Accounting

Accounting

Introduction

This paper intends to critically analyse the understanding of the legal and general background to restaurant accounting and how hospitality organisations demonstrate accountability. The main focus of this paper is to make a comparison between general accounting and hospitality industry organisation accounting. This paper shall provide deep insight regarding the accounting method of restaurants.

Accounting is the process of interpreting, recording, classifying, and summarizing measure in monetary terms regarding the economic activity that happens in an organization. The fundamental purpose of accounting is to provide information about an economic entity. This entity may be a company, a military unit, a hospital, a school, a farm, etc. It is the science dedicated to the collection, representation and measurement of accounting events. The role of accounting is to develop and communicate that information in a way that is helpful in planning and controlling the activities of the entity.

Discussion

It must be noted here that catering services are one of the types of business activities related to the needs of people in the food and leisure activities. Therefore, organizations and individual entrepreneurs engaged in such activities cannot do without proper accounting and tax accounting.

Unfortunately, the currently existing regulations and guidance documents covering the activities in the field of catering, outdated and in need of significant improvements to the new business environment and significant changes in the accounting and tax laws.

Objectives and Basic Accounting Organization in Restaurants

For proper governance in restaurant business it is necessary to have complete, accurate, objective, timely and sufficiently detailed economic information. This is achieved by running a business accounts. Depending on the nature of the data, methods for their preparation and methods of economic accounting group is divided into three categories: operational, statistical and accounting.

Records management is organized at the scene of business operations (branch office). Relevant information can be directly transferred during the business transaction on the phone and in oral form, the display without documenting. These data are used for everyday, the current administration and management of the company (the implementation of contracts, receipt and shipment of goods, sale).

Various methods are used for statistical information on the structure of fixed assets, revenue and number of employees and other information for analysis and forecasting. Statistics uses a selective method of observing and recording, using the results of the operational and accounting.

In contrast to the operational and statistical accounting is a solid, continuous, cohesive reflection of business ...