Question

The Uniform System of Accounts for the Lodging Industry, could be described as which of the following:

a) A standardized accounting system.

b) An instrument that allows for a more reasonable comparison of the operational results of similar hospitality firms.

c) A turnkey system for new entrants into the hospitality industry.

d) All of the above.

e) Only a. and c. above

Answer 1

The Uniform System of Accounts for the Lodging Industry (USALI) is a standardized accounting system that allows for a more reasonable comparison of operational results in the hospitality industry.

Step-by-step explanation:

The Uniform System of Accounts for the Lodging Industry (USALI) can be described as a standardized accounting system that provides guidelines for recording and reporting financial information in the hospitality industry. It is an instrument that allows for a more reasonable comparison of the operational results of similar hospitality firms because it provides a standardized framework for financial reporting. While it can be helpful for new entrants into the hospitality industry, it is not a turnkey system that encompasses all aspects of starting a hospitality business.