Financial accounting may seem difficult but with these notes, you will have a better understanding. This document goes over what accounting is, the rules of accounting, and the different types of accounts. You will also learn a whole new set of terms that will surely help you in your own class.
Information and measurement system that identifies, records, and communicates relevant,
reliable, and comparable information about business activities in economic terms
Generally Accepted Accounting Principles (GAAP)
Refer to a common set of accounting principles, standards, and procedures issued by the
Financial Accounting Standard Board (FASB)
1. Business entity principle
Hospitality business and the owner are two separate “entities”
What does the business attempt to do
What does the owner attempt to do
Types of hospitality organizations
Sole proprietorship
● Hospitality business is owned by one person
● Unlimited liability (assume all risk)
Partnership
● Hospitality business is owned by two or more people (referred to as partners)
Corporation
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