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SCIENTIFIC MANAGEMENT

Posted on December 12, 2019 By commerceiets No Comments on SCIENTIFIC MANAGEMENT
SCIENTIFIC MANAGEMENT

SCIENTIFIC MANAGEMENT Scientific Management is defined as Application of science for each and every element of management. It means application of the scientific methods, tools and techniques by the managers to manage each operation effectively and efficiently. The Principles of Scientific Management insists on replacing the Rule of Thumb by the science which means decisions…

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BUSINESS MANAGEMENT

PRINCIPLES OF SCIENTIFIC MANAGEMENT

Posted on December 12, 2019 By commerceiets No Comments on PRINCIPLES OF SCIENTIFIC MANAGEMENT
PRINCIPLES OF SCIENTIFIC MANAGEMENT

PRINCIPLES OF SCIENTIFIC MANAGEMENT Scientific Management is defined as Application of science for each and every element of management. It means application of the scientific methods, tools and techniques by the managers to manage each operation effectively and efficiently. The Principles of Scientific Management insists on replacing the Rule of Thumb by the science which…

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BUSINESS MANAGEMENT

14 PRINCIPLES OF MANAGEMENT BY HENRI FAYOL

Posted on December 7, 2019March 25, 2025 By commerceiets
14 PRINCIPLES OF MANAGEMENT BY HENRI FAYOL

14 PRINCIPLES OF MANAGEMENT BY HENRI FAYOL Henry Fayol was the Frenchman who introduced the General Principles of Management for the first time during his job as Junior Engineer in a Coal Mining and Iron Foundry Company. 14 Principles of management by Henri Fayol has emerged as a theoretical framework for the managers to enhance…

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BUSINESS MANAGEMENT

OVERHEAD

Posted on December 4, 2019 By commerceiets No Comments on OVERHEAD
OVERHEAD

OVERHEAD Overhead is the aggregate of indirect material costs, indirect labor costs and indirect expenses. These are those costs which cannot be allocated accurately but can be apportioned and absorbed to the cost centers or cost units. Overheads costs are also known as ‘ Supplementary costs’, ‘Non-productive costs’, ‘Indirect costs’ etc. ACCORDING TO BLOCKER AND…

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COST ACCOUNTING

INCENTIVE PLANS FOR EMPLOYEES

Posted on November 30, 2019 By commerceiets No Comments on INCENTIVE PLANS FOR EMPLOYEES
INCENTIVE PLANS FOR EMPLOYEES

INCENTIVE PLANS FOR EMPLOYEES Incentive Plans for employees are the plans formulated to influence and motivate the workers to achieve the set targets to get the reward. The incentive is given to the worker by paying some bonus or premium in addition to their normal wages. Under an incentive plan, normally a standard time is…

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BUSINESS MANAGEMENT

STORE LEDGER

Posted on November 27, 2019 By commerceiets No Comments on STORE LEDGER
STORE LEDGER

STORE LEDGER Store ledger is maintained under Perpetual Inventory system by costing office and deals with the quantities and values of materials received, issued and balance in hand. It is an assemblage of cards or sheets, which are maintained to keep a record of quantity and cost of material received, transferred and remained in stock….

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COST ACCOUNTING

BIN CARD

Posted on November 26, 2019 By commerceiets No Comments on BIN CARD
BIN CARD

MEANING Bin card is the record maintained under the perpetual inventory system by the stores department and shows the quantities of materials received, issued and balance in hand after each receipt and issue. It is also known as stock card or bin tag. Bin Card helps to monitor the total inventory process. This card is…

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COST ACCOUNTING

PRICING OF MATERIALS

Posted on November 26, 2019 By commerceiets No Comments on PRICING OF MATERIALS
PRICING OF MATERIALS

PRICING OF MATERIALS Pricing of materials refers to valuation of materials issued by the stores department for the production process. Pricing of materials should be done by adopting the method which is suitable for nature of materials and business itself. The methods applied for pricing of materials are as follows: 1.COST PRICE METHOD Cost price…

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COST ACCOUNTING

PERPETUAL INVENTORY SYSTEM

Posted on November 25, 2019 By commerceiets No Comments on PERPETUAL INVENTORY SYSTEM
PERPETUAL INVENTORY SYSTEM

MEANING Perpetual Inventory System refers to a system of maintaining such records as will reflect the receipts, issues and balance of all items of materials in store all the times. It is a material control technique. ACCORDING TO ICMA (Institute of Cost and Management Accountants), UK “Perpetual Inventory System is a system of records maintained…

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COST ACCOUNTING

MATERIAL CONTROL IN COST ACCOUNTING PDF

Posted on November 24, 2019 By commerceiets No Comments on MATERIAL CONTROL IN COST ACCOUNTING PDF
MATERIAL CONTROL IN COST ACCOUNTING PDF

MATERIAL CONTROL IN COST ACCOUNTING PDF Material control is a system which ensures the provision of the required quantity of materials of the required quality at the required time with the minimum amount of capital investment. It can be defined as safeguarding of company’s property in the form of inventory and maintaining it at the…

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COST ACCOUNTING

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