ABSTRACT
Information is very important for the management process and accounting is one of the main information systems that can be found in an organization. The fundamental need of financial accounting is to bring to a minimum any possible conflicts between principals and agents by measuring and monitoring the agent’s performance and reporting the results to the interested users on an annual or more frequent basis. The basic accounting principles form the foundation of the understanding of accounting methods. The International Financial Reporting Standards are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. Hotels and motels make up the majority of establishments in the hospitality industry and are generally classified as offering either fullservice or limited service. The lodging industry is moving towards more limited-service properties mostly in suburban, residential, or commercial neighbourhoods, often establishing hotels near popular restaurants.
