Unit 2 Finance Hospitality Industry

Unit 2 Finance Hospitality Industry

  • Submission Front Sheet
  • Assignment Code:                  …AB453H2…
  • Programme                       :        BTEC HND in Hospitality Management
  • Unit Title and Number       :    Finance in the Hospitality Industry (Unit 2)
  • QCF Level:                             4
  • Unit Code                               R/601/1789
  • Credit value:                           15 credits
  • Module Tutor:                         Yannick Fansi
  • Email:                                       y.fansi@mrcollege.ac.uk;
  • Date Set:                                  18/01/2018
  • Name:                                                 ………………………………………….
  • Registration Number:              ……………………………………………
Learner’s statement of authenticity

Student’s Name: ____________________________         Student’s ID Number:________________

I certify that the work submitted for this assignment is my own. Where the work of others has been used to support my work then credit has been acknowledged. I have identified and acknowledged all sources used in this assignment and have referenced according to the Harvard referencing system. I have read and understood the Plagiarism and Collusion section provided with the assignment brief and understood the consequences of plagiarising.

Signature: __________________________________                                   Date:  ___/___/___

Unit 2 Finance Hospitality IndustryAssignment Resubmission Policy

  • A Resubmission is any work handed in for final assessment a second time.
  • The Final Deadline is the date on which the whole assignment must be completed and submitted.
  • Work submitted                                                       To be Resubmitted 
  1. Missed Final Deadline End of next semester
  2. Missed formative assessment(s) and

Referred after Final Deadline                               End of next semester

  • Referred SMALL after resubmission £25 reassessment fee
  • Referred LARGE after resubmission Repeat semester and attend classes
  • Completed, assessed units (Pass, Merit) from your first Semester may be reworked and submitted  for a higher grade once only  on payment of a reassessment fee of £25.
  • Programme                       :    BTEC Higher National Diploma (HND) in Business
  • Unit Title and Number       :    Finance in the Hospitality Industry (Unit 2)
  • QCF Level:                             4
  • Unit Code                               R/601/1789
  • Credit value:                           15 credits
  • Module Tutor:                         Yannick Fansi/ Desh Raj Sharma
  • Email                                       y.fansi@mrcollege.ac.uk /d.sharma@mrcollege.ac.uk
  • Date Set:                                18/01/2018
  • Distribution Date                                                  : 19th January 2018
  • Formative Assessment Dropbox opens             : 8th January to 15th March 2018
  • Final Submission Date (Full Assignment)          : 26th March 2018
  • Results deadline:                                               : 16th April 2018
  • Referral drop box opens on:                              : 17th April 2018
  • Referral drop box closes on:                              : 30thApril 2018
  • Referral results                                                  : 14th May 2018

“Accounting and finance have a language of their own with a variety of statements and techniques that can mystify non-accounting colleagues”. (Mott, 2012)

This unit covers various aspects of financial and management accounting, essential for learners who would like a career in the field and wish to gain membership of a professional accounting body.

This unit is designed to give learners a broad understanding of the sources and availability of finance for a business organisation. Learners will learn how to evaluate these different sources and compare how they are used. Learners will learn how financial information is recorded and how to use this information to make decisions for example in planning and budgeting. Finally, learners will learn and apply techniques used to evaluate financial performance.

The aim of this assignment is to assess the learner’s knowledge of the all aspects of the unit

Task 1:

  • This consists of 3 parts –
  • Part A covers 1.1, 1.2, 2.1 and 2.2.
  • Part B covers 3.1 and 3.2.
  • Part C covers 3 and 3.4.

Task 2:

This will take the form of an open book exam covering 4.1, 4.2, 5.1, 5.2 and 5.3

Learners are encouraged to be familiar with the assessment criteria and contextualised grade descriptors before completing these tasks.

Task 1. (Written Coursework, Word limit 3,000)

  • 1.1 review sources of funding (8 Sources) available to business and services industries
  • 1.2 evaluate the contribution made by a range of methods of generating income within a given business and services operation
  • 2.1 discuss elements of cost, gross profit percentages and selling prices for products and services
  • 2.2 evaluate methods of controlling stock and cash in a business and services environment
  • 3.1 assess the source and structure of the trial balance
  • 3.2 evaluate business accounts, adjustments and notes
  • 3.3 discuss the process and purpose of budgetary control
  • 3.4 analyse variances from budgeted and actual figures, offering suggestions for appropriate future management action

Part A (1.1, 1.2, 2.1 and 2.2)

Paul runs a small restaurant in Redbridge. He has an outstanding reputation in restauration and has constantly been ranked as one of the best chefs in the country. He wishes to upgrade his equipment and explore other methods of generating income. He is considering the following:

A new energy-efficient integrated oven which costs £12,000 (including integration costs)

After conducting an initial research, Paul determines that the new oven will reduce energy consumption by 30% annually. The new oven will also enable 3 meals to be processed at the time (the older oven could process only 1 meal at the time), thereby increasing staff productivity. The old oven, although in very good condition, will no longer be required in the short-term and could be sold for a residual value of £3,000.

Spare space on the ground floor

There are 2 coffee shops in the vicinity of the restaurant (Starbucks and Caffè Nero) and the area is affluent with busy professionals. Paul has been approached by the management of Costa Coffee with a proposal to rent out the unused space on the ground floor.

Chef 5 Star® recipes book

Paul has extensive experience in creating new recipes. The latest version of Chef 5 Star® has over 20 new dessert recipes that could be monetised by selling them to manufacturers of ice cream for a commission.

You are required to

  • Review of the sources of funding (8 sources) available to Paul (1.1)
  • Evaluate the contribution that the sale of the old oven, the sub-letting of the unused space and the selling of recipes for commission can make on the business’s profitability and cashflow (1.2)
  • After reviewing sources of funding and other methods of generating income, Paul now turns his attention to cost and control procedures, specifically the control of stock and cash.
  • Discuss elements of cost, gross profit percentages and selling prices for products and services offered by a restaurant (2.1)
  • Evaluate methods of controlling stock and cash in the restaurant (2.2)

Part B (3.1 and 3.2) 

Olakunle runs a business that organises children’s after school gym and music sessions in London. He employs a team of instructors and one of her friends has drawn up a draft statement of profit or loss for the business for the year ended 30 June 2019. The trial balance that was use to draft the net statement of profit or loss is given below:kunle’s Budgeted Trial Balance as at 30 June 2019 

££
Draft net profit for the year99,900
Equipment71,000
Motor vehicle18,000
Bank balance5,500
Closing Inventory2,300
Trade payables5,900
Opening capital53,000
Drawings62,000
158,800158,800

Note: Having received the draft statement of profit or loss for the year, Olakunle has been

  • made aware that there are probably accruals and prepayments that need to be adjusted for. He notes the following information:
  • On 4 July 2019, he paid employee wages of £6,000 for June 2019.
  • On 4 July 2019 he paid an insurance premium of £4,500 for the year to 30 June 2017.2020
  • On 5 July 2019, he paid rent for June 2019 amounting to £4,300. 

You are required to

  • Assess the source and structure of the trial balance (3.1)
  • Calculate Olakunle’s revised net profit for the year, taking into account the additional information (3.2)
  • Prepare the statement of financial position for the business as at 30 June 2019 (3.2)

Unit 2 Finance Hospitality Industry

Part C (3.3 and 3.4)

Alina, a cutlery manufacturer, produces steel spoons. The market in which the business operates is highly competitive, as there is a shortage of steel of adequate quality. There is a good availability of labour, but not of those who are experienced in cutlery manufacture. The budgeted and actual figures for the previous period are represented in the tables below:

                                               Budget                  Actual                      Variance

  • Units sold                              100,000                  70,000                       (30,000)
  • Materials                               £15,000                   22,500                       (7,500)
  • Direct labour                         £22,500                   24,375                       (1,875)
  • Material (£)         Labour (£)
  • Price/rate variance                        (4,500)                  3,750
  • Usage/efficiency  variance            (3,000)                 (5,625)
  • Total variance                              (7,500)                 (1,875)

You are required to

Discuss the process and purpose of budgetary control (3.3) and analyse variances from budgeted and actual figures from the table above, offering suggestions for appropriate future management action (3.4)

Task 2. (Open Book Exam)

  • 4.1 calculate and analyse all ratios to offer a consistent interpretation of historical business performance
  • 4.2 recommend appropriate future management strategies for a given business and services operation
  • 5.1 categorise costs as fixed, variable and semi-variable for a given scenario
  • 5.2 calculate contribution per product/customer and explain the cost/profit/volume relationship for a given scenario
  • 5.3 justify short-term management decisions based on profit/loss potentials and risk (break-even) calculations for a given business and services operation
  • The Open Book Exam will be held on a date advised by your tutor. You will be allowed to bring any materials you wish on the exam day.
  • No Electronic Devices!

Specification of Assessment 

 ess report style which should include table of contents, reference list (Harvard Referencing), foot or end notes and appendices if any

  • Include the reference codeormation is in the footer on every page:
  •  Your name
  •  The production date of your submission
  • The code number of your assignment brief
  • The page number
  • Spell-check the document and make sure there are no grammatical errors.
  • Complete all the tasks.
  • Produce clear specific reasoning and arguments in support of your answers.
  • Submit your course work in a single word processed document for tasks 1, 3 and 5. This word limit is only for guidelines, and is not applied to grading.
  • You must include a Reference List at the end to show where your information was sourced.
  • Your sources must be identified using the Harvard referencing system. The words used in your Reference List will not be included in your word count. 

Achievement of a pass grade

A pass grade is achieved by meeting all the requirements defined in the assessment criteria for each individual unit.

Achievement of a merit or distinction grade

All the assessment criteria and merit grade descriptors need to be completed within a unit to achieve a merit grade.

All the assessment criteria, merit and distinction grade descriptors must be completed within a unit to achieve a distinction grade. 

GRADING DETAILS
Grade DescriptorsIndicative CharacteristicsContextualised Grade Guidance
MERIT
M1 

Identify and

apply strategies

to find appropriate

solutions.

  • effective judgements have been  made
  • complex problems with more than one variable have been explored
  • an effective approach to study and research has been applied
Use of appropriate formula and provide illustration of the approach used to find solution to problems
M2 

Select / design and

apply appropriate

methods/techniques

 

  • relevant theories and techniques have been applied
  • a range of methods and techniques have been applied
  • a range of sources of information has been used
  • the selection of methods and techniques/sources has been justified
  • the design of methods/ techniques has been justified
  • complex information/data has been synthesised and processed
  • appropriate learning methods/techniques have been applied
Learners need to demonstrate that they have use a range of sources of information throughout the completion of their assignment. This will be evidenced by the appropriate use of the Harvard referencing system in-text and the reference list
M3 

Present and

communicate

appropriate findings.

 

  • the appropriate structure and approach has been used
  • coherent, logical development of principles/concepts for the intended audience
  • a range of methods of presentation have been used and technical language has been accurately used
  • communication has taken place in familiar and unfamiliar contexts
  • The communication is appropriate for familiar and unfamiliar audiences and appropriate media have been used.
The structure of the overall assignment should be appropriate with the required text font and size, clear paragraphs. Answer should be presented in appropriate format as stipulated in questions.

 

DISTINCTION
D1 

Use critical

reflection to

evaluate own

work and justify

valid

conclusions

  • conclusions have been arrived at through synthesis of ideas and have been justified
  • the validity of results has been evaluated using defined criteria
  • self-criticism of approach has taken place
  • realistic improvements have been proposed against defined characteristics for success
Conclusions have been arrived at through synthesis of ideas and have been justified
D2 

Take

Responsibility

for managing

and organising

activities

  • autonomy/independence has been demonstrated
  • substantial activities, projects or investigations have been planned, managed and organised
  • activities have been managed
  • the unforeseen has been accommodated
  • the importance of interdependence has been recognised and achieved
Autonomy/ independence has been demonstrated throughout the assessment. Assignment deadlines have been met (All ACs)
D3

Demonstrate

convergent /

lateral / creative

thinking

  • ideas have been generated and decisions taken
  • self-evaluation has taken place
  • convergent and lateral thinking have been applied
  • problems have been solved
  • innovation and creative thought have been applied
  • receptiveness to new ideas is evident
  • effective thinking has taken place in unfamiliar contexts
Results/ recommendations following the application of model, are valid and are supported with current industry practice examples and/ or own work experience

 

‘Plagiarism occurs when a student misrepresents, as his/her own work, the work, written or otherwise, of any other person (including another student) or of any institution. Examples of forms of plagiarism include[1]:Any act of plagiarism and collusion will be seriously dealt with according to the regulations. In this context the definition and scope of plagiarism are presented below:

  • the verbatim (word for word) copying of another’s work without appropriate and correctly presented acknowledgement;
  • the close paraphrasing of another’s work by simply changing a few words or altering the order of presentation, without appropriate and correctly presented acknowledgement;
  • unacknowledged quotation of phrases from another’s work;
  • The deliberate and detailed presentation of another’s concept as one’s own.’

All types of work submitted by students are covered by this definition, including, written work, diagrams, designs, engineering drawings and pictures.

‘Collusion occurs when, unless with official approval (e.g. in the case of group projects), two or more students consciously collaborate in the preparation and production of work which is ultimately submitted by each in an identical, or substantially similar, form and/or is represented by each to be the product of his or her individual efforts. Collusion also occurs where there is unauthorised co-operation between a student and another person in the preparation and production of work which is presented as the student’s own (’Carroll, J and Appleton, J.( 2001) Plagiarism – A Good Practice Guide.  Oxford Brookes University/JISC, Oxford).

All work for assessment must be submitted with a Turnitin Report on plagiarism.  The Maximum Turnitin score admissible is 15% (after deduction of 1% & 2% records). Assignments with more than this adjusted 15% score will be automatically referred for reworking and resubmission.

If an extension is necessary for a valid reason, requests can me made using a course work extension request form available from the college. Please note that the lecturers do not have the authority to extend the coursework deadlines and therefore do not ask them to award a coursework extension.

The completed form must be accompanied by evidence such as a medical certificate in the event of you being sick.

Textbooks 

Dyson J R. (2010) Accounting for Non-Accounting Students (Financial Times/Prentice Hall, 2010) ISBN-13: 978-0273722977 

Further Reading 

  • Wood, F. And Sangster, A. (2011). Business Accounting 1. 12th edition. Harlow: Pearson Education Ltd
  • Drury, C. (2012). Cost and Management Accounting: An Introduction. 8th edition. London: Thomson Learning ISBN-13: 978-1408048566 
  • Programme:                 BTEC Higher National Diploma in Hospitality Management
  • Unit Title and Number:        Finance in the Hospitality Industry (Unit 2)
  • Module Tutor:                      Yannick Fansi/ Desh Sharma
  • Learner’s Name :                   __________________________________Learner ID:___________________
  • Class Group: __________________________________
  • Overall Assessment Decision: REFER/PASS/MERIT/DISTINCTION
Assessment CriteriaMetEvidence 

Feedback

1.1review sources of funding available to business and

services industries

1.2evaluate the contribution made by a range of methods

of generating income within a given business and services operation

2.1discuss elements of cost, gross profit percentages and

selling prices for products and services

2.2evaluate methods of controlling stock and cash in a business and services environment
3.1assess the source and structure of the trial balance
3.2evaluate business accounts, adjustments and notes
3.3discuss the process and purpose of budgetary control
3.4analyse variances from budgeted and actual figures,

offering suggestions for appropriate future management action

4.1calculate and analyse all ratios to offer a consistent

interpretation of historical business performance

4.2recommend appropriate future management strategies for a given business and services operation
5.1categorise costs as fixed, variable and semi-variable for a given scenario
5.2calculate contribution per product/customer and explain the cost/profit/ volume relationship for a given scenario
5.3justify short-term management decisions based on profit/loss potentials and risk (break-even) calculations for a given business and services operation

Merit Descriptors
Assessment Criteria for Merit.

The learner demonstrates that:

Met Y/NPage No.Assessor Comments
M1 Identify and apply strategies to find appropriate solutions.·         effective judgements have been  made

·         complex problems with more than one variable have been explored

·         an effective approach to study and research has   been applied

 

M2 Select/design and apply appropriate methods/techniques

·         relevant theories and techniques have been applied

·         a range of methods and techniques have been applied

·         a range of sources of information has been used

·         the selection of methods and techniques/sources has been justified

·         the design of methods/techniques has been justified

·         complex information/data has been synthesised and processed

·         appropriate learning methods/techniques have been applied

M3 Present and communicate appropriate findings·         the appropriate structure and approach has been used

·         coherent, logical development of principles/concepts for the intended audience

·         a range of methods of presentation have been used and technical language has been accurately used

·         communication has taken place in familiar and unfamiliar contexts

·         The communication is appropriate for familiar and unfamiliar audiences and appropriate media have been used.

Distinction Descriptors Assessment Criteria for Distinction.

The learner demonstrates that:

Met Y/NPage No.Assessor Comments
 

D1 Use critical reflection to evaluate own work and justify valid conclusions

·         conclusions have been arrived at through synthesis of ideas and have been justified

·         the validity of results has been evaluated using defined criteria

·         self-criticism of approach has taken place

·         realistic improvements have been proposed against defined characteristics for success

 

D2 Take responsibility for managing and organising activities

·         autonomy/independence has been demonstrated

·         substantial activities, projects or investigations have been planned, managed and organised

·         activities have been managed

·         the unforeseen has been accommodated

·         the importance of interdependence has been recognised and achieved

 

D3  Demonstrate convergent / lateral / creative thinking

·         ideas have been generated and decisions taken

·         self-evaluation has taken place

·         convergent and lateral thinking have been applied

·         problems have been solved

·         innovation and creative thought have been applied

·         receptiveness to new ideas is evident

·         effective thinking has taken place in unfamiliar contexts

Assessor’s General Comments:

Resubmission Status:     unnecessary      SMALL                 LARGE

Please resubmit Sections indicated above to meet Assessment Criteria below:

Print Name: Yannick Fansi/ Desh Sharma

Maddox Smith

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