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Essay / Research Paper Abstract
This 5 page paper examines this type of accounting, particularly as it respects Asia. Problems with the underuse of standard accounting practice for hotels is an issue addressed. Bibliography lists 6 sources.
Page Count:
5 pages (~225 words per page)
File: RT13_SA447USH.rtf
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Unformatted sample text from the term paper:
International Association of Hospitality Accountants (IAHA)--an organization currently called Hospitality Financial and Technology Professionals (HFTP)-- was what set the standard ("Uniform System," 2004). The protocol was then called the
Uniform System of Accounts for the Lodging Industry (2004). The first edition of this was published as early as 1926 and this obviously existed well before the advent of computers
(2004). The benefits of using such a system is that it creates standards and account classifications so that individuals will be guided in the preparation of financial statements as well
as its presentation (2004). The result is the standardization that is suggested by the Uniform System of Accounts and is something that allows both internal and external users the ability
to compare financial positions as well as operational performance in respect to a particular property within the industry (2004). Even for new properties, the system acts as a "turnkey
accounting system" and is something that may be quickly adapted to the requirements of business (2004). It is also prudent to use such a statement because it makes personnel
transition much easier (2004). It further allows novices to be able to enter into accounting practices, even if they only have some proficiency in accounting in another arena. The
lodging industry has had increased competitive pressure so it is important that a hotels financial representative understand how other hotels are implementing accounting principles (Damitio & Schmidgall, 1998).
Through doing this, a hotel is able to ensure that it does not take an expense item in a way that is more than is typical of the industry
(1998). The Uniform System of Accounts for the Lodging Industry is something that should be used to make sure that consistency in accounting is practiced among hotels (1998).
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