Finance and Funding in Travel and Tourism - Module Assignment Report

This report delves into the critical role of finance and funding within the travel and tourism sector. It begins by highlighting the importance of financial management and its impact on business operations. The report then explores various types of management accounting information, such as financial statements, budgeting, and variance analysis, and their applications within the industry. It emphasizes the use of management accounting information as a crucial decision-making tool, discussing its role in forecasting, capital raising, and achieving budgetary objectives. The report also addresses financial practices at the micro level within travel and tourism businesses, while also considering funding arrangements for tourism project development at a macro level. Finally, the report includes references to support its findings.

FINANCE AND FUNDING
IN TRAVEL AND
TOURISM
Task-2

 Introduction
 Different types of management accounting information that could
be used in business
 Assess the use of management accounting information as a
decision-making tool
 References
Content

Introduction
Finance is consider as a backbone of every business and management
have to use this concept through which they can attain their targets
in an effective manner. For every business it is very important for
them to arrange some amount of money to operate all task in an
effective way.

2.1 Different types of management accounting
information that could be used in business
Accounting is a procedure through which an organisation can take
appropriate decision which is helpful in the long term context of a
business.
There are various types of management accounting information as-
 Financial statement
 Budge
 Variances analysis

2.2 Assess the use of management accounting
information as a decision-making tool
Management accounting information is consider as one of a major tool before taking any beneficial
decision. This technique is not new and used by many organisation for making their business
more and more successful and sustainable. This method is helpful for the Marlin which enable
them in identify about the concerning project. If the project is feasible in nature so management
have to adopt that and work on that.

Continue...
As a decision making tool for a business, management can apply this
on their business by considering several number of points.
 Forecasting
 Raising capital
 Meeting budget and objective

References
Evans, N., Stonehouse, G. and Campbell, D., 2012. Strategic
management for travel and tourism. Taylor & Francis.
Heung, V.C., Kucukusta, D. and Song, H., 2011. Medical tourism
development in Hong Kong: An assessment of the barriers.
Tourism Management. 32(5). pp.995-1005.
Jucan, C.N. and Jucan, M.S., 2013. Travel and tourism as a driver of
economic recovery. Procedia Economics and Finance. 6. pp.81-
88.