Hotel Accounting

Introduction3

Executive Summary3

Methodology4

Main Body4

Recommendations and Conclusions6

Bibliography7

Introduction

Jegels (2006) stated that occupation-based structure of authority is known as a Profession and it is considered as a duty or responsibility to oversee particular domains in a society. Past studies have mentioned that that a profession is an occupation that is entirely based on technical and implicit knowledge. In olden days, professions were used to be organized in the form of institutions a response to the economic and social changes that are related to the increasing importance of commerce, migration of population, and increasing role of the state in societal affairs. This is the reason that profession is considered as groups which strives to operate and control exclusivity by implementing strict requirements of entry in the profession that includes training, education and experience. Civilized commerce and trade has been a major characteristic of Indian society for the past many years mainly because of strategic position, large population, and huge natural resources. It is not unexpected that there is a traditional book keeping forms that are employed in different sectors of the country including Hotel Industry. It has been described by a number of scholars that definition and explanation of accounting is more advanced in India as compared to other countries (Joshi 2013). Therefore, the purpose of this report is to analyze and overview of the accounting profession in India particular the accounting methods used in the hotel industry.

Executive Summary

Accounting profession has been helping management of organizations to improve their effectiveness in business operations. The hotel industry of India has been implementing accounting methods so that they are able to recognize their financial issues. Balance sheets, cash flow statements, profit and loss account and notes to accounts are the most common methods of accounting used by Indian hotels. The leading governing body for accounting in India is ICAI and all the accounting professionals are associated with this body. The taxes levied by the Indian government on hotel industry are too high therefore; these taxes should be reduced in order to make the hotel industry grow.

Methodology

The research method is a way to which problem of the research can be solved in a systematic manner and it can be comprehended as a way to which research is performed in a systematic manner. A number of problems along with their logic are studied while understanding research method and this is the reason that it has become ...