Business toolkit
Abu.odeh8
NewGuidnaceLO1-2022copy.docxHospitality Business Toolkit Name:
1. Investigate the principles of managing and monitoring financial performance
· Identify three principles and explain each one in detail:
1- KPI’s tool (Key performance indicators)
What is KPI?
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The importance of KPI for the hospitality sector:
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We have several types for the KPI’s tool list and explain:
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2- Budgeting approach: What is budgeting?
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Budgeting definition:
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Budget types and explanation:
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3-Break- even point:
Break- even point definition:
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How to Calculate the Break-Even Point:
a) The Cash break- even:
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b) The income Break- even:
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Breakeven point’ importance:
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· Analyse sales and purchase transactions to compile a trial balance using double entry bookkeeping appropriately and effectively
Identified the process stages to prepare the trial balance starting from defining the transaction then examining each stage in detail.
The accounting cycle:
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Business Transaction:
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Recording transactions in a Journal:
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Posting in Ledger:
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Summarizing in Trial Balance:
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What is the Double Entry system?
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What is the compound entry?
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Explain the correct way for using double entry system for booking keeping sales and purchasing transactions:-
1- For purchasing procedure : …………………………………………………………………………..
2- For selling procedure : ……………………………………………………………………………
We have a good numeric example in question 3 as a recorded entry for purchasing and selling approach
Explain the importance for maintain the accounting records:
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Identify the main issues may occur during the accounting cycle “Accounting errors and types “
Error types:
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· Correctly record transactions and produce an accurate trial balance by completing the balance off ledger accounts, checking that each transaction is recorded in line with accepted accounting principles by doing the following:
Scenario
· On 4/5, the hotel sold booking services to the Turkish clients / 10200 JD by cash.
· On 7/5, the hotel sold three tourism programs to the clients as a summer vacation / 4000 JD per program in check.
· On 13/5, the hotel purchased bed sheets and towels from “Ikea Home Furnishing” / 5000 JD in cash.
· On 17/5, the hotel purchased fruit, vegetables, chicken and meat from “City for Grocery” / 8000 JD, paid 4000 by cash and 4000 on credit.
· On 20/5, the hotel paid 1800 JD as insurance by check.
· On 25/5, the hotel paid 22000 JD by cash as a salaries for the employees.
Requirements are:
· Record the above business transactions to the Journal
· Produce the Ledger for each account in the journal
· Produce the Trial Balance
1- Record the above business transactions to the Journal
General Journal for Dallas Hotel May
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2- Produce the Ledger for each account in the journal:
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3- Produce the Trial Balance:
Hotel: Dallas/ Trial balance on 31/May
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Bank |
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Sales |
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Cash |
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Purchasing |
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Payable |
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Insurance |
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Salaries |
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Accounting principles (Explain)
Reference list
