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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MASLOW’S NEEDS THEORY AND ITS ANALYSIS

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Maslow’s Need Theory

One of the most widely mentioned theories of motivation is the hierarchy of need theory put forth by Abraham Maslow, one of the most widely known theories of motivation. Maslow saw human needs in the form of hierarchy ascending from the lowest to the highest and concluded that, when one set of need is satisfied this kind of need ceases to be a motivator.

1  Maslow’s hierarchy of needs from the most basic to the highest.

a.  Physiological needs are basic and include needs for food, water, and shelter. Maslow took the position that until these needs are satisfied to the degree necessary to maintain life, other needs will not motivate people.
b.  Safety needs pertain to the desire to be safe, secure and free from threats to our existence. These needs can be satisfied in the workplace by job continuity, or retirement benefits.
c.  Belongingness needs involve the desire to affiliate with and be accepted by others. These needs are satisfied for most people by family and community relationshipoutside of work and friendship on the job.
d.  Esteem needs are related to the two-pronged desire to have a positive self-image and to have our contributions valued and appreciated by others. According to Maslow, once people begin to satisfy their need to belong, they tend to wantto be held in esteem both by themselves and by others this kind of need produces such satisfactions as power, prestige, status and self confidence.
e.  Self-actualization needs pertain to the requirement of developing our capabilities and reaching our full potential. Maslow regards this as the highest need in his hierarchy. It is the desire to become what one is capable of becoming- to maximize one’s potential and to accomplish something.

2  Maslow suggests that the five need categories constitute a hierarchy. An individual is motivated first and foremost to satisfy physiological needs. As long as they remainunsatisfied, the individual is
motivated only to fulfill them. When satisfaction of physiological needs is achieved they cease to act as primary motivational factors and the individual moves up the hierarchy and become concerned with security need. This process continues until the individual reaches the self- actualization level.
3  Recent studies have raised questions as to whether the hierarchical aspect of Maslow’s theory is applicable to everyone and whether there might be fewer than five levels of needs.
 
Analysis and Weakness of Theory
1.  Five levels of need are not always present.
2.  Order of needs and hierarchy may not be the same for all employees.
3.  There are certainly cultural differences which the theory did not take care.
4.  Analyzing the theory in country and cultural context, for example in China, the hierarchy of needs found was different than Maslow’s theory.

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