them is inter-relate with
each other. This industry include theme park, hotel, tours and camping etc. So for F&B
department it is compulsory that they connect with front sale office. So the customer can easily
order food in their department.
 Like in the case to deliver the food in the room of guest. The F&B team tell to room
service so the delivery of food can be done in minimum time. As customer also feedback
to the room service staff about the quality and taste of food(Radojevic, Stanisic and
Stanic 2015).
 Other reason that consumer should also want to interact with the local society of that
area. Tourist want to explore local area and taste about local food of their visiting area.
So for Carnival food and beverage department it is necessary to provide local food in
their services.
P9 Different communication method, coordination and monitoring in the department.
The communication method which can is use by the carnival cooperation is as follow-
1. Verbal communication- in this the exchange of information is done orally. Mostly
business use this communication system when there is a need for face 2 face interaction.
Carnival cooperation use the verbal communication system when they are guide their
clients or tourist about the local area(.Lemieux and Parent 2012).
2. Seminar- it is verbal communication in these the leader or top manager can interact with
several person in a similar time. Carnival can use verbal communication when they have
to give necessary information to all employees or to motivate them.

3. Electronic communication- in present scenario there are many new method of electronic
communication is developed. Social media, email and online text are the example of
electronic communication. Carnival cooperation can use this way of communication
because it is easy, cheap and quick method of communication.
 Social media is the best way to communicate with clients. As carnival cooperation is
operating travel and tour business. So they can also promote their company that can help
them to attract more and more customer(Arnow-Richman 2014)).
 Email- today many business contact their customer through mail and system. In the email
system it can cover several factors. Like the client can respond when they have time.
Carnival cooperation can connect attachment in the mail. By these attachment company
provide all necessary information to their clients.
CONCLUSION
From the above stated report it can be concluded that hospitality industry has its own
advantages and disadvantages on the functions of the business. Every department in the
organisation works on defined rules and principles. These principles directly helps the
organisation in achieving the targeted goals in the best possible manner. Trail balance and
journals entries can be used to ascertain the financial position of the organisation. And proper use
of HR cycle will help the organisation in recruiting and retaining the employee's of the
organisation. By using various communication techniques the management can transfer the
relevant information in the coordinated and sequential manner.

REFERENCES
Books and Journal
Altman and et. al., 2012. Location-based advertising message serving for mobile communication
devices. U.S. Patent 8,099,109.
Arnow-Richman, R., 2014. Mainstreaming Employment Contract Law: The Common Law Case
for Reasonable Notice of Termination. Fla. L. Rev.,66, p.1513.
Ay, P., Evrengil, E., Guner, M. and Dagli, E., 2016. Noncompliance to smoke-free law: which
hospitality premises are more prone?. Public health, 141, pp.1-6.
Bharwani, S. and Butt, N., 2012. Challenges for the global hospitality industry: an HR
perspective. Worldwide Hospitality and Tourism Themes, 4(2), pp.150-162.
Dudin and et. al., 2014. The organization approaches peculiarities of an industrial enterprises
financial management. Life Science 11(9), pp.333-336.