Author: commerceiets

MANAGEMENT AS A SCIENCE – NOTES, MCQS AND CASE STUDIES- PRACTICE AND LEARN

July 20, 2019October 8, 2026 commerceiets No Comments

MANAGEMENT AS A SCIENCE Science is a systematic and scientific body of knowledge which has some universally applicable laws. The theories or laws are originated after a continuous observation and experimentation capable of verification. Management as a science possesses the features of the science which are as follows: SYSTEMATISED BODY OF KNOWLEDGE: Management is viewed…

BUSINESS MANAGEMENT

MANAGEMENT IS AN ART

July 19, 2019 commerceiets No Comments

MANAGEMENT IS AN ART Management is an art if it qualifies all the attributes of the art. An art is regarded as systematic application of skill or knowledge in achievement of goals. Art presents the methods and ways of doing things or tasks. It is a personalized process and based on the practice over a…

CASH AND MERCANTILE SYSTEM OF ACCOUNTING

July 18, 2019 commerceiets No Comments

Cash and Mercantile System of accounting Cash and Mercantile system of Accounting is as follows: CASH BASIS OF ACCOUNTING Under cash basis of accounting, the transactions are recorded when actual cash is received or paid. It means, the income is recognized when cash is received and the expenses are recognized when the cash is paid….

11 ACCOUNTANCY, FINANCIAL ACCOUNTING, KEY DIFFERENCES

BASIS OF ACCOUNTING – CLEAR EXPLANATION

July 18, 2019 commerceiets No Comments

BASIS OF ACCOUNTING- MEANING The basis of accounting is a set of rules that are followed by the accountant for preparing the financially reports like profit and loss account, balance sheet and cash flow statement. The basis of accounting tells about when and which transaction is to be recognized and how to record those transactions…

11 ACCOUNTANCY, FINANCIAL ACCOUNTING

BRANCHES OF ACCOUNTING

July 17, 2019 commerceiets No Comments

BRANCHES OF ACCOUNTING The advancements and continuous evolution of the commerce, trade and industry in the world has lead to the increased scope of the accounting. As a result, the different Branches of Accounting come into existence which is as follows: FINANCIAL ACCOUNTING Financial Accounting involves preparation of accounting records for a particular period of…

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11 ACCOUNTANCY, FINANCIAL ACCOUNTING

PROCESS OF MANAGEMENT

July 16, 2019 commerceiets No Comments

MEANING Process of Management includes planning, organising, staffing, directing, coordinating and controlling in order to achieve the organizational goals effectively and efficiently. ACCORDING TO LOUIS ALLEN “Management is what manager does.” ACCORDING TO HENRY FAYOL “To manage is to forecast and plan, to organize, to command, to co-ordinate and to control.” ACCORDING TO GEORGE R…

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BUSINESS MANAGEMENT

BOOK KEEPING AND ACCOUNTANCY

July 15, 2019 commerceiets No Comments

DIFFERENCE BETWEEN BOOK KEEPING AND ACCOUNTANCY 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 to record all the financial transactions. It is concerned with identification of transactions and events,…

11 ACCOUNTANCY, FINANCIAL ACCOUNTING, KEY DIFFERENCES

DIFFERENCE BETWEEN ACCOUNTING AND ACCOUNTANCY

July 15, 2019 commerceiets No Comments

DIFFERENCE BETWEEN ACCOUNTING AND ACCOUNTANCY To understand the Difference Between Accounting and Accountancy, these both terms should be understood: 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…

11 ACCOUNTANCY, FINANCIAL ACCOUNTING, KEY DIFFERENCES

DIFFERENCE BETWEEN BOOK KEEPING AND ACCOUNTING

July 15, 2019 commerceiets No Comments

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…

11 ACCOUNTANCY, FINANCIAL ACCOUNTING, KEY DIFFERENCES

MEDIAN

July 14, 2019 commerceiets 2 Comments

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…