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OPERATIONS RESEARCH Operations research (OR) is an analytical method of problem-solving and decision-making that is useful in the management of organizations. In operations research, problems are broken down into basic components and then solved in defined steps by mathematical analysis. The concept of OR arose during World War II by military planners. After the war,…
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COST CENTRE Cost Centre is a department or function within an organization that does not directly add to profit but still costs the organization money to operate. Cost centers only contribute to a company’s profitability indirectly. A cost center can be defined at a smaller level than a department. It could involve a particular job…
DIFFERENCE BETWEEN TIME RATE SYSTEM AND PIECE RATE SYSTEM BASIS OF DIFFERENCE TIME RATE SYSTEM PIECE RATE SYSTEM MEANING Time rate system is a method of wage payment to workers based on time spent by them for the production of output. Piece rate system is a method of wage payment to workers based on the…
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SYSTEM OF WAGE PAYMENT IN COST ACCOUNTING WAGES Before understanding system of wage payment in cost accounting, get to know What is Wage? A wage is monetary compensation paid by an employer to an employee in exchange for work done. Payment may be calculated as a fixed amount for each task completed or at an hourly or daily rate, or based…
IDLE TIME Idle time means the amount of time the workers remain idle in a normal working day. It is that time for which the employer pays, but from which he obtains no production. In other words, idle time is the difference between the time shown by the time card and job card. The idle…
REMEDIES FOR BREACH OF CONTRACT A contract is a legal document that binds all the parties to perform as it is enforceable by law. If any of party refuses to perform his obligation on his part, then it is known as Breach of the contract. As the contract is entered into for the benefit of…
LIQUIDITY RATIOS TYPES The liquidity ratios are used to assess the short term financial position of the firm. Liquidity refers to the ability of the firm to meet its current liabilities. That is why these ratios are also known as ‘short-term solvency ratios’. These ratios indicate the firm’s ability to meet its current obligations out…
LIQUIDITY RATIOS FORMULA The liquidity ratios are used to assess the short term financial position of the firm. Liquidity refers to the ability of the firm to meet its current liabilities. That is why these ratios are also known as ‘short-term solvency ratios’. These ratios indicate the firm’s ability to meet its current obligations out…
LIQUIDITY RATIOS The liquidity ratios are used to assess the short term financial position of the firm. Liquidity refers to the ability of the firm to meet its current liabilities. That is why these ratios are also known as ‘short-term solvency ratios’. These ratios indicate the firm’s ability to meet its current obligations out of…
WHAT IS SOCIAL RESPONSIBILITY OF BUSINESS? Social responsibility of the business means the responsibility or obligation of the business towards the society. The business should act in such a manner that it serves in the best of the interest of the society. The social responsibility of business states that what is good for society is…
