ACCOUNTING IN THE HOSPITALITY INDUSTRY (A CASE STUDY OF SAVANNAH SUITE LIMITED, ABUJA)

CHAPTER ONE

INTRODUCTION OF THE STUDY

Many people think of accounting as a highly technical field, which can be understood only by professional accountants. Actually, nearly every pone practices accounting in one form or another on an almost daily basis. In Quote, American Accounting Association (1999: p5) Define Accounting is the art of system of measuring the results of business activities, communicating and interpreting financial activities. Whether one is preparing a household budget, balancing one’s check book, preparing one’s income tax return or running general motors one is working with accounting concepts and accounting information. Another definition by Vickery, B.G. (1973: P15) principle s and practice of Book-keeping and Accounts. Accounting has often been called the language of business, as well as a language of communication in an organization, it is logical that a language should change to meet to changing needs of society. In accounting, the changes and improvements are continually being made. We live in an era of accountability. Although accounting has made it’s most dramatic progress in the field of business, the accounting function is vital to every unit of out society. An individual must account for his or her income, and must file income tax returns. Often an individual must supply personal accounting information in order to buy a car or home. To qualify for a college scholarship, to secure a credit card, o to obtain a bank loan