- Understand the concepts of accounting and accounting standards.
- Prepare basic accounting statements for various types of organizations.
- Demonstrate the uses of critical accounting systems and the recording of accounting events.
- Evaluate the apply basic accounting methods, accounting conventions, and concepts.
You had been hired as the accountant of an established hotel, Diamond Palace. The owner, Mr. Richard Madden, has directed you to conduct a training workshop for your staff to provide the employees with the knowledge and skills relating to the financial accounting key concepts and functions. Before the training workshop, your task is to prepare and submit a report to Mr. Madden.
- Discuss THREE (3) accounting concepts to ensure the hotel’s financial statements are informative and reliable.
- From an accounting perspective, briefly assess the accounting system’s use and how the hotel usually records its transactions?
- The accounting conventions are procedures and principles that are not legally binding but are generally accepted by accounting bodies.
Evaluate any THREE (3) accounting conventions to the accounting department that will standardize the financial reporting process.