Managing Business In The Face Of Technological Advancement

Objectives to cover:

1. An introduction to the financial transactions of your hospitality business by identifying the types of source documents and the recording processes you follow.
2. Investigate (look into systematically) the principles of managing and monitoring the financial performance of your business.
3. Explain the principles of the double-entry bookkeeping system of debits and credits, using standard data from your operations.
4. Produce and analyse a trial balance using sample data of sales and purchase transactions, stating the steps used and the purpose of the Trial Balance
5. Using the sample data of sales and purchase transactions in a trial balance, analyse  the errors in the trial balance and their rectifications
6. Analyse types of cost and how they can be managed to influence the financial performance of your business and show how profit margins can be calculated using an example of your choice