HND Travel & Tourism: Finance & Funding - Management Accounting

This report examines the application of management accounting principles within the travel and tourism sector, specifically focusing on finance and funding. It highlights the use of various management accounting information systems, such as budgets, financial reports, management information systems, and variance analysis, within Merlin Entertainments. The report assesses how this information aids in planning and decision-making, considering trends, investments, and capital increases to meet organizational objectives. It emphasizes the importance of adapting to consumer preferences, strategic investment planning, and transparent financial reporting to attract investors and enhance operational performance. The document also covers the necessity of expanding business objectives and motivating the workforce to achieve targets, ultimately improving the firm's efficiency and fostering innovative decisions. Desklib offers a wide array of similar solved assignments and resources for students.

TASK 2
Finance and Funding IN
Travel And Tourism

2.1 Various management accounting
informations used for Merlin Entertainments
 By considering such management accounting systems there is
need to make the fruitful business decisions which are in context
with the various accounting techniques that will help to enhance
the operational performance.
 Hence, Merlin Entertainments need to follow such techniques as
follows:

BUDGETS
 Budgets are made for fixing the limits of expenses to be done for
the particular operations.
 It mainly includes the sales, cash and purchase budgets which are
need to be prepared as well as compared after they completion of
work.
 Hence, the reports are to be prepared periodically as well as
measured by the professionals in Merlin Entertainments.
 Thus, such analysis must be compared to with the budgeted limits,
that will helps the organisation in having better information in
relevance with the actual performance of the business.

FINANCIAL REPORTS
 In accordance with analysing the actual position of the firm
there is need to analyse various financial statements.
 Professionals at Merlin Entertainments must prepare the
various reports such as income statements, balance sheet
ans ratio analysis which in turn helps in gaining adequate
information about the about company's profitability.
 Disclosure of such data set will be beneficial in attracting the
large numbers of investors as swell as help the managers in
adopting various fruitful changes in organisation.

MANAGEMENT INFORMATION SYSTEM
 The management information system is consisted of
developing a best communication channel between
employees and the supervisor of the organisation.
 Hence, it will be fruitful for professionals in
understanding the requirements of the particular
departments as well as it also enhances the internal
relationships.

VARIANCE ANALYSIS
 Such analysis were made on the actual gains
made by the firm with the previously planned
revenues.
 It will be fruitful for Merlin Entertainments in context
with analysing the requirements of improving the
performance of the organisation.
 These are the qualitative investigations which are
based on sales made during thee period as well as
revenue gathered through such transactions.

2.2 Assessing the use of management accounting
information for planning and decision making
 By considering the requirements of improving the
operational performance of the organisation there
is need to examine the internal as well as external
environment of Merlin Entertainments.

TRENDS
 Managerial professionals in business need to asses
the requirements of consumers as per changing trends.
 Thus, there are variation in choices and preferences
clients as per the locations or tours.
 Hence, they need to plan packages and destination in
accordance with satisfying such consumers.

INVESTMENTS
 Managers in Merlin Entertainments need to plan
strategies before making any investments.
 Hence, there will be decisions based on the particular
or event or occasion which is going to become in the
future.
 Apart from the investments made by entity the revenue
gathered by various shareholders are to be consider as
well as they must be paid dividend as the turnover
gathered by the firm.

INCREASING CAPITAL
 By considering the various techniques to rise the funds for
the organisation there is need to present the adequate
information to shareholders by use of various financial
statement.
 Profitable gains made by firm will help in having the strong
capital structure which in turn helps in performing the
operational tasks.

MEETING OBJECTIVES:
 In order to fetch the aims and goals of the organisation there is
need to expand the business objectives of the firm.
 Hence, managers in Merlin Entertainments has to plan the goals as
well as motivate the workforce in concern with fetching such
targets.
 It will be profitable for them in increasing firm's efficiency as well
as in making the innovative decisions.

REFERENCES
Books and Journals
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Energy Engineering (ICSREE), 2017 2nd International Conference (pp. 92-96). IEEE.
Addison, P. S., 2017. The illustrated wavelet transform handbook: introductory theory and applications
in science, engineering, medicine and finance. CRC press.
Richardson, D. and et.al., 2016, April. Seasonal UK Drought Forecasting using Statistical Methods. In
EGU General Assembly Conference Abstracts (Vol. 18, p. 6785).
Rubin, I. S., 2016. The politics of public budgeting: Getting and spending, borrowing and balancing.
CQ Press.
Network, G. I. I., 2016. What you need to know about Impact Investing. thegiin.
org/impact-investing/(accessed May 2, 2016).
Online
Management Information Systems. 2017. [Online]. [Available through] :<
https://mis.eller.arizona.edu/what-is-mis>. [Accessed on 26th October. 2017].