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DIFFERENCE BETWEEN BOOK KEEPING AND ACCOUNTING To understand the Difference between Book keeping and Accounting, firstly we understand the both terms: Book-Keeping is an art and science of recording business transactions in a systematic and chronological order. It is a combination of two words: Book + Keeping. It means to keep the books of accounts…
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WHAT IS MEDIAN ??? Median is the positional average of measures of central tendency. It is the middle value of the series. It is the value that divides the series into two equal parts. Thus, the values less than and more than median will be equal. It is denoted by M. ACCORDING TO PROF. L…
ACCOUNTING IS AN ART OR SCIENCE Accounting refers to the mechanism of maintaining and keeping the records of the transactions and events and also its analysis and interpretation. It also includes the preparation of final accounts i.e. Trading and Profit and Loss Account and Balance Sheet at the end of the financial year. It is…
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FUNCTIONS OF MANAGEMENT Management is a process of getting things done with the aim of achieving the goals effectively and efficiently. It consists of various inter-related functions such as planning, organizing, staffing, directing, coordinating and controlling for accomplishing the set targets of the organisation. The functions of management defined by various management thinkers are as…
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ACCOUNTANCY Accountancy refers to systematic knowledge of accounting concerned with the principles and techniques which are applied in accounting. It tells us how to prepare the books of accounts, how to summarize the accounting information and how to communicate it to the interested users. ACCORDING TO KOHLER “Accountancy refers to the entire body of theory…
ARITHMETIC MEAN Arithmetic Mean is the number which is obtained by adding the values of all the items of a series and dividing the total by the number of items. It is also known as Average. It is an important and most commonly used measure of central tendency. ACCORDING TO HORACE SACRIST “The arithmetic mean…
MEANING Book-Keeping is an art and science of recording business transactions in a systematic and chronological order. It is a combination of two words: Book + Keeping which means to keep the books of accounts to record all the financial transactions. It is concerned with identification of transactions and events, expressing them in the monetary…
OBJECTIVES OF MANAGEMENT Objectives are the ends towards which the activities of an organisation are directed. Management is an art of getting things done through others with the aim of achieving all the set targets on time by incurring minimum cost. The main objective of management is to run the organisation smoothly. Following the Objectives…
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MEANING Management is a process of getting things done with the aim of achieving the goals effectively and efficiently. It consists of various inter-related functions such as planning, organizing, staffing, directing, coordinating and controlling for accomplishing the set targets of the organisation. ACCORDING TO MARY PARKER FOLLETT “Management is an art of getting things done…
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MEASURES OF CENTRAL TENDENCY IN STATISTICS Measures of Central Tendency are the expected values of the variable or is a value in a data around which the items of the data congregate. It represents the whole set of data. The Measures of Central Tendency is also known as an ‘Average’ or ‘Measures of Location.’ ACCORDING…
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