Reference no: EM133712615

Financial Accounting - Advanced Diploma in Finance and Accounting (Level 5)

Learning Outcome 1: Understand the concepts of accounting and accounting standards

Learning Outcome 2: Prepare basic accounting statements for various types of organisations

Learning Outcome 3: Demonstrate the uses of critical accounting systems and the recording of accounting events

Learning Outcome 4: Evaluate the apply basic accounting methods, accounting conventions and concepts

ASSIGNMENT BRIEF

CASE/ SCENARIO

You had been hired as the accountant of an established hotel, City Suites. The owner, Ms Linda Chua, has directed you to conduct a training workshop for your staff to provide the employees with the knowledge and skills relating to the financial accounting key concepts and functions. Before the training workshop, your task is to prepare and submit a report to Ms Linda Chua that covers the following areas:

The report must be 2000 words in length and follow the guidelines stipulated in the assignment brief. Your report must contain the answers for the following tasks.

TASKS

Question 1. Discuss THREE (3) accounting concepts to ensure the hotel's financial statements are informative and reliable.

Question 2. The 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.

Question 3. Trial Balance helps in the preparation of the financial statements. Prepare a Trial Balance as at 31 December 2021 for Great Stay Lodging.

Question 4. Based on the transactions recorded in the Trial balance (from Question 2), provide THREE (3) examples of how the hotel records its transactions using the accounting information system.