Discuss THREE (3) accounting concepts to ensure the hotel’s financial statements are informative and reliable.
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.
Trial Balance helps in the preparation of the financial statements. Prepare a Trial Balance as of 31 December 2021 for Great Stay Lodging.
Prepaid expenses 2,730
Hotel equipment 65,500
Furniture and fittings 40,600
Motor vehicles 39,500
Wages and salaries 24,630
Stock as of 1/1/2021 27,450
Bank overdraft 4,640
A loan from William Ltd of 25,000
General expense 1,920
Carriage inwards 2,940
Discount allowed 1,110
Discount received 1,090
Accrued expenses 540
Based on the transactions recorded in the Trial balance, provide THREE (3) examples of how the hotel records its transactions using the accounting information system.
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