Management accounting system Essay Example | Topics and Well Written Essays - 750 words

Management accounting system - Essay Example A cost management system for Skytop would provide information to make life easier for all involved.Cost accounting system will assign costs (costing) to specific products (meals, room per night, gaming machine round, etc.) and services (cleaning, room service, meal preparation, etc.) and other cost objects as identified by management. This in-turn will satisfy the financial reporting requirements then management decision-making essentials. For example the General Manager gets to know the actual cost of a room to make the pricing decision; the HR Manager is informed of the actual cost of each staff (salary, benefits, etc.) for HR related decisions; the Marketing Manager would be able to find out actual profit (revenue from the campaign minus the actual cost of the campaign) generated by a specific marketing campaign; the respected owners will be informed of the actual cost of keeping a hotel and would be able to make related decisions. Operational control system on the other hand will provide accurate and timely feedback concerning performance; the activities that should be performed and evaluation of those activities (controlling). Furthermore it concentrates on finding scope for improvement and aids in the planning process. In other words helps planning realistic budgets (uses information from cost accounting system as well) and accordingly enables performance control. For instant all managers will be able to compare budgeted costs to actual costs, understand the difference and thereby use the information to find means of improvement e.g. cost cutting, hire new staff, changing the menu policy, etc. The owners too can conduct performance evaluations of the management, measure actual return on investment and assess hotel’s growth in financial and non-financial terms. b) Type of information required For efficient function of the system the management will be required to gather variety of information both fina ncial and non-financial. The sources of this information could be from both internal (within the company) and external sources (external environment for comparison purposes). The internal information from within the company which are financial such as cash flows, labor charges, material costs etc Also non-financial information such as time records (labor hours, meal preparation time), stock levels, quality measures, customer feedback ratings, etc. The external information from the environment would typically include global competition, growth of the hotel industry, advances in information technology, advances in the food preparation, customer orientations, new product development, total quality management, time as a competitive element, and efficiency. Depending on the budgetary control system and the reporting system that is used these information would be required regularly on daily, weekly, monthly and even yearly basis. c) Key cost drivers A cost driver is an activity or factor that originates costs. Activity based costing which is considered to be the most realistic and accurate method of costing requires identification of cost drivers. Thus, ‘Number of rooms’ night’ and ‘number of stays’ is two of the key cost drivers that are widely used in the hotel industry (Pavlatos & Paggios,

LEGAL ASPECTS OF INTL BUSINESS Essay Example | Topics and Well Written Essays - 500 words - 2

LEGAL ASPECTS OF INTL BUSINESS - Essay Example American may use all forms of treats against Russia including economic sanctions, but will never go to war with Russia. This article addresses issues that relate to international relations, business, and law, as most consequences of Russia actions in Ukraine will be felt outside Ukraine. The outside effect will be felt in international business, political stability, and law. Business and other economic activities in both countries have been affected especially the Crimea region where Russian troops have seized the Airport and borders (Peck 1). The sovereignty of Ukraine has also been interfered with since international laws, which recognizes the sovereignty of a country have been violated by Russia invasion. Among the issues raised in this article are reasons why America may never manage to go to war with Russia over Ukraine. I believe that these reasons would make sense to anyone reading this article due to the facts supporting. The Russian army is powerful and alongside the power of the army, they are a nuclear superpower. Russia has the advantage of being close to Ukraine than US making it easier for them to send troop. The US is tired after a long period of war and does not have adequate army to send to Russia. The American people are also tired of war and most of their allies tired as well and are not ready for war. However, it is not in order for countries to think war always whenever conflict arises between them. Russia has over 4500 active nuclear warheads that could devastate the US totally and the world at large (Peck 1). Their military is well equipped with weapons that would make America not good enough. Compared to Taliban and Iraqis, the Russian army is not lightly armed as them. Russia can easily send its troops to Ukraine, which is close unlike US. With nearly 13 years of involving itself in war, America has used most of its resources and need a