SIT30616: In Your Own Words Provide A Short Definition: Certificate III In Hospitality Assignment, VU, Australia
University | Victoria University [VU] |
Subject | SIT30616: Certificate III In Hospitality |
Part A – Written or Oral Questions
1. In your own words provide a short definition of the following terms:
a. Assets
b. Liabilities
c. Equity
d. Cost of sales
e. Income
f. Expense
2. For each of the above provide an example related to the hospitality industry.
3. What is the first and last day of the Australian financial year? Are there any other reporting periods observed by hospitality businesses?
Are You Searching Answer of this Question? Request Australian Writers to Write a plagiarism Free Copy for You.
4. Financial Reporting has two methods of accounting
5. Explain the two methods and give examples of which reporting method can be used by what size organization.
6. Explain the difference between fixed costs and variable costs.
7. Give an example of each of the above in the hospitality industry
8. What business performance indicators and benchmarks could be used for decision-making purposes in the hospitality industry?
9. Match the following sorts of financial information with their definition:
a. Source documents
b. Journal entries
c. Transaction reports
d. Account summaries & balances
e. Balance sheets
f. Profit & loss statements
g. Invoices
h. Budget reports
i. Expenditure reports:
i. Details budgeted spending vs actual spending
Get Solution of this Assessment. Hire Experts to solve this assignment for you Before Deadline.
ii. Shows assets, liabilities, and owner’s equity
iii. Original documents in paper form that prove a transaction has taken place
iv. Report detailing specific information, such as EFTPOS and banking records
v. Details products and services provided to a customer
vi. A basic document that details the financial transactions of a company
vii. Details budgeted figures compared to actual figures
viii. Shows the revenue and expenses of a business over a period of time
ix. These can be obtained from the bank, and should maintain strict vigilance over
10. Why is it important for a hospitality business to review the above types of financial information regularly?
11. What are the basic rules underpinning double-entry accounting?
12. Research an accounting software package used in the hospitality industry,
Stuck in Completing this Assignment and feeling stressed ? Take our Private Writing Services.
Part B – Research Project
1. Provide a short definition for the following terms (in your own words – simply copying from the internet will result in zero marks):
a. Ledgers
b. Subsidiary ledgers
c. Receipt
d. Disbursements
e. Accounts payable
f. Debtors
g. Creditors
h. Cash flow
2. Provide a short description of the following Hospitality industry terminology:
a. Guest account
b. Inventory
c. Revenue management
3. What are the GST reporting requirements for a hospitality business?
Are You Searching Answer of this Question? Request Australian Writers to Write a plagiarism Free Copy for You.
Part C – Case Study:
1. Below is a Balance Sheet for Fat Freddie’s Fab Frogs for 2015 & 2016. From the balance sheet, and for both years calculate:
a. The proportion of the business finances by debt and equity
b. The current ratio
c. Gross profit ratio
d. Net profit (before tax) ratio
Fat Freddie’s Fab Frogs Income Statement for year ending 30 June |
||
2015 $ |
2016 $ |
|
Sales Less: Cost of goods sold Gross Profit Operating expenses Interest payments Net profit before tax Tax Net profit after tax |
124 800 74 880 49 920 20 800 8 320 20 800 7 072 13 728 |
156 000 93 600 62 400 24 960 8 320 29 120 9 320 19 800 |
2. The CEO of the company has asked you to provide a review of the above financial information and the ratios. For each ratio provide a brief analysis as to whether the ratios are positive or negative to the company’s financial status.
3. What areas of work operation within the Hospitality industry would the Income Statement and Balance Sheet apply to?
4. Why should appropriate financial information be shared with colleagues?
Part D – Case Study:
Create a cash flow statement for Frankie’s Fire & Fusion Café for January – March 2015 from the information provided below. The opening cash balance is $1,250.
Get Solution of this Assessment. Hire Experts to solve this assignment for you Before Deadline.
Fat Freddie’s Fab Frogs Balance Sheet for year ending 30 June |
||
2015 $ |
2016 $ |
|
Assets Cash Accounts Receivable Inventory Plant & Equipment TOTAL Liabilities Accounts payable Provision for tax Bank Overdraft Owner’s Equity Retained profit Debentures Ordinary Shares ($2 each) TOTAL |
10 400 41 600 83 200 228 800 364 000 44 928 7 072 – – 104 000 208 000 364 000 |
66 560 128 960 208 000 403 520 46 800 9318 15 600 19 802 104 000 208 000 403 520 |
January | February | March | |
Sale of Goods & Services | $ 101,000 | $ 109,000 | $ 115,000 |
Utilities | $ 3,110 | $ 3,150 | $ 3,180 |
Tax Paid | $ 31,000 | ||
Wages | $ 30,500 | $ 33,300 | $ 34,750 |
Raw Materials | $ 38,000 | $ 39,300 | $ 40,900 |
Interest Received | $ 300 | $ 300 | $ 300 |
Interest on Loan | $ 8,000 | $ 8,000 | $ 8,000 |
Equipment Purchase | $ 11,300 | ||
Marketing & Advertising | $ 700 | $ 850 | $ 900 |
Asset Sale | $ 1,100 | ||
General Office Expense | $ 400 | $ 400 | $ 400 |
Capital Contribution | $ 25,000 | ||
Rent | $ 5,000 | $ 5,000 | $ 5,000 |
Drawings | $ 1,000 | $ 1,000 | $ 1,000 |
Stuck in Completing this Assignment and feeling stressed ? Take our Private Writing Services.
Get Help By Expert
Australia Assignment Help provides the best nursing assignment help on (SIT30616) Certificate III In Hospitality with different Australian university students. Our Victoria university assignment writers have good knowledge of clinical concepts. You can approach us at any time to get the best quality assignment help.
Recent Solved Questions
- Human Resources Assignment for Australia University
- ENGG2500: A Control Gate Is Located On The Wall Of A Reservoir: Fluid Mechanics For Engineers, SU, Australia
- Describe Two New Products That Are Available To Consumers Of Hospitality Products: Source And Use Information In Hospitality Industry Assignment, VU, Australia
- Tyson Operates A Tree-Lopping Business As A Sole Trader: Enterprise Law, BU, Australia
- CPCCBC4003A: Part 1 requires you to select the building contract that is appropriate for the residential project provided: Select and prepare a construction contract Assignment, VU, Australia
- SAP102: John is a 21-year-old man. He has a History of Growing Up: Welfare Systems and Services Report, AIB, Australia
- BSB51918: You Will Demonstrate Your Skills In Developing And Implementing A Work Plan: Diploma Of Leadership And Management Assignment, SU, Australia
- ECE6004: Analyze how language and literacy operate as complex and contextual social acts that create and sustain power relations: Language and Literacy in Early Childhood Assignment, VU, Australia
- ITC114: Please discuss the usage of the composite entities in ERD with an example. The owner of a company employed you: Database Management Systems Assignment, CSU, Australia
- MINE8760: Geophysical techniques and metal reserve estimation: What geophysical techniques are optimal to extend: Mine Geology and Geophysics for Mining Operations Essay, UNSW, Australia