Reference no: EM132600117
PROJECT-1
Task 1
1) How might reviewing previous financial data assist in budget preparation?
2) Should you involve others in the process of preparing budgets? Who and why?
3) List four examples of the type of information you should share with managers and supervisors to ensure they are clear about their responsibilities, reporting requirements and financial delegations.
PROJECT-2
4) Ultimately, what impact does GST have on a business's profitability and cash flow? Explain yourAnswer.
PROJECT-3
Task 1
1) List four internal factors you must consider when estimating next year's occupancy rate.
a) Identifying the factors that affect hotel occupancy rates.
b) Analysing the factors that affect hotel occupancy rates.
c) Classifying the affecting factors according to their importance.
d) Providing recommendations to assist employees in determining factors that affect the occupancy rates and suggesting some solutions.
2) List four external factors you must consider when estimating next year's occupancy rate.
Task 2
2) What specific information should you seek about your competitors prior to making any decisions?
3) What recommendations would you make to increase projected profit? Briefly list the benefits andchallenges of your recommendation.
4) While showing your new budget to the business manager, you both realise that preparing an annual budget is inadequate for managerial planning and control purposes. The budget cycle should be adjustedto show quarterly and in some cases monthly progress against the budget.Why do you think this change is necessary?
Task 3
‘I rocked up late to your reception desk - tired and worn out from a long drive with three cranky kids in thecar! Your receptionist offered me a $50 discount if I paid cash. Well of course I couldn't pass up such agood opportunity, so I paid my $50.But the next day when I checked out and asked for a receipt, she refused. I'm not impressed! That's noway to run a business!'
1) How would you respond?
- I would apologize to the customer and give him the receipt that he requires for the payment. And also I would make the receptionist apologize to and I might fire her.
2) List six steps you could take to minimise the risk of misappropriation of funds in your workplace.
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