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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TURNING GROUPS INTO EFFECTIVE TEAMS

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Work teams are formal groups made up of interdependent individuals, responsible for attaining goals. Organizations are increasingly designing work around teams rather than individuals. Why? Most of us are probably familiar with the concept of a team. However, we may not be as familiar with work teams. All work teams are groups, but only formal groups can be work teams. There are different types of teams. Four characteristics can be used to distinguish different types of teams.
 
1.  Teams can vary in their purpose or goal.
2. The duration of a team tends to be either permanent or temporary.
3.  Team membership can be either functional or cross-functional.
4.  Finally, teams can either be supervised or self-managed.
5.  Given these four characteristics, some of the most popular types of teams used today include the following:
a. A functional team is a type of work team that is composed of a manager and his or her subordinates from a particular functional area.
b. A self-directed or self-managed team is one that operates without a manager and is responsible for a complete work process or segment that delivers a product or service to an external or internal customer.
c. A virtual team is one that uses computer technology to link physically dispersed members in order to achieve a common goal.
d. Finally, a cross-functional team is one in which individuals who are experts in various specialties (or functions) work together on various organizational tasks.

DEVELOPING AND MANAGING EFFECTIVE TEAMS
Teams aren’t automatically going to magically perform at high levels. We need to look more closely at how managers can develop and manage effective teams.
 
There are eight characteristics associated with effective teams.
1. Clear goals
2. Relevant skills
3.  Mutual trust
4. Unified commitment
5. Good communication
6. Negotiating skills
7. Appropriate leadership
8.  Internal and external support

What’s involved with managing teams?
1.  In planning, it’s important that teams have clear goals and that these goals be clear to and accepted by every member of the team.
2.  Organizing tasks associated with managing a team include clarification of authority and structural issues.
3.  Leading issues include such things as determining what role the leader will play, how conflict will be handled, and what the best communication process is.
4.  Two important controlling issues include how to evaluate the team’s performance and how to reward team members.
One popular approach to group incentive plans is gain-sharing,which is a program that shares the gains of the efforts of group members with those group members.
In conclusion, a TEAM is a temporary or ongoing task group whose members are charged with working together to identify problems, form a consensus about what should be done, and implement necessary actions in relation to a particular task or organizational area.
1.  Teams differ from task forces in two ways.
a.  Teams identify problems rather than merely reacting to problems identified by others.
b.  Teams decide on a course of action and implement it, rather than leaving the implementation to others.
2.  Teams are widely used today and are often, but not always, task groups from across command groups.
3.  An entrepreneurial team is a group of individuals with diverse expertise and backgrounds who are brought together to develop and implement innovative ideas aimed at creating new products or services or significantly improving existing ones.
4.  Self-managed teams, or autonomous work groups, are work groups given responsibility for a task area without day-to-day supervision and with authority to influence and control both group membership and behavior.
a.  Assessment of the situation is critical in that self-managing teams are not successful in all situations.
b.  Group makeup and proper allocation of needed resources is important.
c.  Team training and guidance in cultivating appropriate norms are important.
d.  Managers need to remove performance obstacles and assistance to help the group continue to learn.

Managing Conflict in Groups
A.  Conflict is a process in which one party perceives that its interests are being opposed or adversely affected by one or more other parties.
B.  Conflict can have constructive as well as destructive consequence.
1.  Conflict can delay projects, drive up costs,and cause valued employees to leave.
2. Conflict can highlight areas for improvement, promote constructive changes, enhance morale and cohesiveness, and encourage new ideas.
C.  There are a number of causes of conflict.
1.  Two types of task interdependence can lead to conflict.
a.  Sequential interdependence occurs when one individual or work unit is heavily dependent
on another.
b.  Reciprocal interdependence occurs when individuals or work units are mutually
interdependent.
2.  Scarcity of resources can lead to conflict.
3.  Goals of different organizational members may be incompatible.
4.  Communication may fail due to distortions or lack of communication.
5.  Differences in personality, experience, and values may breed conflict.
6.  Poorly designed reward systems may foster competitions when cooperative behavior is
necessary for organizational success.
D.  Managers may use a number of approaches to reduce and resolve conflict.
1.  Conflict-producing factors in a situation can be changed.
2.  One of five interpersonal modes may be adopted to resolve conflicts.
a.  Avoidance involves ignoring or suppressing a conflict in the hope that it will either go away or not become too disruptive.
b.  Accommodation focuses on solving conflicts by allowing the desires of the other party to prevail.
c.  Competition involves attempting to win a conflict at the other party’s expense.
d.  Compromise aims to solve conflict issues by having each party give up some desired outcomes in order to get other desired outcomes.
e.  Collaboration involves devising solutions that allow both parties to achieve their desired outcomes.

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