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ACCOUNTING PROCEDURE IN HOTELS (A
Case Study Of Zodiac Hotels Limited Enugu)
Table Of
Contents
Title Page
Approval
Acknowledgement
Dedicated
Table Of
Contents
Proposal
Chapter One
1.0
Introduction
1.1
Statement Of The Problem
1.2 Purpose
Of The Study
1.3
Significance Of The Study
1.4 Scope
And Limitation
1.5 Research
Question
1.6
Definition Of Term
Chapter Two
2.0
Literature Review
2.1 The
Accounting Concepts
2.1.1
Business Entity Concepts
2.1.2 The
Money Measurement Concept
2.1.3 Dual
Aspect Concept
2.1.4 The
Going Concern Concept
2.1.5
Historical Cost Concept
2.1.6 The
Realization Concept
2.1.7 The
Accrual Concept
2.1.8 The
Matching Concept
2.2
Accounting Conventions
2.2.1
Prudence/Conservatism Convention
2.2.2
Consisting Convention
2.2.3
Materiality Convention
2.3
Organization Of Accounts
2.4
Accounting Practice/Procedure
2.4.1
Preamble
2.4.2 Cash
Management
2.4.3 Cash
Receipts And Payment
2.4.4
Purchase Of Goods And Services
2.4.5 Store
Keeping And Stock Control
2.4.6 Sales
Income
2.4.7
Preparation And Payment Of Salaries And Wages
2.4.8
Financial Reports And Statements
2.5 Chart Of
Accounts
2.5.1
Journals Books
2.5.2 The
General Ledger
Chapter
Three
3.0 Research
Methodology
3.1
Population And Sample Size
3.2 Source
Of Data
3.3 Nature
Of Data Analysis
Chapter Four
4.0 Data
Presentation And Analysis
4.1 Preamble
4.2
Hypothesis Testing
Chapter Five
5.0 Summary
Of Findings
5.1
Recommendations
5.2
Conclusion
Appendix I
Appendix Ii
Bibliography
CHAPTER ONE
1.0
INTROCUTION
The practice
of accounting came into existence many years ago though, there was no
acceptable definite record as to when accounting developed. It should be noted
that with the advent of colonial rule in Africa, the European system of
accounting was introduced in most of the African countries such as Nigeria.
Then, different kinds of people were employed to take care of farms and
properties of the Whitman and after that, they have to account for their
success so far to their masters because there is a saying that “for every
responsibility, there is a saying that “for every responsible, there is always
an accountability”.
So if the
origin of accounting system is to be trace, if should start from the time
people started giving accounts they used in those days cannot be or is not the
same as the method we use in this our modern days but can be seen as a base for
the modern days account system.
Many
definitions have been put forward by various authors of the subject and all
seems to have the same meaning. One of such definitions is that by the American
Accounting Association which defined Accounting as “a process of identifying,
measuring and communicating economic information to permit informed judgements
and decisions by the users of such.
However, the
definition could be extended by seeing accounting as “the art of recording,
classifying and summarizing, analysing, interpreting and reporting on the
financial transactions and position of an organization to interested persons”.
From the definition, it can be observed that all accounting activities involve
the use of documentation.
Companies,
organizations, institutions and other establishments require the services of
accounting information to understand what is going on n the numerous branches,
to educate the effectiveness of companies policies on operation and impact of
government’s fiscal and monetary instruments.
Accounting
information also helps potential investors to put their investments into
optimal uses by providing adequate feasibility reports to guide would be
investors.
Now, let us
look at the need for accounting information in an organization like Hotels, you
will find out that it helps in revealing the amount of profit or loss made and
it also deterines the true financial position of the hotel.
Accounting
information also helps in dealing on the type of labour to be acquired and the
amount to be paid to labourers as their salaries and wages. It also helps in
providing a guide to future policy. This then leads to the necessity for
accounting as underlined by the existence of an accounting department in any
organization.
1.1
STATEMENT OF THE PROBLEM
Major
problem
This
research study entitled “Accounting procedures in Hotels will try to look into
the nature, process, system by which various hotels in Enugu state operate will
use of accounting systems and techniques taking a case study of ZODIAC HOTELS
LIMITED ENUG.
Sub problem
As we all
know that accounting is a living, practical course, there is need to know the
present practices of the profession in such areas, among other as.
1. Working
capital management
2.
Preparation and payment of salaries and wages
3. Books of
accounts
4. Sales
income
5. Financial
report and statements
6. Assets
1.2 PURPOSE
OF THE STUDY
I have
particularly involved myself in the operation of a hotel. Sit is known that the
researcher’s particular interest in hotel administration can not be over
emphasized.
The purpose
or objective of this of this research work is as follows.
i. To
examine the forms they (Zodiac Hotels Limit Enugu) take in presenting their
transactions with other parties.
ii. To
determine the accounting system by which the hotel operates in terms of the
“accounting concepts and conventions.
1.3
SIGNIFICANCE OF THE STUDY
I promised
that at the completion of this projects, it will helps others who have not been
opportuned which the hotels use.
For the
future researchers, the work will be useful and helpful to them because they
can make reference to it as they carry out their own work. It is worthy of note
that presently; the researchers work load is lessened because of the guidelines
on this topic that was made available for him.
1.4 SCOPE
AND LIMITATION OF THE STUDY
Due to time
constraint and finance, the researcher has decided to confine himself to the
accounting procedures in zodiac Hotels limited, Enugu. If not because of the
above reasons, I wailed have liked to make comparison of many hotels.
1.5 RESEARCH
QUESTIONS
Ho: The
accounting procedure in most hotels is inadequate
HA: The
accounting procedure in most hotels is adequate
Ho: The
accounting procedure used by Hotels does not affect the financial statement of
the hotels
HA: The
accounting procedure used by hotels affects the financial statement of the
hotels.
1.6 DEFINITION
OF TERMS
Accounting
The art of
recording, classifying and summarizing in a significant manner and in terms of
money, transactions and events which are in part at least, of a financial
character, and interpreting the results there to
Liability
Debt which
is owned by a company for goods and services supplied to her which are not
liquidated at the time of preparing the balance sheet.
Asset
Anything
which is acquired by a business entity either for a long-term use within the
company for the generation of income or for short term/run used for the purpose
of conversion into cash within a year.
Profit
The excess
of the selling price over all cost and expenses incurred in marketing the sale
Financial
statement
A summary of
figure, facts showing the financial condition of a business.
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