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    BIZ201 Accounting for Decision Making

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    a)Explain and evaluate the role and importance of financial information in business decision making b)Apply relevant accounting concepts to simple business scenarios c)Apply basic costing and budgeting techniques to business decision making d)Apply capital budgeting techniques to capital investment scenarios...

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    Sales and Marketing Department

    Task 1    

    According to the requirement of the task, Crystal Hotels is taking into account setting up of a gym for this purpose they need to either buy the gym equipments or hire them as per the need. A comparative analysis of the alternatives that are accessible to the management is to be coordinated in order to find out the best suitable alternative from the point of view of the cost which the management needs to spend. Buy OptionHere the option of buying the gym equipment needs to be accepted by the management. The option of buying the gym equipment shows that this cost is higher than the rental option of the same. The management needs to pay money for the servicing of these equipments till their lifespan ends. As per the table, the residual value of the gym equipments has been calculated to be $ 46,624.The advantages of buying option are as follows:1. The management does not need to bear rental charges if they buy the required gym equipments.2. The management would be having complete control over the assets and it would allow them to use the equipments accordingly.    The disadvantages are as follows:1. The overall expenses of the business are going to get extended in comparison to the option of renting the gym equipments.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

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