HOTEL MANAGEMENT AURANGABAD PREPARED BY HEMANT GOKHALE BA(Hons)in Hospitality Management EXECUTIVE CHEF Introduction Food service operation requires many resources and personnel. The food service industry is huge‚ employees millions and grosses billions. However no business establishment earns a fortune with out hard work‚ risks and good control systems. The food service industry is a high risk business. It is possible to earn high profits. It is also possible to loose a lot of money. The
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Chapter 4: Costs and Cost Minimization Multiple Choice 1. Suppose you are a star basketball player at a major university in your sophomore year. You are sought after by several NBA teams. Which of the following choices best characterizes your opportunity cost if you choose to drop out of college and enter the NBA? a) The value of your college scholarship that you have given up. b) The skills that two more years of playing at your college would have given you along with their additional value
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following data have been recorded for recently completed Job 501 on its job cost sheet. Direct materials cost was $3‚067. A total of 30 direct labor-hours and 104 machine-hours were worked on the job. The direct labor wage rate is $12 per labor-hour. The company applies manufacturing overhead on the basis of machinehours. The predetermined overhead rate is $11 per machine-hour. The total cost for the job on its job cost sheet would be: A. $4‚571 B. $3‚757 C. $3‚090 D. $3‚427 Applied manufacturing
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Contributed January 30‚ 2002 by Sivanesan Sivakaruniam siva@kepland.com.sg Audit Program: Food & Beverage Cost Control Objective: Prepared By Date To ensure food and beverage cost incurred is reasonable‚ properly supported and accounted for. : _______________________ : _______________________ Audit Steps 1. a • • • • • • • • Purchase Quotation Ensure vendors selected are approved by management. Ensure vendor list is periodically reviewed by management. Ensure purchase request is properly approved
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THE PURPOSE OF FOOD AND BEVERAGE COST CONTROL 1. The principal purpose of food and beverage planning and control systems is • to avoid excessive costs by reducing waste and other forms of loss to a minimum‚ without sacrificing the quality or quantity of the food which goes to the customer. 2. An effective control procedure will serve other purposes as well: • aid in developing popular menus • aid in improving the quality of the product • aid in pricing
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There are specific differences between direct finance and indirect finance. There are six main functions of financial intermediaries and they are: * Size transformation can only be made by financial intermediaries‚ savers/depositors are prepared to lend smaller amounts of money than the amounts required by borrowers. Banks perform the size transformation function exploiting economies of scale associated with the lending/borrowing function. * Maturity transformation which is that savers generally
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strategic responses are potentially available to a firm facing competition from manufacturers enjoying a substantial labor cost advantage? Changing a new cost system‚ focusing on customer needs. What issues are relevant in considering moving a manufacturing plant to a low wage location? Direct labor is an important factor‚ which is more relevant on manufacture of a product.
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1. Indirect labor is a part of: B. Conversion cost. Labor that cannot be physically traced to particular product is treated as indirect labor and as manufacturing overhead. Conversion cost is the sum of direct labor and manufacturing overhead. These costs are incurred to convert materials into the finished product. Indirect labor is treated as part of manufacturing overhead. 2. Prime cost and conversion cost share what common element of total cost? B. Direct labor. Prime cost is the sum of
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CONTROLLING LABOR COST The timekeeping and payroll departments have the responsibility of maintaining labor records. The timekeeping and payroll functions may be established as separate departments or organized as subdivisions of a single department. Increasingly‚ automated timekeeping technology has replaced ‘‘timekeeping’’ as a separate department. For example‚ many companies issue magnetic cards to direct laborers who use them to ‘‘log on’’ and ‘‘log off’’ to specific job assignments. They
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3 Cost-Volume-Profit Analysis Learning Objectives 1. Explain the features of cost-volumeprofit (CVP) analysis 2. Determine the breakeven point and output level needed to achieve a target operating income 3. Understand how income taxes affect CVP analysis 4. Explain how managers use CVP analysis in decision making 5. Explain how sensitivity analysis helps managers cope with uncertainty 6. Use CVP analysis to plan variable and fixed costs 7. Apply CVP analysis to a company producing multiple
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