Republic of The Philippines Palawan State University College of Hospitality and Tourism Management

Republic of the Philippines
PALAWAN STATE UNIVERSITY

College of Hospitality and Tourism Management
PROPONENTS:
Cabanillas, Jeric S.
Echague, Galil
Hinolan, Aubrey
Tinawin, James Patrick
Conde, Rafael
Table of Contents
Chapter1: COSTA PALAWAN
RESORT…………………………………...................................................................4
Chapter2: BACKGROUND..........................................................................................5
About Us............................................................................................................5
Location.............................................................................................................5
How to get there................................................................................................5
Accommodation Schedules...............................................................................5
Awards and Recognition...................................................................................6
Department of Tourism.....................................................................................7
Provisional Certificate of Authority to Operate................................................7
Cleaning and Safety Protocols...........................................................................8
Chapter3: PROPERTIES-AMENITIES........................................................................9
Food and Drinks.................................................................................................9
Parking and Transportation................................................................................9
Things To Do.....................................................................................................9
Outdoors............................................................................................................9
Spa.....................................................................................................................10
Guest Service.....................................................................................................10
Facilities and Amenities.....................................................................................10
Language Spoken...............................................................................................10
Pets Restriction..................................................................................................11
Rooms................................................................................................................12
Premier Suite......................................................................................................12
Classic Twin......................................................................................................13
Classic Queen....................................................................................................15
Deluxe Suite.......................................................................................................16
Standard Classic.................................................................................................18
Family Suite.......................................................................................................19
Deluxe Suite (new).............................................................................................21
Premier Suites(new)...........................................................................................23
PoolAccess.........................................................................................................24
Conference and Convention Hall.......................................................................27
Accommodation.................................................................................................27
Exclusive events.................................................................................................27
Marketing and Promotions.................................................................................29
Holiday Promos-Family/Barkada Treats............................................................29
Swim and Dine Packages...................................................................................29
Tour Desk...........................................................................................................31
Underground River Tour....................................................................................31
Palawan Butterfly Ecological Garden and Tribal Village..................................31
Chapter4: ACCREDITATION....................................................................................32
Department of Tourism....................................................................................32
DOT Memorandum Circular 2012-02..........................................................32
The Tourism Act of 2009 R.A 9593.............................................................32
Accreditation Standards................................................................................33
Dimension 1: Arrival/Departure...................................................................33
Dimension 2: Public Areas...........................................................................33
Dimension 3: Bedroom.................................................................................34
Dimension 4: Bathroom...............................................................................36
Dimension 5: Food and Beverage................................................................37
Dimension 6: Amenities and Service...........................................................37
Dimension 7: Business Practices.................................................................38
Review from Agoda.....................................................................................40
Review from TripAdvisor............................................................................41
Chapter5: SOP ACCOUNTING..............................................................................42
Standard Operating Procedure......................................................................42
Reasons for Having SOP’s..........................................................................42
Accounting...................................................................................................42
Organization Chart.......................................................................................44
Concept of Accounting................................................................................47
Accounting Standard....................................................................................48
Function of Accounting Standard................................................................48
Process of setting Accounting Standard.......................................................49
Accounting Practice.....................................................................................49
Understanding Accounting Practices...........................................................50
Five Important Principles of Modern Accounting.......................................51
Function of Accounting...........................................................................................53
Following the Accounting Function in a hotel........................................................55
Conclusions.............................................................................................................55
Roles and Responsibilities.......................................................................................57
Value of Accounting Department............................................................................59
Importance of SOP’s for Accounting & Finance Department………………..…...59
CHAPTER I COSTA PALAWAN RESORT
CHAPTERII
BACKGROUND
Costa Resort Palawan is considered as one of the many minimalist resorts in Palawan
with a modern style, cozy vibes, and nice ambiance. Its operation never ceases for it is open
all-year-round with a number of 112 rather spacious accommodation that would indeed satisfy
the needs of the guests. The resort itself is not exclusive for those who want relaxation for it is
open for all and suits every type of guest there may be a businessman and the like. The luxury
of a resort hotel within the city can be experienced at a budget and within the reach of the
guests since the resort itself was situated within the heart of the city.
LOCATION
Libis rd. Corner Hagedorn rd. Brgy. San Pedro, Puerto Princesa City, Palawan, 5300
MIMAROPA
HOW TO GET THERE
●Private convenient shuttle
●Taxi or Rental car
●Motorcycle or Tricycle
●Multicab
●Walking
CHECK-IN/CHECK-OUT
Check-in from: 02:00PM

Check-out until: 12:00 Midnight
AWARDS AND RECOGNITIONS

DEPARTMENT OF TOURISM(DOT)
PROVISIONAL CERTIFICATE OF AUTHORITY TO OPERATE

CLEANING AND SAFETY PROTOCOL
●Enhanced cleanliness measure
●Social Distancing
●Safety measures
CHAPTER III
PROPERTIES-AMENITIES
Food and Drinks
➔1 Restaurant
➔1 Coffeeshop/café
➔1 Bar
➔Room service available
➔Coffee/tea in common area(s)
Parking and Transportation
➔Free self-parking on site
➔Free round airport shuttle from 5:00AM–10:00PM
➔Airport shuttle at scheduled times, on request
➔Area shuttle (surcharge)
Things To Do
➔Kayaking
➔Bicycling
➔Outdoor Pool
➔Spa Service
➔Swimming
Outdoors
➔BBQ grill(s)
➔Beach front location
➔Garden
➔Picnic area
➔Pool sun lounge
➔Pool umbrellas
➔Terrace
➔Souvenir shop
➔Veranda
Spa
➔Massage–on the beach
➔Massage–Swedish
➔Massage/treatment rooms
Guest Service
➔24-hour front desk
➔Concierge service
➔Daily housekeeping
➔Dry cleaning service
➔Laundry facilities ➔Luggage storage
➔Tour/ticket assistance
Facilities/Amenities
➔Internet Access
➔Elevator
➔24hourssecurity
➔Fire alarm system
➔Designated smoking areas
Languages Spoken
➔English
➔Chinese(Cantonese) ➔Chinese(Mandarin)
➔Filipino
Pets Restrictions
➔i.e. cats and dogs
ROOMS
Premier Suite
●75 square meters
●3 person
●1 king bed
Room Amenities
Accessibility
●Wheelchair is accessible
●Bedroom
●Air Conditioned
●Bedsheets
●Pillows
●Blackout drapes/curtains
●Rollaway/extra beds(surcharge)
Bathroom
●Free toiletries
●Hairdryer (upon request)
●Private bathroom with glass-enclosed shower
●Shower
●Slippers
●Towels
Food and Drinks
●Coffee/tea maker
●Electric kettle
●Free bottled water
●Minibar
●Refrigerator
Internet
●Free Wi-Fi
More
●Daily housekeeping
●Garden view
●Individual decorated
●Individual furnished
●Iron/ironing board (upon request)
●Work desk
●Livingroom
●Safe
●Private balcony
●Private breakfast area
●Couple Spa Jacuzzi

Classic Twin
31 square meters
4 person
1 large twin bed
Room Amenities
Bedroom
●Air Conditioned
●Bedsheets
●Pillows
Bathroom
●Free toiletries
●Shower
●Slippers
●Towels
Entertainment
●32-inch flat-screenTV
●Cable channels and movie available by request
Food and Drinks
●Coffee/tea maker
●Electric kettle
●Minibar
●Refrigerator
●Room service (limited)
Internet
●Free Wi-Fi
More
●Garden view
●Individually decorated
●Individually furnished
●Work desk
●Safe
●Lift/elevator access
●Private veranda
●Spa
●Non-smoking
Classic Queen
31 square meters
4 person
1 Queen Bed
Room Amenities
Bedroom
●Air Conditioned
●Bedsheets
●Pillows
Bathroom
●Free toiletries
●Shower
●Slippers
●Towels
Entertainment
●Cable channels and movies available upon request
Internet
●Free Wi-Fi
More
●Garden view
●Laptop workspace
●Spa
●Lift/elevator access
●In-room safety deposit box
●Private veranda
●Non-smoking room
Deluxe Suite
55 square meters
3 person
1 king size bed
Room Amenities
Bedroom
●Air Conditioned
●Bedsheets
●Pillows
Bathroom
●Free toiletries
●Shower
●Slippers
●Towels
Entertainment
●Cable channels and movies available by request
Food and Drinks
●Coffee/tea maker
●Electric kettle
●Minibar
●Refrigerator
●Room service (limited)
Internet
●Free Wi-Fi
More
●Garden view
●Work desk
●Spa
●A private balcony
●Private lounge area
●Walk-in closet
●Non-smoking room
Standard Classic
35 square meters
4 person
1 queen size bed
Room Amenities
Bedroom
Air Conditioned
●Bedsheets
●Pillows
●Blackout drapes/curtains Bathroom
●Free toiletries
●Shower
●Slippers
●Towels
Entertainment
Food and Drinks
●Minibar
●Minifridge
●Room service(limited)
Internet
●Free Wi-Fi
More
●Garden view
●Non-smoking room
Family Suite
90 square meters
7 person
1 king size and 4 single beds
Room Amenities
Bedroom
●Air Conditioned
●Bedsheets
●Pillows
Bathroom
●Free toiletries
●Shower
●Slippers
●Towels
Entertainment
Food and Drinks
●Kitchen
●Coffee/tea maker
●Electric kettle
●Minibar
●Refrigerator
●Roomservice(limited)
Internet
●FreeWi-Fi
More
●Dailyhousekeeping
●View
●Work Desk
●Spa
●Private Lounge Area
●Closet
●Non-smoking room
DeluxeSuite(new)
42 square meters
3 persons
1 queen size bed
RoomAmenities
Bedroom
●Air Conditioned
●Bedsheets
●Pillows
●Blackout Drapes/curtains
Bathroom
●Free Toiletries
●Hairdryer(onrequest) ●Privatebathroomwithglass-enclosedshower
●Shower
●Slippers
●Towels
Entertainment
●Cable Channels And Movies Available By Request
FoodandDrinks
●Coffee/tea maker
●Electric Kettle
●Free Bottled Water
●Minibar
●Refrigerator
●Roomservice(limited)
Internet
●FreeWi-Fi
More
●View
●Iron/ironing board(onrequest)
●Work Desk
●Balcony
●Spa
●Private Lounge Area
●Walk-in closet
●Aprivateveranda
●Non-smoking room
●Telephone
●Sofabed
PremierSuites(new)
48 square meters
3 person
1 king size bed
RoomAmenities
Bedroom
●Air Conditioned
●Bedsheets
●Pillows
Bathroom
●Free Toiletries
●Hairdryer(onrequest)
●Privatebathroomwithglass-enclosedshower
●Shower
●Slippers
●Towels
Entertainment
● FoodandDrinks
●Coffee/tea maker
●Electric Kettle
●Minibar
●FreeWi-Fi
●View
●Work Desk
●Balcony
●Spa
●Aprivateveranda
●Non-smoking room
Pool Access
35 square meter
4 person
2 double beds
Room Amenities
● Bedroom
●Air Conditioned
●Bedsheets
●Pillows
● Bathroom
●Free Toiletries
●Hairdryer(onrequest)
●Privatebathroomwithglass-enclosedshower
●Shower
●Slippers
●Towels
Entertainment
FoodandDrinks
●Coffee/tea maker
●Electric Kettle
●Minibar
●FreeWi-Fi
●PoolView
●Individualdecorated
●Individualfurnished
●Work Desk
●Aprivateveranda
●Non-smoking room
COSTA CONVENTION HALL
Accommodate
●Wedding
●Birthday
●Debut
●Seminar
●Team Building All Occasions
➔800paxmaximumcapacity
➔ CentralizedAir-conditioning
➔ ParkingSpace
➔ Wi-Fi/Internet Service
➔ Security Guard
➔ Restrooms
➔ Table Chair
Wedding at Costa
Php90.000.00
PackageInclusion
●Basic Reception Setup
●3 layered elegant wedding cake
●1 bottle of wine for bridal toast
●Welcome Signage
●Menu Cards/food labels ●PlacecardsforVIPtable
●Table Number For Guest Tables
●Registration,souvenirs and gifts tables
●Basic Sound System Microphone ●LCDscreen&projector
●Standby Waiters During Function/event
●Complimentaryovernightstayinadeluxesuiteroomw/ breakfastfor2person
●Freeuse Wi-Fi
PROMOTION
SeasonPromo-Family/Barkada Treat
●Php350 Per Pax
●Minimum Of 8 Persons
●BOODLEFIGHTWITHFREEUSEOFSWIMMINGPOOL OPENFROM9AM-
10PM
SwimDineandStay
Php1,999.00GOODFOR2PERSON
DaytimeuseOnly:9:00AM–5:00PM Inclusion:
●(8)Eighthoursstayinclassicroom
●Freeuse Pooland Towels
●Plated Meals For 2 Persons Additional:
●Extraperson:Php600
●Extrakid:Php.300
●Extrahour/s:Php500/hour
BeMyValentinesPromo
Php.999GOODFORTWO(2)
Inclusion:PlatedServing
●2 main course
●1 appetizer
● 1 dessert
●Glass Of Juice/tea
●(romantic setup private veranda)
ChristmasBBQNightPromo
Freeuse Swimming Pool With Acoustibond Php499.00/pax

Inclusion:
●Unli Barbecue (Pork,Chicken,Seafood/Veggies.)
●Unli Rice
●Unli Quarantine Delight Cocktails ForRoomPromo:
●Php3,500/night good for two persons

TOURDESK
UndergroundRiverTour
SitioSabang,Cabayugan,PPC,Palawa
Adult:Php2,250.0per person Kid(3-7yearsold):Php1,650.00perkid
Inclusion:
●Air Conditioned Vantrafer(hotel-site-hotel)
●Service Of Licensed Tour Guide
●BuffetlunchinarestaurantlocatedinSabangbeach
●Entancefee
●Boat Fees
●Permit Fees
●Environmental Fee
Palawan Butterfly Ecological Garden and Tribal Village
Santa Monica,Puerto Princesa City Inclusión:
●Air-conditioned van transfer(hotel-site-hotel)
●Service Of Licensed Tour Guide
●Buffet Lunch
CHAPTER IV
ACCREDITATION
A certificate issued by the Department to a tourism enterprise that officially recognized it
as having complied with the minimum standard for
theoperationoftourismfacilitiesandservices.
DEPARTMENT OF TOURISM
A Power and function Formulate Standards For Tourism
establishmentstoensurethatfacilitiespersonnelinservicesare acceptablelocalandinternational
DOT MEMORANDUM CIRCULAR 2012-02
Point–based rating system based on inventory,availability,
conditionandqualityofaspecificfacilityaswellasitsservice.
SignedMay2,2012bytheTourismSecretaryRamonJimenez
THE TOURISM ACT OF 2009 RA 9593
Section123 Implementing Rulesand Regulations (IRR)–Valueof Accreditation
Only accredited enterprises shall be beneficiaries of promotional,
trainingandotherprogramsoftheDepartmentanditsattached agenciesandcorporations
Accredited Enterprises Shall Give Due preference to other accredited enterprises
obtaining relevant services

COSTA PALAWAN RESORTS ACCREDITATION STANDARD
(COSTA PALAWAN RESORTS 4 STAR)
DIMENSION1
ARRIVAL/DEPARTURE
1.1BUILDINGAPPEARANCE
➢Exterior in a clean fit for purpose condition.
➢Costa Palawan Resort Name Clearly Visible From The Street.
➢The Costa Palawan Resort name is visible at night.
1.4ENTRANCE/EXIT PARKING
➢Driveway is in a sound condition and free from significant potholes with no obvious
obstructions.
➢Driveway Entrance Is Clearly Marked And Is Visible At Night
➢Clearly designated parking area that meets the relevant provisions
oftheNationalBuildingCode.
➢Valet Parking Is Provided
1.5SECURITY
➢Professional security in place 24 hours at main entry points.
➢Property and security service designed ensure guest safety at all times .
➢MonitoringofCCTV24hours.
DIMENSION2 PUBLICAREAS
2.2PUBLICAREAS–DECORATION-CONDITION AND MAINTENANCE ➢No evidence
of wear and tear,inane condition throughout.
2.7PUBLIC AREAS–ROOM CLIMATE

➢All public areas are air-conditioned or have temperature control initiatives and maintain
a temperature between 20-25 degree year round,exception areas where elevation 2000
ft.above sea level.
2.13PUBLIC AREAS-CLEANLINESS
➢Withanew Lookandfeel,verycleanandshiningsurfaces,
excellentattentiontodetail,bathroomsarealways outstanding condition throughout the
day.
DIMENSION 3 BEDROOM
3.1ROOM SIZE
➢Premiere Suite–75 square meters
➢Classic Twin–31 square meters
➢Classic Queen–31 square meters
➢Deluxe Suite–55square meters
➢Standard Classic–35 square meters
➢Family Suite–90 square meters
➢Deluxe Suite(new)–42 square meters
➢Premier Suite(new)-48 square meters
➢PoolAccess–35 square meters
3.2SUITES AVAILABILITY
➢5%of rooms are suites (Costa Palawan Resort are Suitess hall have a king size
bed“Master's Bedroom, kitchen, balcony, private veranda,private bathroom with glass-
enclosed hower, and telephone.

3.3ROOMS FOR PERSONS WITH DISABILITIES (PWD)-AVAILABILITY
➢PremiereSuite(75 square meters)
➢3 person
➢1 king bed
➢Wheelchair Accessible
3.23 BEDROOM–ACCESSORIES AND AMENITIES AVAILABLE
➢Electronic Key Card System
➢Security Devices Such As Peepholes To View Visitors.
➢Coathanger(wooden)
➢Walk-in closet
➢Work Desk
➢In-room safety deposit box
➢Drinking water and one glass per guest
➢Coffee/tea maker
➢Telephone Each Room With Dial Direct Dial
➢32-inch flat-screenTV
➢FreeWi-Fi
➢Iron/ironing board(onrequest)
3.3ROOMS FOR PERSONS WITH DISABILITIES(PWD)-AVAILABILITY
➢PremiereSuite(75 square meters)
➢3 person
➢1 king bed
➢Wheelchair Accessible
3.23BEDROOM–ACCESSORIES AND AMENITIES AVAILABLE
➢Electronic Key Card System
➢Security Devices Such As Peepholes To View Visitors.
➢Coathanger(wooden)
➢Walk-in closet
➢Work Desk
➢In-room safety deposit box
➢Drinkingwaterandoneglassperguest
➢Coffee/tea maker
➢Telephone Each Room With Dial Direct Dial
➢32-inch flat-screenTV
➢FreeWi-Fi
➢Iron/ironing board(onrequest)
DIMENSION4 BATHROOM
4.1BATHROOM–MINIMUM REQUIREMENTS
➢Showerswithfunctioninghotandcoldwater
➢Toilet System Is Working Order
4.2BATHROOM–SHOWER/BATH QUALITY
➢Privatebathroomwithglass-enclosedshower
4.10TOWELS–QUALITY AND CLEANLINESS
➢Highest, plush range of towels in as new condition,100%cotton
4.12BATHROOM–OVERALL CLEANLINESS ➢New Look And Feel,very clean and
shining surface,excellent attention to detail.

DIMENSION5
FOODANDBEVERAGE
5.1FOOD AND BEVERAGE
➢Breakfast Room Available
➢Full Service Restaurant Open 7 Days A Week (including breakfast)
➢Additional Specialty Restaurant/fine dining
5.2FOOD AND BEVERAGE–OPTIONS AVAILABLE
➢The Menu Of Outstanding Variety Of Special Cuisine(fine dining, fresh
juices,extension wine list)
5.4RESTAURANT–DECORATION FURNITURE-QUALITY
➢Excellent Quality,high grade fabrics,coordinated design,linen tablecloths,ergonomic
DIMENSION6 AMENITIES AND

SERVICE
6.1 AMENITIES–GUEST SERVICE
➢Free Wi-Fi/Internet Connection Available In public areas for guests.
➢Daily Housekeeping And 24 Hours Room Service
➢24-hour front desk
➢Tour/ticket assistance
6.2AMENITIES–WELLNESS SERVICE
➢Massage Service
➢Spa With 3 Treatment Options
➢Swimming Pool With Clean And Well Maintained Facilities
➢jacuzzi
6.3AMENITIES–GENERAL SERVICE
➢Souvenir Shop
➢Tourdesk
6.4AMENITIES–CONFERENCE/FUNCTION VENUE
➢Conferencefacilities/function rooms to cater for groups(50—100 people)
➢Conference Equipment;
➢Projector
➢Screen
➢Whiteboard
➢Microphone
➢Soundsystem
➢Chairs
➢Table
➢Lightning
➢Temperature Control
➢cleanliness
DIMENSION7
BUSINESSPRACTICES
7.1BUSINESSPROCESS
➢Emergencyandfreeevacuationproceduresarefollowedandin place.
➢Backup Generator Emergency Power Is Available,capable of providing fullpower.
7.2BARRIER-FREE FACILITIES FOR PERSON WITH DISABILITY
➢Room Designed For PWD
➢Elevator
REVIEW FROM AGODA
REVIEW FROM TRIPADVISOR
CHAPTERV
SOP ACCOUNTING
STANDARD OPERATING PROCEDURE
A Standard Operating Procedure(SOP)is a set of step-by-step instructions compiled by an
organization to help workers carry out routine operations. SOPs aim to achieve efficiency,
quality output and uniformity of performance, while reducing miscommunication and failure
to comply with industry regulations.
ReasonsforHavingSOPs
❖To provide people with all the safety, health,environment and operational information.
❖Toensurethatprocessescontinueuninterruptedandcompleted
onaprescribedscheduleandmaintainqualitycontrolof processesandproduct.
❖Toensurethatnofailuresoccurinanyprocesses.
❖Toensurethatapprovedproceduresarefollowedincompliance
withcompanyandgovernmentregulation.
❖To serve as a historical record of the whole process which is done and have a basis of
that when the process changed.
❖To provide training and guidance for new staff.
ACCOUNTING
Accounting is the process of recording financial transactions pertaining to business.The
Accounting process includes summarizing, analyzing and reporting these transactions to
oversight agencies, regulators and tax collection entities.

ACCOUNTING ORGANIZATIONAL CHART
(COSTA PALAWAN RESORT)
Finance & Accounting Controller- is a senior management role that oversees all functions of
an organization's finance and accounting department. For Small Businesses, this may even be
an executive position.
F&A Controller Secretary- maintains the smooth running of a variety of administrative and
clerical duties. They handle schedules, coordinate meetings and visits, organize files, answer
phones and perform a huge array of other essential tasks.
Asst. Financial Controller- Preparing and consolidating financial statements and reports.
Assisting with the development and evaluation of budgets and preparing budget reports.
Supporting the formulation and implementation of control systems within the organization.
Accounts Receivable- is to ensure their company receives payments for goods and services,
and records these transactions accordingly. An Accounts Receivable job description will
include securing revenue by verifying and posting receipts,and resolving any discrepancies.
Account Receivable Clerk - is an accounting professional who ensures organizations receive
payment for services offered or goods sold to clients. This typically involves sending bill
reminders and statements to clients, posting financial transactions to an accounting system and
making bank deposits.
Accounts Payable Controller - involves providing financial, administrative and clerical support
to the organization. Their role is to complete payments and control expenses by receiving
payments, plus processing,verifying and reconciling invoices.
Income Auditor- is an accountant who documents all revenue that a business receives.
He maintains records that are used by other departments to perform required financial
procedures,including tax preparation and profit- and loss analysis. In Addition,an auditor
safeguard an organization against monetary theft.
Night Auditor - responsibilities include checking in guests, handling their requests and taking
reservations. The Night Auditoral soreconcilesall accounts, processes invoices and prepares
paychecks.
Payroll Controller- position reports to a Payroll Manager. He/ she is mainly responsible for
monitoring, controlling and ensuring the accuracy of the monthly payroll. On time and
accurate payroll the key deliverable of the role.
Payroll clerks- are responsible for all tasks relating to payroll processing such as collecting
employees' timesheets and payroll data, calculating wages,issuing statements,detailing
earnings,and preparing paychecks.

Cost Controller- is responsible for controlling the project costs; This includes planning,
developing, controlling, and forecasting the project's budget. The goal of a cost controller is
to minimize the deviation from the budget and ensure that the project is completed within the
approved budget.
CONCEPT OF ACCOUNTING
Accounting concepts are general rules of assumptions made while preparing the financial
statements. These concepts help the internal and external users to understand and interpret the
accounting information similarly.
BusinessEntityConcept
DualAspectConcept
GoingConcernConcept
AccountingPeriodConcept
MoneymeasurementConcept
CostConcept
VerifiableObjectiveEvidenceConcept
RealizationConcept
AccrualConcept
DisclosureConcept
MaterialityConcept
ConsistencyConcept
ConservationConcept
ACCOUNTING STANDARD
❖Accounting Standards can be defined as the written statements issued regularly by
accounting institutions.
❖These standards reused hardcode the accounting principle that have been generally
accepted widely.
❖These are the guidelines used to prepare and present the financial statements which help
in the reporting of accounting information.
❖Accounting Standard can be defined as a superstition issued regularly by accounting
institutions which are used to hard code the accounting principle that have been
generally accepted widely.
FUNCTION OF ACCOUNTING STANDARD
❖Improving credibility and reliability of financial statements.
❖Accounting Standards determine the regulations and corporate accountability, which
helps to assess the managerial skills in maintaining and improving the

profitability,liquidity and solvency.
❖Accounting professionals get guidance through these accounting standards,which help
them to prepare and audit the financial statements
PROCESS OF SETTING ACCOUNTING STANDARDS

❖Determining the board for issuing accounting standards and listing them according to
priority.
❖Seeking assistance from various study groups to formulate standards. These groups
prepare the preliminary draft of accounting standards according to the topics assigned
to them.
❖Issuing the draft of the standards as an exposure draft for inviting comments by the
members of institutes and public at large,after considering the views of associations.
❖Considering the comments on the exposure draft and preparing a final draft to be
submitted to the council of the institute.
ACCOUNTING PRACTICE
❖Accounting practice is the coding of the day-to-day financial operations of a business
entity necessary to produce the legally required financial statements.
❖Public companies theUnited States must follow GAAP their accounting practice.
❖Two Popular Accounting Methods Are Cash Accounting And Accrual accounting.
UNDERSTANDING ACCOUNTING PRACTICES
Accounting practice is necessary so that a company can produce the annual and legally
required financial statements: the income statement, the comprehensive income statement,the
balance sheet,the statement cash flows,and statement stockholders equity.

FIVE IMPORTANT PRINCIPLES OF MODERN ACCOUNTING
1.THE REVENUE PRINCIPLE
This principle defines a point in time when bookkeepers may record a transaction as
revenue on the books. The revenue principle states that revenue for the business is earned
and recorded at the point of sale.This means that revenue occurs at the time at which the
buyer takes legal possession of the item sold or the services performed, not at the moment
at which cash for the transaction is accepted by the seller.This Concept Is Sometimes Called
The“revenue recognition principle.”
2.THE EXPENSE PRINCIPLE
This principle defines a point in time at which the bookkeeper may log a transaction as an
expense in the books. The expenses principle, or expense recognition principle, states that an
expense occurs at the time at which the business accepts goods or services. Essentially, it means
that expenses occur when the goods are received or the service performed,regardless of when
the business is billed or pays for the transaction.
3.THE MATCHING PRINCIPLE
The matching principle states that each item of revenue with an item of expense. For
Example,if you are selling tacos, you could count the expense of the shells, meat, and toppings
at the time at which a customer buys the taco. In other words, you match the expense of the
taco ingredients with the revenue earned from sale of the taco. When a business applies the
Revenue, expense, and matching principles in practice, they are operating under the accrual
accounting method.
4.THE COST PRINCIPLE
The cost principle states that you should use the historical cost of an item in books, not
their sell cost. For Example, if your business owns property, such as real estate or vehicles,
those should be listed as the historical costs of the property, not the current fair market value
of the property.
5.THE OBJECTIVITY PRINCIPLE
Theobjectivityprinciplestatesthatyoushoulduseonlyfactual, verifiable data in the books,
never subjective measurement of values. Even if the subjective data seems better than the
verifiable data, the verifiable data should always be used.
FUNCTION OF ACCOUNTING
❖The accounting helps in the maintenance of bookkeeping and recordkeeping.
❖Accounting helps in the collection and storage of the financial information, transactions
happening within the organization,and financial activities happening in the
organization.
❖It helps in tracking several financial information daily or on a monthly basis.
❖It helps in the creation and documentation of financial history from day to the latest
period.
❖It helps in the formulation of comprehensive financial policy for the business.
❖It is also utilized in preparation of budget and financial projections.
❖It also helps in the reconciliation of information between two sources of financial
systems.
❖It also helps in the reconciliation of information between two sources of financial
systems.
❖The accounted information can be shared with the external stakeholders with the intent
for business planning growth.
♪Accounting does not focus on the activities about the capital budgeting. It also helps in
audit functions and curbs the internal weakness as it makes the systems accountable.
❖A business or organization can prepare and work on several journals to maintain different
accounts.
❖A comprehensive accounting system ensures that the accounts of corporate expenses do
not get mixed with the personal accounts of vice presidents or managers. Such instances
are generally referred to as redflags.

THE FOLLOWING IS THE ACCOUNTING FUNCTION IN A HOTEL
❖Money Out–making payments and keeping the bills paid
❖Money In–processing incoming payments
❖Payroll– make sure everyone gets paid(including the government)
❖Reporting–preparing financial reports,e.g.P&L,Balance Sheets and budgets
❖FinancialControls–to avoid errors,fraud and theft
TYPES OF ACCOUNTING
1–Management Accounting
This type of accounting observes the performance of a business and identifies the
opportunities to improve the entity's financial health. Such a system or function recommends
the management with a price that it should set to make the business profitable.The management
helps in preparation of internal management reports. It Looks Into Trends, expectations on
sales and corresponding costs. It also helps the management in comprehensive workforce
planning. Inshort, it could be inferred that it helps the organization to make decisions on the
management.
2–FinancialAccounting
This type of accounting utilizes accounting transactions and transforms them into
consolidated financial statements.These systems also help in historical analysis. The users of
the results presented by the financial accounting functions can be utilized by creditors and
lenders.
3–InternalAccounting
Internal accounting monitors and examines the controls and processes implemented within
the organization to detect fraud and weakness within the management and teams.
4–TaxationAccounting
These account for taxes paid by the business to the revenue authority. This system ensures
that the returns on taxes are paid within deadlines.
Such systems additionally facilitate the planning of taxes.
5–CostAccounting
This function of accounting helps the organization make decisions on the amounts and types
of costsitincurs. It segregates and lists down all the components of costs that the business
incursor serves to produce finished goods.
CONCLUSION
The knowledge of accounting functions is critical for comprehensive business
management.They additionally play a crucial role in daily pursuit of life.It helps tactful Record-
keeping resources of the organization,which in turn ensures compliance with the organization.
The lenders and investors only lend and invest in those businesses that have sound accounting
practices.
ROLES AND RESPONSIBILITIES
♪One of the primary responsibilities is to properly collect all the financial data and then
prepare the financial statements/reports. These Reports Are Used In The Preparation Of
Budgets,forecasts, and other decision-making reports.Additionally,these reports are
also used for communication with lenders,investors,and other stakeholders.

❖Maintenance of a healthy relationship with the vendors by ensuring that they get paid on
time. However, they should look for opportunities to save money by availing
discounts/incentives due to timely or advance payments.At The Sametime, the
accounting department should also ensure that the minimum amount of money goes out
prepayment,but without any late payment charges.
❖Track account receivables and outstanding invoices, and advice in case any collection
actions are required. The accounting department should ensure that the customers pay
the invoices on time and maintain an accordial/friendly relationship with them.
❖It is solely responsible for the payroll function.They have to ensure that all employees
get paid timely and accurately.Additionally, the department should also make sure that
employee taxes are assessed accurately, and the payments are made timely to the state
and federal authorities.
❖They need to maintain financial controls via reconciliations and adherence to the
applicable standards of accounting, such as US GAAP All of these practices are
implemented preventing fraud and theft.As Finance Controller, the departments should
ensure proper maintenance of the procedure swithoutanystack.

VALUE OF ACCOUNTING DEPARTMENT
The accounting department plays a vital role in running a business as it helps in tracking
both revenue (money in) and expenses (money out) while ensuring compliance with all
statutory requirements. Additionally, it also provides quantitative financial information to
management,lenders, investors,and other stakeholders,whositfor making informed business
decisions.
IMPORTANCEOFSOPsFORACCOUNTING&FINANCEDEPARTMENT
Finance and Accounts are the nerve center of any organization, the framework through
which business performance can be measured internally and externally. These departments
manage cash inflows and outflows associated with routine tasks likesupplierandrental
payments, staff salaries,monthly interest payments to financial institutions,etc. Importantly,
SOP accounting and finance are necessary directives to ensure day-to-day transactional
governance,implementation of statutory compliance measures,consistency in customer
experience (CX),anda reduction in employee training time.This Leads To Profitability,
growth,and increased goodwill for the company.

Republic of The Philippines Palawan State University College of Hospitality and Tourism Management

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Republic of the Philippines

PALAWAN STATE UNIVERSITY

Tinawin, James Patrick

HOW TO GET THERE

●Private convenient shuttle

●Taxi or Rental car

Check-in from: 02:00PM

AWARDS AND RECOGNITIONS

PROVISIONAL CERTIFICATE OF AUTHORITY TO OPERATE

●Enhanced cleanliness measure

Food and Drinks

➔Room service available

➔Coffee/tea in common area(s)

Parking and Transportation

➔Free self-parking on site

➔Free round airport shuttle from 5:00AM–10:00PM

➔Airport shuttle at scheduled times, on request

➔Area shuttle (surcharge)

➔Beach front location

➔Pool sun lounge

➔Massage–on the beach

➔24-hour front desk

➔Dry cleaning service

➔Laundry facilities ➔Luggage storage

➔Fire alarm system

➔Designated smoking areas

➔i.e. cats and dogs

●75 square meters

●Private bathroom with glass-enclosed shower

Food and Drinks

●Free bottled water

●Iron/ironing board (upon request)

●Private breakfast area

●Couple Spa Jacuzzi

1 large twin bed

●Hairdryer (upon request)

●Private bathroom with glass-enclosed shower

●Cable channels and movie available by request

Food and Drinks

●Free bottled water

●Room service (limited)

●Iron/ironing board (upon request)

●Hairdryer (upon request)

●Private bathroom with glass-enclosed shower

●Cable channels and movies available upon request

●Iron/ironing board (upon request)

●In-room safety deposit box

1 king size bed

●Hairdryer (upon request)

●Private bathroom with glass-enclosed shower

●Cable channels and movies available by request

Food and Drinks

●Room service (limited)

●Iron/ironing board (upon request)

●Private lounge area

1 queen size bed

●Blackout drapes/curtains Bathroom

●Hairdryer (upon request)

●Private bathroom with glass-enclosed shower

●Cable channels and movies available by request

Food and Drinks

●Free bottled water