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?

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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

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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,

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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?

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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.

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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 ($2 each)
TOTAL
10 400
41 600
83 200
228 800
364 000
44 928
7 072
– –
104 000
208 000
364 000
66 560
128 960
208 000
403 520
46 800
9318
15 600
19 802
104 000
208 000
403 520
JanuaryFebruaryMarch
Sale of Goods & Services$ 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

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