Law 19983 on

ACompanyis alegal entitymade up of anassociationof persons, be theynatural,legal, or a mixture of both, for carrying on a commercial or Industrial enterprise.A Accounting cycle is A set of step applied in the accounting of a company. General ledger: contains All the accounts for recording transactions relating to a company's assets Liabilities, owner's equity, revenues and expenses.

Elements of A company:Merchant, Worker, Technology, Provider.

Principles And ethics code of an accountant:

Integrity: the accountant Must be up right in all his acts, it is not allowed to make any act that could Discredi this profession.Discretion: all the Information managed by accountans must be strict privacy this info, cannot be Spread to any body, it is must be private and reserved.Objectivity: when the Accountant produces info, it must be objectivity, based on real facts and there Must be evidence. 

Steps in The accounting cycle: Collect and analyze, Record transactions, Past to general Ledger, Prepare unadjusted trial balance, Prepare adjusting entries, Prepare Adjusted trial balance, Close the accounts, Prepare and past.

Commercial accounting: Applied in companies dedicated to buy and sell goods, the register all the business operations.Cost accounting: it is a specialization of accounting that is applied in manufacturing companies, those companies that make products and transform raw materials in final product.

Balance sheet: assets, Liabilities, owner equity.

Income statement accounts: operating Revenues, operating revenues and going, non-operating expenses and losses.

Tourism in Panama: In 1994, Panamá establishes the law number 8, the most modern and compressive law design To promote tourism in Latin america and the Caribbean.

Hotel Management: the Operations cycle is very short. The restaurants receive materials everyday, They receive in the morning they are processed the same day, and finally are Sold that same day.

Compare with industrial and commercial companies there is a long Period of time from the moment you buy raw materials until you receive them.