Author: commerceiets

MANAGEMENT Notes for B.Com/ BBA/ M.Com/ MBA students

July 7, 2019 commerceiets No Comments

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…

BUSINESS MANAGEMENT

MEASURES OF CENTRAL TENDENCY IN STATISTICS

July 7, 2019 commerceiets 1 Comment

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…

BUSINESS STATISTICS

NON PROFIT ORGANISATION IN ACCOUNTANCY

July 6, 2019February 18, 2025 commerceiets

NON- PROFIT ORGANISATION Non Profit Organisation is a kind of organisation which is set up to promote the social welfare, cultural, educational, professional or religious objectives. These organisations are formed not to earn profit but to render their services to the society for the upliftment of the various sections of the society. It is a…

FINANCIAL ACCOUNTING, 12 ACCOUNTANCY

LIMITATIONS OF ACCOUNTING

July 5, 2019 commerceiets No Comments

LIMITATIONS OF ACCOUNTING Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions. But it suffers from drawbacks which hinders its utility. The Limitations of Accounting are as follows: INFLUENCED BY PERSONAL JUDGMENTS Accounting is viewed…

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11 ACCOUNTANCY, FINANCIAL ACCOUNTING

WORKMEN COMPENSATION RESERVE TREATMENT ON DISSOLUTION

July 4, 2019 commerceiets No Comments

WORKMEN COMPENSATION RESERVE TREATMENT ON DISSOLUTION Workmen Compensation Reserve is a reserve created out of firm’s profits to meet possible liability to pay compensation to employees, if it arises. It means, a claim may or may not arise. It also means that claim may be higher than amount of reserve. This Reserve represented by compensation…

12 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

REALISATION ACCOUNT

July 3, 2019 commerceiets No Comments

MEANING Realisation Account is a nominal account which is prepared at the time of dissolution of firm. It is prepared to find out the profit or loss realized by the firm on its closing or shutting down. Being a nominal account, it is credited with all the incomes and debited with all the expenses. Firstly,…

PRIVATE DEBTS

July 2, 2019 commerceiets No Comments

MEANING Debts are the loan for the firm or any individual. It is the claim the third party carries against any firm or individual. Private Debts are the debts which a partner owes in his personal capacity. The respective partner is liable to discharge these debts personally or from his own sources. FIRM’ S DEBTS…

BENEFITS OF ACCOUNTING

July 1, 2019 commerceiets No Comments

BENEFITS OF ACCOUNTING 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 associated with communicating…

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11 ACCOUNTANCY, FINANCIAL ACCOUNTING

NATURE OF ACCOUNTING

June 30, 2019February 10, 2025 commerceiets

NATURE OF ACCOUNTING Accounting is art of recording, classifying, summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character and interpreting the results thereof. The Nature of Accounting can be defined in two ways: Quantitative Attributes of Accounting Qualitative Attributes of Accounting QUALITATIVE…

PROCESS OF ACCOUNTING

June 29, 2019 commerceiets No Comments

PROCESS OF ACCOUNTING The Process of Accounting involves the identification of transactions and events which are financial in nature; ensuring measurement of transactions in the monetary terms; recording the transactions in the journal; classifying the entries in ledger, summarizing the entries in final accounts i.e. Trading Account and Profit and Loss Account and Balance Sheet;…

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11 ACCOUNTANCY, FINANCIAL ACCOUNTING