Finance and Funding in Travel and Tourism: Cost, Profit, and Pricing

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This report delves into the financial management of the travel and tourism industry, encompassing cost accounting, pricing strategies, and profit analysis. It examines the significance of cost and volume in financial management, exploring pricing techniques employed by Carnival Corporation & plc, and factors influencing industry profit. The report includes an analysis of cost accounting information, decision-making processes, and the financial accounts of The Fulham Shore plc. Furthermore, it explores the distribution and sources of funding within the tourism industry, providing insights into various financial aspects and strategies relevant to the sector.
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FINANCE AND FUNDING IN TRAVEL
AND TOURISM
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
1.1. Significance of cost and volume in tourism and travels financial management............3
1.2 Pricing techniques used in Carnival Corporation & plc...................................................3
P1.3 Factor affecting travel and tourism industry profit........................................................4
2.1 Various cost accounting information uses in travelling and tourism industry.................5
2.2 Decision making in tourism and Travelling industry with the help of managerial
accounting:.............................................................................................................................6
3.1 The Fulham Shore plc's financial account........................................................................7
4.1 Distribution and sources of funding in tourism industry..................................................8
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
APPENDIX....................................................................................................................................13
Income statement of Fulham Shore plc's..............................................................................13
Balance sheet of Fulham Shore plc's....................................................................................13
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INTRODUCTION
Financial management includes all the decision and activities regarding fund arrangement and its best utilization in business. It comprises
planning, managing, organizing and controlling the financial and activities. Management accounting is the technique to manage the businesses
account and preparing different report, which assist manager to take different financial and non-financial decision. This report will cover, factor
affecting the pricing and profits in tourism industry. Report will also describe various pricing techniques and importance of different accounting
management techniques in business decision making in Carnival Corporation & plc. Interpretation of financial accounts and ratio of The Fulham
Shore plc is also given. Report also will look upon the diverse sources of funds in tourism industry. Carnival Corporation plc is one of the
biggest traveling cruise operator having net income of 17.5 billion in financial year 2017 (Revenue of Carnival Corporation plc ,2018). The
Fulham Shore plc possess and run restaurants in UK.
1.1. Significance of cost and volume in tourism and travels financial management
Cost- Volume Profit analysis
This cost accounting technique measures the effect of cost and volume on operating expenditure. It determines the break-even point for
different level of contrasting sale quantity and cost composition. It compares different dimensions like cost profit, number of sold goods regards
to Break-even point. CVP also have some assumption like fixed cost will be indifferent with production of same volume. If there is any change
occurred in production expense, it will come only due to changes in activities quantity (Arowolo and et.al., 2016). For tourism and tour industry
fixed cost is related with rent for accommodation, insurance, salary to employee and fixed wages. Variable cost includes advertisement and
promotion cost, fair charges, trade events, marketing research expenses, seasonal expenses etc. importance of CVP analysis for Carnival
Corporation & plc is given below:
CVP helps in identify the quantity of product and service required to gain desired profit.
It helps manager to Foresting and predict the sale, with the help of graph's movement.
Company can decide efficient and reasonable price for the service, which help in earning sufficient profit margin, because CVP render
the cost details. So, Carnival Corporation & plc can use these cost related information for pricing decision. Like company can change
extra amount for value addition, but it can be only possible when it actually knows the cost of added value.
Cost controlling can be done with the of CVS, as company get to know impact of changes in volume and cost on profit.
Fixed cost of organisation can be determined from CVP. This calculation render facility of measure the cost structure of particular
company. Cost structure indicates the ratio of variable and fixed expenses. Manager use cost structure in pricing and profit decision. For
instance, if Carnival Corporation & plc has high fixed cost, then its fixed sale has to be high (Borodin and et.al., 2015). Elevated sales,
indicate higher break-even point as well. These indicates the business success and growth.
Level of volume for expected result, render the idea of required cost. Cost assumption facilitate capital budgeting decision.
Income tax planning for various service within one organisation can be done via CVP as tax rate can be feed in CVP tool software, which
gives the amount of taxes for different profit amount and sale volume.
1.2 Pricing techniques used in Carnival Corporation & plc
An organization cannot rely only on one pricing policy especially in Tourism industry because cost of the service gets fluctuated by
many variables factors . Also, Carnival Corporation and plc has to make many marketing effort, to gain competitor advantage and increased
share market (Chandra, 2017). Factor affecting pricing of tourism industry are: cost of the product, Product life cycle, Economic conditions,
Competition in market, firm's image in customer's mind, product's goal, government control, and organisation objective and so on. Apart from
these general factor, tourism and travelling industry's prices also affected by seasonality, Commissions to distributor, last Minute pricing, rack
rate. Pricing approaches uses by Carnival Corporation and plc are given below:
Cost oriented pricing:
In this pricing policy, Carnival Corporation & plc and Norwegian Cruise Line add up the desired profit margin in cost. Cost oriented
pricing can be divided into two parts such as mark-up pricing and cost plus pricing. In cost plus pricing, fix percentage is added in cost. Where in
mark-up pricing, a fix percentage cost is taken in deciding the profit margin.
Economy Pricing
It is used by company when it wants to attract more customer in short time span, in depressive economic phase and for medium income
level group. Visitor have to pay comparatively less price to enjoy travelling service of firm. (D'Onza, Greco and Allegrini, 2016). To give
economical pricing to customer, Firm has to lower its non- required expenses and cut down marketing efforts. So that, Clint can avail the service
on a reasonable price. Royal Caribbean International also use this pricing even after having Royal in its name.
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Bundle pricing
In tourism industry, bundle pricing can be seen as tourism packages. Company render bunch of product and service in one quoted prices.
This pricing strategy is best for the tourism industry because different complimentary product and service required to customer at the time of
consumption of one tourism service. For instance, nowadays tour packages include accommodation, event, sports, adventures, meal and
transportation service too. It is become trend that people chooses that traveller, who offer kind of services in one package. Tour facilitators not
only arrange hotel to stay, even they design events (b'day, ceremony and business meetings) on the behalf of Clint. Disney Cruise Line also have
attracting tour package for different customer segment.
Psychological pricing
Here, companies tries to grab the customer's attention quickly. Prices are set to induce emotional decision in people, in place of logical
decision making. Like Carnival Corporation & plc put £199 in place of £200, which is an eye catching pricing offer for people.
Premium pricing
It is used by Carnival Corporation & plc to offer unique services, which are not given by its competitor to customer. Firm charges higher
amount for these packages. It is also done to impress high income level group. People tend to think high pricing service has more value than
normal services. Company also try to get advantage of this psychology of consumer (DeAngelo and Stulz, 2015). Company even change its
marketing mix to target high class people. Like Carnival Corporation & plc put its high pricing tour advertisement on newspaper and websites
which are mostly used by high income people. Princess Cruises also use premium pricing for some product.
P1.3 Factor affecting travel and tourism industry profit
Profit of any business is impacted not only by general elements, but also by industry specific considerations. Following are the
determinants of tour and travelling profit:
Seasonality:
Carnival Corporation & plc earns high profit margin in peak time, in compare to off season. Like on the occasion of New Year and
Christmas people have enough time to plan holiday, which also increase sale of company. Large sale volume enhances the higher profitability
chances.
Currency exchange rate:
Outbound tour normally gets influenced by change in currency value, If value of domestic currency (Carnival Corporation and plc's
home country) is higher than host country, than it will facilitate profit, conversely, lower rate of domestic currency can shrink the profit margin.
Cost of distribution:
Tourism organisation purchase service from wholesaler and retailer. Wholesaler render bulk of service in lower price (Gadenne, 2017). If
Carnival Corporation & plc's purchase services direct from mass tour operator and sale direct to its customer, then company can maintain decent
profit margin, where if it acquires service from retailer (individual) and sale to customer, it can lower the profit margin too.
Competitor policy:
Carnival Corporation & plc's has to remain itself competitively competence in industry. It also has to offer services and facilities which are
given by its rivalry on same price. In case competitor offering more service and good quality product option, than company also has to offer the
same. These additional service raise the cost and minimise the profit.
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Cost of supportive services
Transportation and fair charges (airline, railway and cruise), accommodation rent, insurance installments, event fees also decides the
profitability (Kovács, 2018). For instance, higher airline fair would increase the cost of service and reduces the profit because company cannot
change its holiday packages prices so promptly especially when Firm Took advance booking.
Environmental factor
Tough and adverse weather condition can increase the variable cost of tour. For instance, Carnival Corporation & plc's provides safety
equipment, medical aid, and cloth to tourist in adverse condition (Zhang, 2015). Cost of transportation and arrangement of essential service
become headache for company, when natural disaster occurred in peak season. These elements add up the variable cost. This extra variable cost,
minimize the expected profit.
2.1 Various cost accounting information uses in travelling and tourism industry
Management accounting system render all the relevant information to manager to take internal decision. It is also known as cost
accounting. It is procedure to recognize, compute, examine, explicate and communicate required data to manager (Margaretha and Supartika,
2016). Financial accounting provides essential information to stakeholders too (external people) but cost accounting gives knowledge of cost,
expenses so that favourable pricing can be set by organization. It also helps in monitoring, evaluating and controlling the cost. Management
accounting should use by The Fulham Shore plc are given below-
Variance analysis:
This system compares the actual outcome with planned result. Difference between these two is called “deviation”. In case manager finds
significant deviation, corrective actions are taken place, where low variation indicates the success of project. Like The Fulham Shore plc
manager sets monthly sale target (Masiero, L., Nicolau and Law, 2015). Periodic evaluation also done by the company. If huge gap appeared in
calculation, manager should try to know the reason of less consumer, wether it is high price, low marketing effort, store location concerns etc.
variance analysis generally use in tourism industry are Purchase price, variable overhead spending variance, selling price, lobar rate and variable
overhead efficiency .
Budget:
Budgeting is skill to allot money for a given purpose. Budget is generally made for one year. It also pre decides the Sales volumes,
expenses, cash flows, cost, resource quantities, which works as benchmark for controlling purpose. Manager should make different budgets for
different works. Like Operational budget look upon the revenue and expenses made to perform daily business activities. Cash flow budget
should take care the balance of cash inflow and outflow on daily basis. If company have more inflow than outflow, it is able to pay out its
obligation. Budgeted and actual money should check on periodic basis and corrective action should take by manager immediately without further
delay.
Accounting for decision-making: management accounting is the process to measure accounting data by which decision will get
developed for conducting effective business operations. This will be analysed by managers through facts and figures. Accounting information
help various stakeholder in decision making because it keeps and track key financial information of organisation. Manager can know about
business performance, resource utilisation, cost and quality of the product, accordingly they initiate the controlling technique in such area.
Financial report used by investor in order to know finical health to make investment decision. Leaner also check repay ability and
creditworthiness by viewing balance, p&L and income statement.
Forecasting: in order to stay competitive, all types of businesses must have to conduct proper strategic planning. Therefore, forecasting
is the process where planning has been done for conducting smooth future operations by predicting trend analysis, past revenues, sales and
growth statistics.
Ration analysis: this is the method which help in determining ability of the company for paying its long term and short term debts. This
the measures which helps in demonstrating company's solvency and liquidity position. This helps organisation to identify whether entity is
operating within overall guidelines for promoting profitability or not. Ratio analyse also help motivate the employee because they show clear
indication of area in which improvement is required. For instance profitability ration render information about profit and expense. In case of high
expense, manager can motivate and instruct staff to control the cost, expense and wastage in production. On the side, favourable profitability
ratio encourage manager to give reward and incentive to people for their efforts. Accounting information also render details of operation and
human capital performance. Like unfavourable cash inflow indicates that company is lacking in generate the sale. Manager can conclude that
might be possible, organisation is not able to make product as per customer requirement. Also, it might be possible marketing team is not
performing its function effectively.
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2.2 Decision making in tourism and Travelling industry with the help of managerial accounting:
Comparison with trends:
Trend analyse is the process of collecting and comparing information of different time period. Income and expenditure data from
organisation's financial statement, can be used to make trend. For Instance decline in trend line or curve indicate the shortfall in sale, where hike
of curve shows increment in sales and income (Muritala,2018). Manager can compare the trend line of different service in indifferent period.
Also, same product's performance in each year can be compare. For instance The Fulham Shore plc's manager find in higher sale of organic food
in 2018, where in previous year fast food sale was at higher side. Trend line made on sale, clearly shown the people's preference is changed form
traditional to heath benefit food. Non financial manager also gets benefit by this trend analysis curve like marketing manager now focus on
organic food in advertisement and promotion efforts.
Forecasting:
Accounting information enable manager to perform effective financial planning. It provides cost, significant performance reports, which
helps manager to choose profit for particular product and service. All the financial information being used by organisation to forecast the sale,
cost, price and other changes. Like The Fulham Shore plc's changes its product development priority from traditional to organic, based upon sale
reports. Manager predicts the sale volume and profit in near future by analyse and by interpreting the sales report of the company.
Capital budgeting decision
Investments, which have possibility to render high return are considered as good decision. But to take the idea of future profit
requirements ,company has to discount the future cash flow to present. Also, cash out flow information is also required to check the profitability
(Nagle and Müller, 2017). Cash out flow and inflow information are generated with the help of managerial accounting tools and techniques.
MIS: it is a computer based system software which actually help organisation, managers for organising and evaluating information and
data in a very timely and in efficient manner. Through this software, manager of the travel and tourism sector will able to make decision which is
beneficial for operating business function. It provides proper analysis of employee and machinery performance. It also helps management to
control cost by figuring out turnovers and wastage of resources.
Variance analysis: this type of analysis also helps to measure actual results with plan results because of which manager will able to
rectify and create new planning which will be beneficial for entity's business operations.
In addition to this, by doing assessment it has identified that management accounting information provides high level of assistance to the
manager of Fulham Shore plc's in decision making. Moreover, management accounting information aids in planning, controlling, directing etc
and thereby helps in enhancing company’s performance. Use of management accounting information in the context of Fulham Shore plc's can be
presented in the following manner:
Planning: MA information helps manager in setting suitable and realistic budgets for the upcoming time period. Moreover, results of
variance analysis clearly presents the extent to which goals are attained. Thus, referring outcome of variances business entity can develop
optimal financial framework and thereby attain success.
Controlling: Manager of Fulham Shore plc's can control and enhance business performance to a great extent using MA information.
Referring the outcome of ratio analysis business unit can develop strategic framework and thereby would become to ensure performance
improvement. Along with this, information derived through variance analysis also gives clear indication to the management team
regarding employee’s training & development session. Thus, considering all the depicted aspects it can be presented that MA information
facilitates effectual decision making within an organization.
Directing and motivating: By taking into account variance analysis results manager of the firm can set suitable benchmarks for near
future. This in turn helps in directing or monitoring the performance of personnel in against to the set standards effectually. Further,
employees are encouraged to give their best efforts when benchmarks or standards are attainable.
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3.1 The Fulham Shore plc's financial account
Financial ratios' analysis helps in knowing the financial performance of Firm. Ratios demonstrate efficiency, profitability,
creditworthiness, coverage, liquidity and solvency and market prosperity of particular business entity. Ratio is used by investor and other
stakeholder to take decision money investment and withdrawn decision. Following are the financial ratio of The Fulham Shore plc's as per on its
financial statement.
Profitability ratio analysis
Particulars Formulas 2017 2018
Gross profit 17888 22656
Net profit 969 -565
Sales 40441
54695 (Financial statement of Fulham
Shore (The) PLC, 2018)
GP ratio GP / sales * 100 44.23% 41.42%
NP ratio NP / sales * 100 2.39% -1.03%
Liquidity ratio analysis
Particulars Formulas 2017 2018
Current assets 5503 3925
Current
liabilities -10120 -6504
Stock 1052 1490
Quick assets 1 3
Current ratio CA / CL -0.54 -0.6
Quick ratio CA - (stock ) / CL -0.44 -0.37
Probability ratio:
From the above table it has analyzed that Gross profit of The Fulham Shore plc's is declined from 44.23% to 41.42%, which indicates
company's expense has been increase over the time, in compare to its revenue. Firm need to use expenses and cost controlling techniques like
variance analysis and budgetary control to manage these. Also, company has to increases its sales efforts. Net profit is been decreased from
2.39% to -1.03%. Net profit is decreased when product's price not covered its cost. Company need to review it's pricing strategy. It should try to
get more discount from supplier.
Current ratio:
Current ratio indicates business's capacity to settle down its short term and long term financial liabilities. The Fulham Shore plc's current
ratio has been grown from -0.54 to -0.6, which is a healthy financial sign but it is not near to 2:1 assets and liability ratio. Company need to
improvise its cash inflow, inventory level and cash receivable.
Quick ratio
Knowledge of organization's ability to meet short term obligation is obtained by quick ratio. Quick ratio of The Fulham Shore plc's has
decreased from -0.44 to -0.37. It means company's liquidity has been decline over the period, but quick ratio not appearing close to ideal quick
ratio 1. And, Quick ratio below 1 indicates Firm incapability. To correct its liquidity company, need to increase sale turnover and timely invoice
collection. 2:1 current assets and liabilities ratio also not achieved by organization.
Efficiency ratio:
Particulars Formulas 2017 2018
Cost of goods
sold 22553 32039
Average
inventory
Beginning inventory +
Ending inventory
2 1213 1797
Assets
turnover=
Cost of goods sold
average inventory 18.59 17.82
Company's assets turnover ratio has decline from 18.59 to 17.82. Its indicates the per value per dollar earn by assets. Higher assets' ratio
shows inefficient use of company's assets and vice versa.
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4.1 Distribution and sources of funding in tourism industry
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DISTRIBUTION AND SOURCES OF FUNDING IN TOURISM INDUSTRY
INTRODUCTION
Sources of funding cover decision of choosing the medium of getting
money for business. Organization need money for long term and short-term
purpose. And, company also have many option forms where it can acquire the
money. Finance decision are taken via considering cost, Control, Cash flow
position, risk, flexibility, regulatory framework and rate of interest associate
with finance medium (Ramsey and et.al., 2016). Like long term finance
sources are higher in cost but less risky where short term financing sources
are comparably cost effective as well as riskier than other. If business acquire
money form equity than it can lose its autonomy of taking decision. Public
funding sources has less interest rate and these funds are renders by state for
national, and social welfare purposes.
CROWD FUNDING
It is also widely used financing sources in tourism industry, in this
method number of people raise small amount of money. Collected amount is
given to needed person and business. Nowadays this process is initiated with
the help of Internet, where interested parties come together and collect money
online. In modern era, crowd funding generally has three party associates in
whole procedure namely the project initiator, a moderating platform and
individuals or groups. Project initiator is one who need financial support,
person and group of people who contribute their money and moderating
platform can be online website and another place where these people come
together and perform the whole process.
PRIVATE FUNDING SOURCES
Equity: Here, fund is raised by Issue Company’s share to creditor. These
creditors become owner of company. And, firm has to share is profit with
them. Share is a certificate on which, all information regarding dividend rate,
time, term and condition, voting right are printed on it.
Debentures: In these type of shares Firm get money from creditor, without
making them owner. It is only borrowing, which is repaid in fixed dividend
amount.
Distribution of fund: Government generally gives financial assistance in
development of infrastructure, public and social welfare project. This big size
projects are called capital projects. These infrastructural' development
eventually help in attract the tourist in country. Like Heath row airport is
developed by UK government in south- east England (Vanhove, 2017).
Increased passenger capacity airport is able to tackle heavy tourism flow and
air traffic. Interpretation Boards gives the knowledge and information of
heritages sites. Government also help in making pedestrians, Interpretation
Boards and integrated bridleways.
NATIONAL LOTTERY COMMISSION
Tourist and travailing agents can participate in lottery to avail the fund.
In this system pool of money is generated by participators. Authority of
national lottery commission choose “chit” randomly (Said, 2016). Person
whose name is written on paper, become eligible to get the fund. The National
Lottery Commission ensure the fair practice and protecting the players.
Discover England Fund
UK government allot £40 million of amount in 2015 in order to keep its
tourism industry competitive healthy. Government took this initiative because
England high revenue and employments opportunity because of tourism
industry. Government not only give financial assistance to tourism provider
but they also help in market research, develop tourism product.
REFERENCES
Ramsey, S. D and et.al., 2016. Financial insolvency as a risk factor for early
mortality among patients with cancer. Journal of Clinical Oncology.
34(9). p.980.
Said, H. A., 2016. Using Different Probability Distributions for Managerial
Accounting Technique: The Cost-Volume-Profit Analysis. Journal of
Business and Accounting. 9(1). p.3.
Vanhove, N., 2017. The Economics of Tourism Destinations: Theory and
Practice. Routledge.
SOURCES OF PUBLIC FUNDING IN TOURISM INDUSTRY
Department of Culture
Government's cultural department render short term and long-term loan
to tourist service agents for business establishments, growth & expansion
purpose. It also provides financial assistance to Training & development
program and research and development program given by tourism company to
make it's human capital competence according to industry. This help is given by
country authority because only tourism can promote the country culture across
the world.
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CONCLUSION
From the above study it has been concluded that management accounting play crucial role in making pricing and investment decision as
it render data and reports which help in big decision making. Fixed cost of Carnival Corporation & plc less impact it's pricing but Variable cost
affects the price as well as profit with high intensity. Pricing of tourism packages affects its customer's purchasing decision so an organization
should use different pricing policy for different segment, seasons and product. Accounting information also uses for controlling the cost and
operational activities. The Fulham Shore plc's is able to recognize food industry opportunities with the help of its accounting practice. A Tourism
company can avail the finance and funding, not only from private financing option, but they can take government help as well. Tourism helps
government to increase its foreign currency reserve, and it will only possible when tourist spend their currency in host country. Financial Ratio
helps stakeholders to know organization's financial health quickly. So business should concentrate on these ratios, because stakeholder make
investment decision only on presented data.
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REFERENCES
Books and Journals
Arowolo, A. O and et.al., 2016. ANALYSIS OF THE DETERMINANTS OF PROFIT FROM COCOA BEANS MARKETING IN OGUN
STATE, NIGERIA. Journal of Agricultural Science and Environment. 16(1). pp.9-19.
Borodin, A. I. and et.al., 2015. Model of control of financial results of the enterprise. Mediterranean Journal of Social Sciences. 6(4). p.578.
Chandra, P., 2017. Investment analysis and portfolio management. McGraw-Hill Education.
D'Onza, G., Greco, G. and Allegrini, M., 2016. Full cost accounting in the analysis of separated waste collection efficiency: A methodological
proposal. Journal of environmental management. 167. pp.59-65.
DeAngelo, H. and Stulz, R. M., 2015. Liquid-claim production, risk management, and bank capital structure: Why high leverage is optimal for
banks. Journal of Financial Economics. 116(2). pp.219-236.
Gadenne, L., 2017. Tax me, but spend wisely? Sources of public finance and government accountability. American Economic Journal: Applied
Economics. 9(1). pp.274-314.
Kovács, Á., 2018. Public Finance Sources and Road Network Development in a Transition Country—Hungary (1990-2018). Journal of Traffic
and Transportation Engineering. 6. pp.16-34.
Margaretha, F. and Supartika, N., 2016. Factors affecting profitability of small medium enterprises (SMEs) firm listed in Indonesia Stock
Exchange. Journal of Economics, Business and Management. 4(2). pp.132-137.
Masiero, L., Nicolau, J. L. and Law, R., 2015. A demand-driven analysis of tourist accommodation price: A quantile regression of room
bookings. International Journal of Hospitality Management. 50. pp.1-8.
Muritala, T. A., 2018. An empirical analysis of capital structure on firms’ performance in Nigeria. IJAME.
Nagle, T. T. and Müller, G., 2017. The strategy and tactics of pricing: A guide to growing more profitably. Routledge.
Pacheco, L. and Tavares, F., 2017. Capital structure determinants of hospitality sector SMEs. Tourism Economics. 23(1). pp.113-132.
Ramsey, S. D and et.al., 2016. Financial insolvency as a risk factor for early mortality among patients with cancer. Journal of Clinical Oncology.
34(9). p.980.
Said, H. A., 2016. Using Different Probability Distributions for Managerial Accounting Technique: The Cost-Volume-Profit Analysis. Journal
of Business and Accounting. 9(1). p.3.
Vanhove, N., 2017. The Economics of Tourism Destinations: Theory and Practice. Routledge.
Weygandt, J. J., Kimmel, P. D. and Kieso, D. E., 2015. Financial & managerial accounting. John Wiley & Sons.
Zhang, B., 2015. Determinants of capital structure: an empirical study on Chinese tourism listed companies. Tourism Tribune. 30(8). pp.107-
114.
Online
Cost Volume Profit (CVP) Analysis. 2019. [Online]. Available through <http://knowledgegrab.com/learners-zone/study-support/cost-and-
management-accounting-explained/decision-making/cost-volume-profit-cvp-analysis/>.
Revenue of Carnival Corporation plc .2018. [Online]. Available through <\https://money.cnn.com/quote/quote.html?symb=CCL/>.
Financial statement of Fulham Shore (The) PLC. 2018. [Online]. Available through
<http://financials.morningstar.com/income-statement/is.html?t=FUL&region=gbr&culture=en-US>.
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APPENDIX
Income statement of Fulham Shore plc's
Balance sheet of Fulham Shore plc's
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