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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MANAGERIAL FUNCTIONS I.E. POLCA

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POLCA as functions:
 
Planning
It is the management function that involves the process of defining goals, establishing strategies for achieving those goals. And developing plans to integrate and coordinate activities.
 
Organizing
It is the management function that involves the process of determining what tasks are to be done. Who is to do them, how the tasks are to be grouped, who reports to whom, and where decisions are to be made.
 
Leading
It is the management function that involves motivating subordinates, influencing individuals or teams as they work, selecting the most effective communication channels, or dealing in any way with employee behavior issues.
 
Controlling
It is the management function that involves monitoring actual performance, comparing actual to standard and taking corrective action, if necessary.
 
Assurance
Quality function which demands from every manager that he/she ensures that prior management support and management processes are in place before POLC management functions are executed.

Management process
It is the set of ongoing decisions and work activities in which managers engage as they plan, organize, lead, and control.The management process includes more than the four management functions.
          
          1)  The process also includes work methods, managerial roles, and managerial work agendas.
         
          2)  The management process applies to both profit-making and not-for-profit organizations.

a.  A not-for-profit organization is an organization whose main purposes center on issues other than making profits.

b.  Examples of not-for-profit organizational include government organizations, cultural institutions, charitable institutions, and some health-care facilities.

 Management Process:

Effectivenessis often described as “doing the right things” – that is, those work activities that will help the
organization reach its goals.

We have learn that; a manager is someone who works with and through other people by coordinating their work activities in order to accomplish organizational goals. While performing, the manager has to keep in mind that he /she has to deal workers and other people around him in variety of situations.
 
Mistakes Managers Make:
A comparison of “arrivers,” those who made it all the way to the top of their companies, and “derailers,” those who were successful early but were knocked off the “fast track,” shows that although both groups had talent and weaknesses, the “derailers” had some fatal flaws. Here are the top ten mistakes made by derailers.

1.  Insensitive to others: abrasive, intimidating, bullying style.
2.  Cold, aloof, arrogant.
3.  Betrayal of trust.
4.  Overly ambitious: thinking of next job, playing politics.
5.  Specific performance problems with the business.
6.  Over managing: unable to delegate or build a team.
7.  Unable to staff effectively.
8.  Unable to think strategically.
9.  Unable to adapt to boss with different style.
10. Over dependent on advocate or mentor.

Successful entrepreneurs have all the managerial and technical competencies along with some key personal attributes to take risk and win through the odd situations.

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