Single Entry and Double Entry Accounting

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Single entry accounting/Cash accounting. This system records only cash movement of transactions and that too up to the extent of recording one aspect of the transactions. This means that only receipt or payment of cash is recorded and no separate record is maintained (about the source of receipt and payment) as to from whom the cash was received or to whom it was paid. Double entry book keeping/Commercial accounting. Double entry or commercial accounting system records both aspects of transaction i.e. receipt or payment and source of receipt or payment. It also records credit transactions i.e. recording of Electricity Bill or accruals of Salary payment etc. This concept will be explained in detail in the next lectures but for the time being it should be noted that in cash accounting date of receipt / payment of actual cash is important while in commercial accounting the date on which the expense is caused (whether paid or not) as well as the spreading of the cost of c
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CONTEMPORARY PLANNING TECHNIQUES.

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Two planning techniques that are appropriate for planning in an environment that’s both dynamic and complex are project management and scenario planning.
 
1)  Project Management
A project is a one-time-only set of activities that has a definite beginning and ending point in time. Project management is the task of getting a project’s activities done on time, within budget, and according to specifications.
 
Project Management Process  
There are seven steps in the project planning process.  i.  Define objectives.
ii.  Identify activities and resources.
iii.  Establish sequences.
iv.  Estimate time for activities.
v.  Determine project completion date.
vi.  Compare with objectives.
vii. Determine additional human resource requirements.

The role of the project manager

i.  The only real influence project managers have is their communication skills and their power of persuasion.
ii.  Team members seldom work on just one project; they’re usually assigned to two or three at any given time.
2)  Scenario planning
i.  A scenario is a consistent view of what the future is likely to be.
ii.  Developing scenarios also can be described as contingency planning.
iii.  The intent of scenario planning is not to try topredict the future but to reduce uncertainty by playing out potential situations under different specified conditions.
iv.  Scenario planning is difficult to use when forecasting random events

3. OTHER PLANNING TECHNIQUES:

1)  Queuing or waiting-line models are mathematical models that describe the operating characteristics of queuing situations.
i.  Queuing situations can be any combination of single-server or multiple-server queues.
1.  Single-server queues involved service provided at a single point.
2.  Multiple-server queues occur when a number of stations draw from a single line.
ii.  Queuing models allow managers to vary the parameters of a situation to determine the probable effects.
2)  Simulation Models
Simulation is a mathematical imitation of reality. It is used when the situation is too complex for linear programming or queuing theory.
3)  Decision Trees
 Trees are graphic models displaying structures of a sequence of alternative course of action and usually showing payoffs associated with various paths and probabilities associated with potential future conditions.

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