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SCOPE OF STATISTICS Statistics are numerical statement of facts capable of analysis and interpretation as well as study of the methods used in collection, organization, presentation, analysis and interpretation of numerical data. It is often said that “Statisticians is what Statisticians do”. This explains the scope of statistics as very wide and extends extensively to…
MEANING Balance Sheet is also known as Position Statement. It is a summary of all the assets and the liabilities of the business concern prepared at the end of the year. It is a part of final accounts. All the nominal accounts i.e. Trading Account and Profit and Loss Account are closed by transferring to…
FUNCTIONS OF STATISTICS Statistics are numerical statement of facts capable of analysis and interpretation as well as study of the methods used in collection, organization, presentation, analysis and interpretation of numerical data. ACCORDING TO ROBERT W BURGESS “The fundamental gospel of statistics is to push back the domain of ignorance, prejudice, rule of thumb, arbitrary…
MEANING Slip System of Posting refers to the method in which the transaction is entered into the books of accounts on the debit or credit side as per the nature of the transaction. It is adopted by the banking companies to keep a record of the deposits made and withdrawals made by the customers out…
STATISTICS IN ECONOMICS Statistics are numerical statement of facts capable of analysis and interpretation as well as study of the methods used in collection, organization, presentation, analysis and interpretation of numerical data. Statistics word has been derived from Latin word ‘Status’ Italian word ‘Statista’ German word ‘Statistik’ French word ‘Statistique’. GOTT FREID ACHENWALL is known…
PROFIT AND LOSS ACCOUNT Profit and Loss Account is an account prepared by the trading organizations to know about the net profit or net loss of the firm. This account records all the incomes on credit side and expenses on debit side of a particular year. This account is prepared at the end of the…
TRADING ACCOUNT Trading Account is one of the financial statements prepared by the trading firms at the end of the year. These are prepared to find out the gross profit or gross loss accruing to the firm. This account records all the amounts related to the goods purchased and sold. It helps in providing all the material…
ASSESSEE It is the term which is defined in the Section 2 (7) of the Income Tax Act, 1961.Assessee means a person by whom any tax or any other sum of money is payable to the income tax authorities under the Income Tax Act 1961 and includes: • Every person in respect of whom any…
In this post you will study scope of managerial economics. Study and make the proper notes grabbing full understanding of this topic. SCOPE OF MANAGERIAL ECONOMICS Scope of a discipline refers to the various concepts, laws and theories which are studied in that subject. The scope of managerial economics includes various concepts, laws, theories and…
CHARACTERISTICS OF MANAGERIAL ECONOMICS Managerial Economics refers to that branch of economics which is related with the application of various laws, theories and methods of economics to the business decision-making by the business manager. The following are the Characteristics of Managerial Economics: CHARACTERISTICS OF MANAGERIAL ECONOMICS MICRO IN NATURE Managerial Economics is mainly micro in…
